Why accept alternative payments?
Latin Americans have several ways to pay online beyond credit cards. It's important for merchants that want to expand their business to this market to offer different local payment methods. Each country has its own alternative payments and merchants need to understand how they work and why customers like them because with the right payment strategy it's easier to increase sales.
In Brazil Bank transfer is a popular way to pay online. Different from what happens in Online Debit, when choosing to pay with Bank Transfer customers are not redirected to their internet banking, instead, they receive a voucher and can do a money transfer from any bank institution through ATM, bank app, internet banking or a bank branch. This brings convenience and safety for customers when transferring money.
Online Debit is accepted by major Brazilian banks. At checkout, the consumer is redirected to their bank website and payment is made safely and quickly, via internet banking. With Online Debit, Brazilians who have online bank accounts can make online payments easily. It is an effective alternative payment method for your customer and a zero-chargeback risk for your business.
SPEI (Interbanking Electronic Payment System) was developed by Banco de México and allows your Mexican customer to make instantly electronic payments.Through SPEI merchants are offering to any banked person in Mexico a 24/7 hour solution to make transactions with a real time payment confirmation.
Servipag is a secure and fast solution in which consumers can buy online by choosing, with just one click, one of the 21 available payment methods. Servipag processes an average of 9 million transactions per month and it is constantly working to facilitate online shopping for Chileans. The solution is used by 40% of Chileans who prefer not to use credit cards online.
Pagos Seguros en Línea is a payment solution that works as an interface for the consumer during checkout. With this option, your clients can pay directly from their bank accounts. Pagos Seguros en Línea (PSE) is the preferred alternative payment solution in Colombia. It was developed by ACH, which monitors and controls automated transactions between banks and financial institutions in the country.