For customers who don't pay invoices by card
In Europe, the United States, the United Kingdom and Canada many companies pay their suppliers by direct debit, not by card. Cord offers that method on the invoice link and in the customer portal, on the business's own payment account.
What's included
- One scheme per country, in its currency: SEPA Direct Debit in euros for businesses in Spain, Germany and France; ACH in US dollars for the United States; Bacs Direct Debit in pounds for the United Kingdom; and pre-authorized debit (PAD) in Canadian dollars for Canada.
- Turned on per business in Settings › Payments › Payment methods. Cord requests the capability for the payment account and only offers the method once it is active.
- Debits in progress, in plain sight: a debit takes days to confirm: up to 6 business days for SEPA, 4 for ACH, 4 for Bacs (7 with a new mandate) and 5 for pre-authorized debit. Meanwhile the invoice can't be charged again or voided, and the link and the portal say so.
- Scheme mandate and notices: the account holder receives the notices their scheme requires. With pre-authorized debit, the payer states whether the account is a business or a personal one, and an account verified by micro-deposits shows its verification link without allowing a second charge.
- With automatic collection: the customer can authorize their account from the portal so their invoices are collected when due. A Bacs account is saved when an invoice is paid from the portal, not before.
- Refunds from the invoice: full or partial up to 180 days; ACH only in full.
Why it is in beta
SEPA and ACH can already be requested for payment accounts and their notifications already arrive; the end-to-end test remains. Bacs needs the payments platform's approval and Canadian pre-authorized debit needs the platform to enable it; then the same test with test accounts from each country. Until then the documentation marks it as a new feature.
How it works
The business turns on its country's direct debit in Settings › Payments › Payment methods.
The customer chooses to pay from their bank account on the invoice link or their portal, and accepts the mandate.
The debit stays in progress until the bank confirms it; meanwhile, the invoice can't be charged twice.
Availability and scope
SEPA in euros for businesses in Spain, Germany and France; ACH in US dollars for the United States; Bacs in pounds for the United Kingdom; pre-authorized debit in Canadian dollars for Canada. On the invoice link, in the customer portal and in automatic collection.
Clear limits
Each scheme only in its currency, on the business's payment account, and not on quotes or retainers. ACH doesn't support partial refunds. A Bacs account isn't saved without paying, and the payer's bank statement shows the payments platform as the collector. A debit declined for insufficient funds is retried within the scheme's window: twice for SEPA, ACH and Bacs, and once for pre-authorized debit.