Like any other payment means, there are risks of payment failures on direct debits due to many different reasons.
In order to reduce the risks for your activity and ensure that payments are successful, SlimPay performs a certain number of checks on IBANs.
The checks performed include:
- IBAN structure: This check is realized online when the subscriber is invited to enter their IBAN in the SlimPay Checkout. Thus, input errors are detected as soon as possible and subscribers can correct them directly online.
- Bank code validity (Bank Identifier Code BIC) and IBAN branch codes: SlimPay realizes validity checks to avoid collecting false IBANs generated by websites used by fraudsters.
- IBAN accessibility: SlimPay checks that the IBAN is SEPA reachable. Thus, SlimPay can confirm whether the banking establishment of the new subscriber is able to receive SEPA Direct Debits (because not all European banks process SEPA payments).
All these checks are realized each time an IBAN is entered into he SlimPay Checkout, but also when a mandate is modified or imported by the merchant.
As a result, SlimPay ensures that all IBANs submitted are checked.