This article will help guide you on how to set up a Direct Debit to collect payments from your customers via Stripe. The transactions will be connected to your Finom account.
Follow these steps to get it right:
You need to be registered with the Bundesbank. To do that you can sign up online or complete an application form and submit it by email. After that you will be required to provide your personal and business information, this is standard practice for freelancers and companies.
This process usually takes a few minutes and you will get your creditor identifier: a unique code that you can use to identify yourself as a creditor when invoicing your clients.
Sign in and add Finom as your bank account. This will help to reflect your transactions made via Stripe in your Finom account.
Make a request for SEPA Direct Debit to be turned on.
3. Send your first request for a payment collection
Your client can pay by any means and Stripe will take care of collecting payments from your clients on the due date (upon mandate acknowledgement). Right after, your Finom account will be credited with the funds collected.
*Please note that Stripe charges fees for each Direct Debit collected.
4. Check your Finom account
Once the payment has been executed, the transaction will be visible in your account.