SlimPay introduces SlimPay One: a SEPA direct debit service tailored for startups

SlimPay, the FinTech company specialised in recurring payments, unveiled its latest offer: SlimPay One. Today over 2000 clients including Deezer, EDF, Nespreso and TripAdvisor use the SlimPay solution to get more out of their recurring payments. The company works with both established international organisations, as well as startups.

SlimPay One in a nutshell

SlimPay One is an offer tailored to startups wanting to test the waters of SEPA direct debit. Companies with less than 500 transactions per month can take advantage of SlimPay’s direct debit solution with no set up fees, no commitment and no monthly tariff. Companies simply pay 1,5% on each transaction in order to have access to SlimPay’s direct debit services, namely:

  • Electronic mandate signature
  • Payment processing and acquiring
  • API Rest integration
  • Remittance via API (or back-office or file exchange)
  • Payout on demand through back-office
  • Silver back-office (reporting tools)

In addition, startups benefiting from this offer will not be required to obtain a creditor ID and will have a simplified “Know Your Client” procedure.

Adapting payment means to new consumption trends

The subscription economy is now disrupting both digital and traditional industries. Consumers now prefer to pay for use, as opposed to ownership, and businesses dealing with subscriptions and recurring payments need to propose payment methods adapted to this shift in consumption habits.  

“More and more companies based on the subscription economy model are being launched. The success of companies such as Deezer can be indeed attributed to their choice of business model – subscription.

"I am convinced that direct debit is the most appropriate and effective payment method for this model, especially with regards to increasing customer lifetime value. SlimPay One will help meet the specific needs of these companies and enable them seize new development opportunities”, explains Jérôme Traisnel, SlimPay’s co-founder and CEO.

Automate and Digitalise

SlimPay One makes direct debit easily accessible to startups riding the subscription economy wave. The solution enables merchants to automate and digitalise the entire payment process, creating a frictionless online transaction journey for end customers, and a fast, secure route to collecting payments for businesses.

SlimPay One Quick Stats

  • For companies with < 500 transactions per month
  • Companies pay 1,5% per transaction
  • No commitment
  • No set up fees
  • Electronic mandate signature + preparation and execution of payments
  • Reporting via SlimPay’s back office

What is a SEPA Direct Debit?

The SEPA Direct Debit is a Europe-wide direct debit system that allows merchants and businesses to collect euro currency payments from bank accounts in 34 SEPA countries on a one-off or recurrent basis. In non-eurozone countries like the UK, the SEPA direct debit scheme operates alongside the national direct debit scheme (till 31 October 2016).

A SEPA Direct Debit is a bank-transfer initiated by the merchant or business and (logically) is only allowed for with permission of the consumer (B2c) or business (B2B). These permissions are so-called 'mandates'. SEPA Direct Debits can be divided in SEPA Core Direct Debit and SEPA B2B Direct Debit. The difference between the two has to do with 'chargeback protection'.

While SEPA Core Direct Debits can be a cost-effective way of initiating payments throughout the euro-zone, it is good to know for merchants that these core direct debits can be charged backed for up to a period of 13 months. 

About SlimPay

Founded in 2009 by Jérôme Traisnel and Jean-Louis Hoenen, SlimPay quickly gained recognition as the recurring and repeat payment specialist thanks to its expertise relating to the digitalisation of SEPA direct debit. With 5 billion euros processed since its launch and more than 2000 clients in 32 countries, SlimPay is the French leader in online payments by bank account.

Article partly sourced from Press Release by SlimPay, March 23rd 2016

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