What is Direct Debit?

A Direct Debit is a simple and convenient way to make regular or periodic payments from your Finom account.

If you work with any client or provider regularly, and you’re looking to set up a regular payment, please read this article to learn all about Direct Debit, and how you can set one up.

A Direct Debit authorises your partner to collect payments from your account when they are due. You give this authorization by completing a form – this can be a paper form or a web version. Once authorized, the partner can automatically debit payments from your account.

When Direct Debit can be used?

  • Usual bills for variable amounts

  • Fixed subscriptions or memberships

  • One-off payments

How to set up a Direct Debit?

There are two types of Direct Debit mandates: private and corporate, and each type have different processes. Private mandates usually do not require any additional steps, while a corporate mandate, according to the rules, must be registered with the financial institution in order to debit your account.

In order for the creditor to be able to withdraw a Direct Debit from your Finom account, you need to provide a signed B2B mandate. The creditor fills out a form, you then sign it and forward it to us. Most likely the necessary form is already available from the creditor, but you can always contact us if you are unsure of the format.

We will then process this form and provide the creditor with necessary authorisations.

Following this, the creditor can debit the indicated transactions from your Finom account.

Can I collect payments from my clients using Direct Debit with Finom?

Not yet. But we are already working to make it available to our customers very soon, and we will notify you as soon as this is released.

You can always reach us via chat if you have any difficulties or questions.

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