Partnership Buckaroo and SurePay aimed at better debt collection results
Buckaroo is offering a new service: the IBAN-Name Check by SurePay (available in NL only for now). This validation check is particularly interesting for Buckaroo customers with many direct debits, also known as SEPA Direct Debit payments. The IBAN-Name Check is used to check the correctness of the payment details of new customers, suppliers or employees. This prevents fraud and errors.
Ramon Verweij, Head of Marketing at SurePay: "More than 150 companies have already made their processes safer and more efficient with the IBAN-Name Check. This makes the online onboarding of new customers smoother and checking customer details is no longer a manual process and you know for sure that you are collecting from and paying to the right person or company. We are pleased that through this partnership our service is also available to Buckaroo customers."
The IBAN Name Check checks whether the given ascription matches the given account number. This brings to light any incorrectly transmitted information at an early stage. This reduces the risk of transaction breakdowns. The use of the IBAN-Name Check gives businesses more certainty when processing direct debits. Businesses can perform the IBAN-Name Check prior to a periodically recurring direct debit batch. The check can also be used as a part of a Know Your Customer (KYC) process.
Lars Smit, Head of Marketing at Buckaroo: "A failed or incorrect direct debit will create many challenges, such as high costs and administrative actions. SurePay's IBAN Name Check can prevent this. It's an interesting product for improving payment conversion. Especially for companies with subscription fees, but also for companies with payments to third parties, such as marketplaces. For the continuity of your cash flow, it is extra important that collections are successful."
How does it work?
Companies can build the check into their own payment or business processes. If something is wrong with the bank account number or the name, a message appears. Companies decide for themselves in what form notifications are visible. If an IBAN number does not exist at the bank, or has a different ascription than specified, this can be a reason for to accept a customer or not. This prevents fraud and errors and ensures that the company has the correct customer data.
Integrating IBAN Name Check into your payment and onboarding process? You can apply via buckaroo.eu/iban-name-check.
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