Many Latin Americans are still poorly served by financial institutions and continue to make cash-based payments. This method is trustworthy among e-shoppers in Latin America - even for those who have bank accounts. In Brazil and Mexico, for example, voucher payments represent more than 20% of online purchases.
Most famous voucher payments
How do voucher payments work for e-commerce?
Voucher payments make online shopping available even to people who do not have a bank account. After selecting this payment method at the check-out, an invoice with a barcode is generated, and the consumer can pay for it in cash at a physical store or agent.
With EBANX you can offer the most popular voucher payment methods in more than 8 different countries around Latin America, without having to set up a local entity.
In Latin America, most people don’t have an international credit card - which means they cannot buy in any currency other than their own. Take Brazil, for example, where only 19% of the entire population has a credit card enabled to buy in international websites or transact in foreign currencies.
Installments will boost your revenue
In addition to adding local cards to your strategy, allowing consumers to split their payments into monthly installments, greatly increases the purchase of higher priced products. Accepting local credit cards with the installments option enabled can increase your approval rate by up to 90%, that’s right, 90%.
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Online Alternative Payments
Making payments with bank transfers or through internet banking is a common habit among Latin Americans. With just one integration, you can allow customers to easily pay for their purchases by using their favorite method and with the bank of their choice.
How is a bank transfer different from online debit?
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 complete a money transfer from any bank institution through an ATM, bank app, internet banking or bank branch.
Want to know more about Online Alternatives in Latin America?