Your business can accept payments via direct debit on Omnibasis. Direct Debit payments are initiated by the merchant and made directly from a customer's bank account. They are usually processed through a network of financial institutions - the ACH Network in the US, Bacs in the UK and SEPA in Europe.
Direct Debit Payments in the United States
Direct Debit payments in the United States are processed through the Automated Clearing House (ACH) network , comprised of over ten thousand financial institutions across the US. Omnibasis supports ACH payments via Stripe and Authorize.Net .
Consider the following before you choose ACH as your payment solution:
The settlement timeline for ACH payments is much longer compared to card payments. While card payments are settled in two to three days, ACH payments take between five and fifteen days depending on the gateway.
Since the ACH network is comprised of banks only in the US, USD is the only supported currency.
Direct Debit Payments in the UK, Europe and Australia
Direct Debit payments in the UK, Eurozone, Australia and Sweden are processed via specific direct debit networks in each respective region:
- UK direct debit payments are processed through BACS(Bacs Payment Schemes limited)
- Direct debit payments in the Eurozone via SEPA(The Single Euro Payments Area)
- Direct debit payments in Australia via BECS(Bulk Electronic Clearing System)
- Direct debit payments in Sweden via Autogiro.
Omnibasis supports direct debit payments via these networks with GoCardless - an online direct debit provider based in the UK.
Consider the following before you choose direct debit via GoCardless as your payment solution:
The settlement timeline for direct debit payments is longer compared to card payments. While card payments are settled in a day or two, direct payments take between three to five depending on whether a mandate needs to be created.
GoCardless, working with direct debits networks in the UK, Eurozone, Australia and Sweden, supports only four currencies: GBP, EUR, AUD and SEK.