I have been asked quite often how to decide regarding SEPA in SAP CRM. Therefore I would like to provide some information that hopefully is useful for you.
First of all:
If you want to use SEPA functionality in SAP CRM you need to have a specific SP available in SAP CRM 7.0 EHP1 / EHP2. It is not possible to implement a few SAP Notes and get what you want. You need to upgrade to a specific SP. Which one you can find out by reading SAP Note 1828238.
I know that it can be a pain to upgrade to a new SP. It is effort, also test effort.
From my perspective I would upgrade to a higher EHP in that case.
If you upgrade to a higher EHP you can also benefit from the new functionality that is provided with the new EHP.
You also get closer to the option using HANA as a data base for SAP CRM. I hope HANA is on your roadmap.