SEPA Requirements
SEPA payments are used to move funds within the Single Euro Payments Area. All transfers must be in Euro.
For NetSuite users, the Entity Bank Details bundle is required to process SEPA payments through the plugin.
Key Terms
Below are some key terms to help you navigate the instructions and setup for SEPA payments more easily.
Term | Definition |
|---|---|
International Bank Account Number (IBAN) | A standard international numbering system developed to identify an individual’s account at a financial institution. The structure consists of a two-letter country code, followed by two digits and up to 30 alphanumeric characters. |
SWIFT/BIC Code | A Bank Identifier Code (BIC), also known as a SWIFT code, is an 8-to-11-character alphanumeric code that uniquely identifies financial institutions. Note: If the BIC is unavailable, you must provide the bank's full name and address instead. |
Vendor and Bill Requirements
To prevent payment delays or returns, all payments are required to have the following requirements:
Vendor Record
The Entity's full name and address must be accurately populated on the Vendor record.
Billing Address and Location
The Entity and Bill (if applicable) Billing Addresses must be located in the country of destination and must match the country specified in the Entity Bank Details record.
SEPA payments are supported only in specific countries. The full list of countries can be found in the section above.
All SEPA payments must have a source account located within the SEPA zone and have a currency of EUR.
NetSuite Vendor Requirements
The following fields must be accurately populated on the Vendor record in NetSuite.
- Company Name: Max 70 characters
- Type: Company or Individual
- Address: Must be a valid address from a country in the list above.
IMPORTANT: Do not use the Override feature on the address, as it can interfere with the extraction of accurate address information.
- Print on Check As: Optional
- Phone Number: Optional
The company name, type, and address of the vendor are required. This information lives on the Vendor record and resides in default fields as part of the base NetSuite.
NOTE: Print on Check As will be used as the vendor name when populated. This is the beneficiary's name that will be transmitted in any remittance.
NetSuite Vendor Bank Account Requirements
For NetSuite users, the Entity Bank Details bundle is required to process ACH payments through the plugin. To learn more about this bundle, use the menu on the left to navigate to the NetSuite Plugin Setup.
Once installed, this bundle can be accessed via the Vendor record under the tab Entity Bank Details.
The following fields must be accurately populated:
- Method: Domestic
- Country: United States
- Currency: USD
- Type of Accounts: Default is Checking
- Country-specific requirements can be found in the list above. Generally:
- BIC is required (Exactly 8 or 11 characters)
- IBAN is required (length varies per country)
NetSuite Bill Requirements
In order to be eligible for payment, NetSuite bills must be in an OPEN state and marked as Approved.
The following fields must be accurately populated:
- State: OPEN
- Approval Status: Approved
- For SEPA payments, the billing address must be from the acceptable list above, and the Override toggle may not be checked for the address on the bill.
- For SEPA payments, only bills in EUR are acceptable.
- The Reference No. must be no greater than 30 characters.
- The Memo must be no greater than 140 characters, if provided.
