Advantages of receipts
First of all, they can be used to plan cash flow, since they show us the day on which payment will be taken. In addition, they can be used to easily collect payment: they do not expire and are not subject to any financial implications. They are a secure payment method, both for the issuer and for the receiver. And they are universal, supported by all customers: 45% of transactions in Spain are carried out using bank receipts.
How to issue a bank receipt
First of all, we will have to ask the payer to sign a SEPA mandate, which is an order that regulates transfers and receipts, and that authorises the bank to charge the payments to the payer's account. This must contain the bank details of the issuer and receiver: the date, the type of payment and the reference.
This mandate will be valid until it is revoked by one of the parties, or until 36 months have elapsed without the person collecting it presenting the receipt. That is why it is important to keep this document so we can protect ourselves against any unwanted extension of the repayment period.
Direct debits for bills
When it comes to paying fixed expenses (electricity, telephone, water), a bank receipt is a very convenient solution, which simplifies many procedures. In this case, payment will be made by direct debit, so the bank pays the expenses automatically.
To cancel this direct debit, we need to notify our bank before the last working day prior to the day on which the charge will be made. In addition, it is important to bear in mind that we have the right to reject a debit at any time, whether it was made via direct debit or not, in eight weeks or 13 months.
Difference between receipt and invoice
There are times when we use both terms interchangeably, but there is a difference. An invoice is a document that the person receiving the money receives with all the details of the transaction after it has taken place. It has legal value and is mandatory on receipt of payment.
On the other hand, a receipt is a document that the bank issues as proof of payment. For clarification, in an everyday purchase, it would be proof of payment.