As for any other payment means, there are risks of payment failures 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 the IBANs.
Different kinds of checks are performed:
- IBANs structure: this checking can be realized online when the subscriber is invited to enter his/ her IBAN in the SlimPay Checkout. Thus, input errors are detected as soon as possible and subscribers correct directly IBAN online.
- Code bank validity (Bank Identifier Code BIC) and IBANs branch codes: SlimPay realizes validity checks to avoid collecting false IBANs generated by websites used by fraudulent.
- IBAN accessibility: SlimPay checks that the IBAN is SEPA reachable. Thus, SlimPay can check if the banking establishment of the new subscriber is able to receive SEPA Direct Debits. Indeed, all European banks do not process SEPA payments.
All this checks are realized each time an IBAN is entered in on the SlimPay Checkout, but also when a mandate is modified or imported by the merchant.
Thus, SlimPay ensures that all IBANs submitted are checked.