diff --git a/CHANGELOG.md b/CHANGELOG.md
index 220b1cd98c4..39f1ca48aa1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,7 @@
 * [ADDED] PaymentSheet now supports the following payment methods for PaymentIntents:
   * [7281](https://github.com/stripe/stripe-android/pull/7281) OXXO
 * [ADDED][7282](https://github.com/stripe/stripe-android/pull/7282) PaymentSheet now supports Boleto for PaymentIntents, SetupIntents, and PaymentIntents with setup for future usage.
+* [FIXED][7303](https://github.com/stripe/stripe-android/pull/7303) Fixed an issue where SEPA mandate texts were being displayed for payment methods when they shouldn't be.
 
 ## 20.30.1 - 2023-09-11
 
diff --git a/paymentsheet/detekt-baseline.xml b/paymentsheet/detekt-baseline.xml
index 053055a04cb..e84ee391dd1 100644
--- a/paymentsheet/detekt-baseline.xml
+++ b/paymentsheet/detekt-baseline.xml
@@ -29,6 +29,7 @@
     <ID>LongMethod:PaymentOptionFactory.kt$PaymentOptionFactory$fun create(selection: PaymentSelection): PaymentOption</ID>
     <ID>LongMethod:PaymentSheetConfigurationKtx.kt$internal fun PaymentSheet.Appearance.parseAppearance()</ID>
     <ID>LongMethod:PaymentSheetLoader.kt$DefaultPaymentSheetLoader$private suspend fun create( elementsSession: ElementsSession, config: PaymentSheet.Configuration?, isGooglePayReady: Boolean, ): PaymentSheetState.Full</ID>
+    <ID>LongMethod:PlaceholderHelperTest.kt$PlaceholderHelperTest$@Test fun `Test correct placeholder is removed for placeholder spec`()</ID>
     <ID>LongMethod:USBankAccountForm.kt$@Composable internal fun USBankAccountForm( formArgs: FormArguments, usBankAccountFormArgs: USBankAccountFormArguments, isProcessing: Boolean, modifier: Modifier = Modifier, )</ID>
     <ID>LongMethod:USBankAccountForm.kt$@Composable private fun AccountDetailsForm( formArgs: FormArguments, isProcessing: Boolean, bankName: String?, last4: String?, saveForFutureUseElement: SaveForFutureUseElement, onRemoveAccount: () -> Unit, )</ID>
     <ID>MagicNumber:AutocompleteScreen.kt$0.07f</ID>
diff --git a/paymentsheet/src/main/java/com/stripe/android/paymentsheet/forms/PlaceholderHelper.kt b/paymentsheet/src/main/java/com/stripe/android/paymentsheet/forms/PlaceholderHelper.kt
index 5065cc9b439..ed6986d587c 100644
--- a/paymentsheet/src/main/java/com/stripe/android/paymentsheet/forms/PlaceholderHelper.kt
+++ b/paymentsheet/src/main/java/com/stripe/android/paymentsheet/forms/PlaceholderHelper.kt
@@ -39,7 +39,6 @@ internal object PlaceholderHelper {
             PlaceholderField.Email,
             PlaceholderField.Phone,
             PlaceholderField.BillingAddress,
-            PlaceholderField.SepaMandate,
         )
 
         val modifiedSpecs = specs.mapNotNull {
@@ -61,10 +60,6 @@ internal object PlaceholderHelper {
                     configuration.address == AddressCollectionMode.Never
                 }
 
-                is SepaMandateTextSpec -> it.takeIf {
-                    requiresMandate
-                }
-
                 is PlaceholderSpec -> specForPlaceholderField(
                     it.field,
                     placeholderOverrideList,
diff --git a/paymentsheet/src/test/java/com/stripe/android/paymentsheet/forms/PlaceholderHelperTest.kt b/paymentsheet/src/test/java/com/stripe/android/paymentsheet/forms/PlaceholderHelperTest.kt
index 96612b8e089..c3ace2b38ae 100644
--- a/paymentsheet/src/test/java/com/stripe/android/paymentsheet/forms/PlaceholderHelperTest.kt
+++ b/paymentsheet/src/test/java/com/stripe/android/paymentsheet/forms/PlaceholderHelperTest.kt
@@ -40,7 +40,6 @@ class PlaceholderHelperTest {
                 EmailSpec(),
                 PhoneSpec(),
                 AddressSpec(),
-                SepaMandateTextSpec(),
             ),
         )
         assertThat(specs).isEmpty()
@@ -109,7 +108,54 @@ class PlaceholderHelperTest {
         )
     }
 
