Hey there everyone! 🌤
If you’re a bunq Business user, you may have noticed other users asking about B2B SDD from time to time. Even though acronyms are an easy way to name things, it’s hard to remember all of them. But no worries, we’ve got you covered on this one! ⛱ Get a beverage and let us tell you what B2B SDD is and how to use it step-by-step. Let’s begin!
What is B2B SDD?
It stands for Business to Business SEPA Direct Debits 🤗 These are payments that companies can charge to your IBAN, usually for recurring payments, such as membership fees.
For example, you recently set up a new contract with your network provider, and they send you the monthly costs to your bunq account. However, you notice that they seem to have charged you a higher fee than you expected. Luckily, with bunq you can choose to approve or deny the Direct Debits that you receive. This means you're in full control and can always decide not to pay a direct debit.
How does it work?
As a rule, Direct Debits are set up like "contracts" using a paper form. The SDD issuer gives you the two copies of the papers to set up the B2B Direct Debit. You need to fill out one copy by entering your bunq IBAN and send it back to the SDD issuer. The other copy is usually for the bank, but since we're not a big fan of any paper form, we've integrated this in the app. We'll send you a push notification to authorize this request. You'll have the option to accept it (for one day). The contract is formed once you've accepted the request. If no action is taken before the indicated period, the Direct Debit will expire and w'ill automatically decline it.
We provide full freedom to you so you can make complete use of your account and any service you want to link to it. 🌈
- This feature is only available for Business users
- It's not possible to refund B2B Direct Debit, you need to contact the other party.
- All future B2B Direct Debits will be accepted automatically from the same company
How does this work in the app?
When you open the bunq app and load the Home screen, you'll see a pending event on the top of the screen. Simply click on it and accept/decline the payment.
Want to explore more bunq knowledge?
Have a look here 🌈
