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What is a direct debit?

Direct debit is an automated payment method where you give other businesses or organisations the authority to withdraw funds from your account at regular intervals. The organisation/business (the payee) instructs their bank to collect (debit) an amount directly from another account (the payer). 

This service is often used for things that require regular payments like utility bills, monthly subscriptions, mortgages, insurances and leasings.

You can set up SEPA direct debits where you act as a payer through your iCard for Business account in order for payees to automatically request and deduct amounts from your account. To do so, you (or an authorised representative of the company) need to give an authorisation by completing a SEPA Direct Debit Mandate. Once authorised, the payee can automatically collect funds directly from your iCard for Business account. Keep in mind that this feature is supported only in euros.