IRIS to facilitate transactions
Use of system for acceptance of electronic payments by freelancers becomes mandatory
The Greek IRIS direct payment system is now mandatory for the acceptance of payments in our country by freelancers and the self-employed.
To date, there are 117,000 registered freelancers and self-employed people in the IRIS service, i.e. only about 10% of the total number of freelancers in Greece, which come to around 1.3 million.
That number is expected to increase considerably after the obligation of linking the professional bank account of freelancers and the self-employed with the IRIS service, announced by Economy Minister Kostis Hatzidakis, making the possibility of payment by direct debit of the account another possibility for quick and easy transfer of money from account to account without cost for the consumer.
Once that happens, the 2 million individuals who are registered users of the IRIS service for P2P (person to person) transactions, will be able to pay for services they receive from freelancers, such as technicians, doctors, lawyers, etc.
The possibility for freelancers to accept payments through IRIS requires that they activate the IRIS P2B (person to business) service in their professional bank account. Activation is done through the bank which provides a QR that incorporates the professional’s VAT number.
When someone wants to accept a payment through the IRIS P2B service, they will show the QR from their cellphone and the customer also scans it with their phone and transfers the payment to the professional’s bank account without using an IBAN. The QR can be on the mobile app linked to their business account or on their business card, on a simple photo or even on the uniform they wear. That way they don’t have to carry a POS with the and the consumer bypasses the use of the credit or debit card, since the payment is made directly through the account. The transaction is executed in under two seconds and the funds are immediately visible in the professional’s account.
To date, the IRIS P2B service is offered by the Alpha, National, Eurobank, Piraeus and the Cooperative Bank of Epirus, while Viva and Optima will join the service soon.