-    @Suppress("LongMethod")
+    @Test
+    fun `Test when requiresMandate is true, SepaMandateSpec is only added when specified`() {
+        val specs = specsForConfiguration(
+            configuration = PaymentSheet.BillingDetailsCollectionConfiguration(),
+            placeholderOverrideList = emptyList(),
+            requiresMandate = true,
+            specs = listOf(
+                NameSpec(),
+            ),
+        )
+
+        assertThat(specs).containsExactly(
+            NameSpec(),
+        )
+
+        val specsWithSepa = specsForConfiguration(
+            configuration = PaymentSheet.BillingDetailsCollectionConfiguration(),
+            placeholderOverrideList = emptyList(),
+            requiresMandate = true,
+            specs = listOf(
+                NameSpec(),
+                SepaMandateTextSpec()
+            ),
+        )
+
+        assertThat(specsWithSepa).containsExactly(
+            NameSpec(),
+            SepaMandateTextSpec()
+        )
+
+        val specsWithSepaPlaceholder = specsForConfiguration(
+            configuration = PaymentSheet.BillingDetailsCollectionConfiguration(),
+            placeholderOverrideList = emptyList(),
+            requiresMandate = true,
+            specs = listOf(
+                NameSpec(),
+                PlaceholderSpec(
+                    field = PlaceholderSpec.PlaceholderField.SepaMandate,
+                )
+            ),
+        )
+
+        assertThat(specsWithSepaPlaceholder).containsExactly(
+            NameSpec(),
+            SepaMandateTextSpec()
+        )
+    }
+
     @Test
     fun `Test correct spec is returned for placeholder fields`() {
         val billingDetailsCollectionConfiguration = PaymentSheet.BillingDetailsCollectionConfiguration(
@@ -160,6 +206,14 @@ class PlaceholderHelperTest {
                 configuration = billingDetailsCollectionConfiguration,
             )
         ).isEqualTo(AddressSpec(hideCountry = true))
+        assertThat(
+            specForPlaceholderField(
+                field = PlaceholderField.SepaMandate,
+                placeholderOverrideList = emptyList(),
+                requiresMandate = true,
+                configuration = billingDetailsCollectionConfiguration,
+            )
+        ).isEqualTo(SepaMandateTextSpec())
     }
 
     @Test
@@ -222,6 +276,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Email,
             PlaceholderField.Phone,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -230,6 +285,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Phone,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -238,6 +294,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Email,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -246,6 +303,16 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Email,
             PlaceholderField.Phone,
+            PlaceholderField.SepaMandate,
+        )
+
+        placeholders = basePlaceholders()
+        removeCorrespondingPlaceholder(placeholders, SepaMandateTextSpec())
+        assertThat(placeholders).containsExactly(
+            PlaceholderField.Name,
+            PlaceholderField.Email,
+            PlaceholderField.Phone,
+            PlaceholderField.BillingAddress,
         )
     }
 
@@ -257,6 +324,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Email,
             PlaceholderField.Phone,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -268,6 +336,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Phone,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -279,6 +348,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Email,
             PlaceholderField.BillingAddress,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -290,6 +360,7 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Email,
             PlaceholderField.Phone,
+            PlaceholderField.SepaMandate,
         )
 
         placeholders = basePlaceholders()
@@ -301,6 +372,19 @@ class PlaceholderHelperTest {
             PlaceholderField.Name,
             PlaceholderField.Email,
             PlaceholderField.Phone,
+            PlaceholderField.SepaMandate,
+        )
+
+        placeholders = basePlaceholders()
+        removeCorrespondingPlaceholder(
+            placeholders,
+            PlaceholderSpec(field = PlaceholderField.SepaMandate)
+        )
+        assertThat(placeholders).containsExactly(
+            PlaceholderField.Name,
+            PlaceholderField.Email,
+            PlaceholderField.Phone,
+            PlaceholderField.BillingAddress,
         )
     }
 
@@ -383,5 +467,6 @@ class PlaceholderHelperTest {
         PlaceholderField.Email,
         PlaceholderField.Phone,
         PlaceholderField.BillingAddress,
+        PlaceholderField.SepaMandate,
     )
 }