Direct Debit Mandate

A Direct Debit mandate is an agreement where a customer authorizes a company or service provider to automatically withdraw funds from their bank account for regular payments. Through Twikey, you can create and manage these Direct Debit mandates. Customers can electronically sign the mandate, and the details are securely stored on the Twikey platform, ensuring that payments are processed accurately and on time.

What do I need to be able to manage Direct Debit mandates with Twikey?

• For all countries: You must have a creditor contract with your bank to be able to create CORE or B2B Direct Debit mandates.
• For the Netherlands: You must have a 'Digitaal Incassomachtigen' contract to be able to conclude B2B mandates.

What is a creditor contract and how can I obtain it?

• Reach out to your bank's business or corporate banking department to inquire about setting up a Direct Debit creditor contract. Banks often have specific teams or representatives who handle payment services and can guide you through the process.

• Your bank will require detailed information about your organization and other specific information such as type of contract, number of transactions, etc. We have prepared a specific document that needs to be filled in and can be used for the application of your contract.

• Once the creditor contract is signed, you will obtain a creditor ID and you are able to manage Direct Debit mandates with Twikey.

What is the difference between a CORE and B2B creditor contract?

There are considerable differences between the two types of creditor contracts.

• CORE
The agreement is concluded between you and a natural person or a company. One of the key points here is that your customer can ask the bank to refund the Direct Debit up to 8 weeks after the collection took place without having to specify a reason for this refund.
• B2B
The agreement is concluded between companies. An intervention of your bank is required. The customer must give his consent to the bank, after which the agreement will be transferred to you. A vital point here is that the customer must have a business account. Some banks do not allow persons exercising a self-employed complementary activity to hold a business account and therefore these persons cannot conclude a B2B agreement.

We encourage B2B companies to conclude both contracts with the bank so that they can do B2B as well as Core (as a backup) Direct Debits.

Recurrent Credit Token

Twikey can also manage recurrent credit tokens. These tokens serve as secure digital representations of a customer's payment information. Instead of sharing sensitive payment details repeatedly, the token is provided to the merchant. Twikey securely stores the payment information associated with the token, and merchants can use it to initiate recurring payments without exposing the actual payment details.

What do I need to be able to manage Recurring Credit card tokens with Twikey?

• You must have a contract with a payment service provider integrated with Twikey. We generate a first payment by Credit Card to activate the credit card token.

Contract between parties

In addition to financial agreements, Twikey can help with the signing and/or completing of contracts between parties that might not involve direct financial transactions. These agreements could encompass a wide range of scenarios, such as service contracts, partnership agreements, lease contracts, and more.
Depending on your needs we help to put your client's signature on the document via an online flow or we set up a more complex flow where your client can fill in the document and then sign it.

What do I need to be able to manage contracts with Twikey?

• No specific information is needed. For the complex flow you need to provide the information and setup is needed by Twikey.