We’re excited to release one of the most requested features among our European clients — BACS and SEPA payments.
This means that accounting firms from the UK and the EU can now massively reduce their transaction fees to as low as €0.35 per transaction.
If your firm doesn’t accept payments outside the US, feel free to skip this post (we have other exciting news coming soon).
What’s the difference?
BACS and SEPA allow firms to pay smaller processing fees than they do with credit cards:
- Fast: you receive the money as soon as clients make a payment
- Expensive — usually the fee is about 3%
- Takes longer to receive payment — the average is five business days, but it might take up to 14
- Cheaper — 1% or less:
BACS Direct Debit — 1% + £0.20 per successful bank account charge.
SEPA Direct Debit — €0.35 per successful bank account charge.
How it works
To offer your clients the option to pay via BACS or SEPA, you need to create an account on Stripe and connect it to TaxDome. Once it’s done, your clients will be able to choose a payment method when settling a bill:
After payment is made, it can take a few business days to receive notification on the success or failure of a payment. You can track the status of payments in TaxDome.
Reminder: you and your clients can use TaxDome in 11 different languages: English, Spanish, French, German, Italian, Dutch, Swedish, Finnish, Portuguese, Danish and Norwegian.
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