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What is a SEPA? The Single Euro Payments Area is the European financial system for cashless payments. It allows businesses to conduct operations both domestically and abroad.
How and where does it work
For a transaction, the client needs to select SEPA payment, indicate the IBAN of the company, and confirm the operation. The system converts the currency into euros and sends it to the beneficiary’s account.
S E P A payments work in all countries where the euro currency is used. The method is used for online shopping, financial transactions, user services, and software.
Advantages and disadvantages
The system allows you to conduct a financial transaction quickly. The money is credited to the recipient’s account within 24–48 hours. SEPA DD is securely encrypted to guarantee a high level of confidentiality. In case of incorrect accrual, customers can dispute the payment and return the funds.
The method works in only 36 countries. The process removes the commission to convert funds when paying in another currency.