With Buckaroo IBAN Solution Premium, the merchant gets a Buckaroo account that has their own name as account holder which is more recognizable on the customers’ bank account. General information regarding Buckaroo IBAN Solution can be found on the Buckaroo IBAN Solution page. Below are the additional implications of the Premium version.
Credit transfers and refunds
Transfers and refunds will still use the Buckaroo account. However, consumers will now see the merchant name instead of Stichting Derdengelden Buckaroo for debits and credits on their bank account. This provides more clarity to the customer regarding which party his money came from or which party his money was sent to.
SEPA Direct Debits
SEPA Direct Debits are still carried out using the Buckaroo account as well. However, the consumer now sees the debit was done in name of the merchant, rather than "Stichting Derdengelden Buckaroo".
In addition, the merchant name will no longer be shown in the description on the bank statement, leaving more characters for the merchant’s transaction description.
On top of that, Dutch merchants will also receive their own creditor ID. This is based on the merchant’s Chamber of Commerce number. The creditor ID, like the IBAN, can be found in the Buckaroo Plaza, by clicking on the merchant name in the left menu and then on "Accounts". Behind "Creditor ID" is the Creditor ID used for SEPA Direct Debits. The advantage of having your own creditor ID is that direct debit blocks set up by consumers at their bank based on the general Buckaroo creditor ID will not affect the SEPA Direct Debits of a merchant with their own creditor ID.