Payment Methods for e-commerce in Brazil

We currently have several online payment options for electronic stores in Brazil.

The Brazilian public is very adept at online shopping, and all the ease when it comes to paying will be a big game-changer in that conversion, after all, the product can be wonderful, but if you can’t pay in installments, there won’t be any sales!

Here in Brazil, if you don’t have the habit of paying in installments, you certainly know someone who does, this is in our DNA.

That’s right, it’s cultural. According to research, 79% of consumers pay their purchases in installments! Some establishments assume the interest of installments, and in other cases it is the customers, but generally this option is assumed by the establishment.

Therefore, it is not new that the credit card operation is the most used option for purchases, in physical stores and online, with more than 60%, followed by boleto at 15%, digital wallet with 13%, Pix with 8% and other methods with 2%*.

In Brazil, some companies offer products and services to be paid with up to two credit cards!

According to SPC Brasil, there are an average of 52 million credit card users, and of this total, almost half (47%) pay their purchases in installments with this means of payment.

payment at least once a month, mainly in the case of clothes (48%),

footwear (44%) and home appliances (44%).

Through the payment gateway, the fee per sale on the credit card is R$ 0.40 (fixed amount) + 3.99% to 4.99% of the total sale, according to the period of receipt and installment.

Most local gateways offer all payment methods, and the ranking in Brazil is composed of:

1. PagSeguro

2. Sky

3. wings

4. I came

5. Pay me

6. Mercado Pago

7. PayPal

8. PicPay Pro

The seventh position, PayPal, does not offer payment with a debit card or boleto, however, as it is a digital wallet, you can transact in other currencies, with local conversion, with an interest rate of 3 to 4.5% and a service rate of 4.99%.

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Another option, not yet available in Brazil, is Cash On Delivery (COD), where payment is made upon delivery of the product, and usually this option needs to be manually updated on the platform. Here in Brazil, some services have this option, but not yet in e-commerce, especially due to security matters.

Speaking a little more about the other options, in second comes the boleto, also a darling of the most conservative Brazilians, as it is a document that can be printed and paid in banks or lottery stores (online too), and can be “archived”. Currently, we have payments via boleto in installments, that’s right, you go through an approval to be able to pay your purchases in installments, and this helps you not to compromise your card limit!

Next comes the digital wallets, which are nothing more than the registration of your card on a mobile device, which work with NFC and also create virtual cards, to reduce attempts at fraud and cloning:

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In this mode, it is only necessary to bring the cell phone close to the machine.

And now we’re going to talk about the newest payment sensation: Pix.

Not only for means of payment, but also for all Brazilians who use this modality, which is instant, and best of all, at no cost!

Pix was launched by the Central Bank of Brazil in February 2020, and this modality guarantees transfer and payments in up to 10 (ten) seconds! This innovation was recently awarded at the Fintech & RegTech Global 2021 Awards.

At the same time, we have payment gateways in Brazil with funding in BRL (Brazilian real) and distribution in other currencies (USD=US dollar and EUR=euro). These gateways specialize in international e-commerce, and some even offer split payment, separating and sending each amount to a different destination, in different currencies (if necessary).

What is your strategy for your business here in Brazil? Tell us!

*source:

https://edgardunn.com/2022/02/selling-online-in-brazil-what-every-cross-border-merchant-should-know

https://www.spcbrasil.org.br/uploads/st_imprensa/release_compras_parceladas4.pdf

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