service was launched in December 2001, and it is used to make periodic
payments, such as installments for acquisition of goods and services,
subscriptions, membership fees, and so forth.
It is designed
for individuals and juridical persons to do periodic, large-scale collections
through their financial entities, from their clients’ accounts for the sale
of goods or services, regardless of the geographical location of their
debtors and of their financial entity.
collect money using this service, the debtor only has to authorize the debit
to his or her account, according to the conditions agreed upon with the
seller, which is done through a Direct Debit Order. This procedure is not
carried out when both
the debitor and the creditor are the
must periodically authorize debits to their account.
commission charged for this service depends on the entity in which it is carried
out, since each of them has established its own commissions; information
about these rates can be obtained in the section on fees and commissions in
the page commissions
charged by financial entities.
Región de Acordeón
Using this service
Direct Debiting Service may be used for periodic, large-scale collections,
Utilities (Electricity, water, telephone, Internet)
School/university tuition fees
Subscriptions/memberships (newspapers, gym, magazines, clubs.)
Articles sold on credit
• Credit cards,
individual/juridical person collecting the payment:
■ Collections can be made in an easy, timely fashion: The providers
of goods or services are not forced to keep and account at the same
financial entity as their clients, since such collections can be made
between different financial entities.
■ Funds are safely received: Collected funds are received
electronically, thereby eliminating the risk of theft and robbery, as
opposed to traditional methods such as cash an
■ Regulation of terms for fund crediting - If funds were not
credited to your account at the time defined in the corresponding
regulations, a client may file a claim.
■ Accounts receivable are kept up to date: Because there is no need to wait for
clients to make their payments, but instead are collections processed on
a specified date, there will be less of a chance for backlogs in your
accounts receivable, while also reducing the cost of collecting them
after the agreed date.
physical/juridical person making a payment:
■ More efficiency in payments - A customer obtaining a good or
service for which it has to make periodic payments should do a Debiting
Authorization procedure only once, so that providers can collect their
payments without the customer having to go physically or move any cash.
Hence the savings in cost such as paying a person to make the payment
through conventional methods, generation of interest due to delinquency
payments, and the opportunity cost due to suspension of a service.
■ More geographical coverage:
Debiting authorizations may be requested anywhere in the country
and with any financial entity where interested parties may keep their
accounts, since this system has country-wide coverage.
■ Risk of loss and theft is eliminated, as payments are made
electronically and automatically.
Direct Debit Clearing service operates on SINPE working days, on a one-day
cycle. This means that for any collection procedure carried out by a
person through a financial entity on a given day, cash will be available
at the latest at 10:00 pm on the day that transaction was carried out
Example of Use
go shopping using your credit card, and therefore each month you have to
actually have to go to the issuing financial entity to make your payment.
This means you have to spend time and money on this on a regular basis,
aside from the risk involved in moving with the cash.
prevent this situation, you come to an agreement with the card’s issuer,
authorizing it to automatically debit the amount from your Cuenta Cliente every month. This way, you will
not incur in interest due to delinquency payments, as your credit will be
up-to-date, while the issuing financial entity will also make its
collections regularly and in a cost-effective manner.
of Payments Regulations (Spanish)
Rule on Direct Debiting (Spanish)
Rule on Money Claims (Spanish)