SEPA is the Single European Payment Area.
http://www.ecb.europa.eu/paym/retpaym/html/index.en.html
If you're located in Europe, or have a bankaccount in Europe, it's almost certain a SEPA account.
If you're not located in Europe (or located in one of the few European countries which don't use SEPA), then you have to use to oldfashioned way.
A SEPA bankaccount always start with the countrycode, followed by numbers and/or letters. That's called an IBAN-number.
When you pay within SEPA the payment is usually done within 1 or 2 days - the cost is the same as a local payment. Payments are always in Euro.
When you don't know this, I guess you're not European. From what country (or US: what state) are you? Then I can take a look into better options for you.