Discover the importance of instant boleto payments for digital commerces and why it is a better alternative than standard boletos which are considered a popular and one of the most traditional payment methods in Brazil
Have you ever heard about boleto in Brazil? Before we talk about instant boletos, let's have a short intro about what the standard boleto payment is.
Boleto is a voucher payment method official from and exclusively used in Brazil. It is a traditional and popular option among Brazilians since it is commonly used to pay for monthly bills, such as water and energy, and has become widely used for online purchases as well.
Boletos can be used in two ways:
- Physically: the user can pay the voucher after having it printed, on a PDF version or just providing the barcode number. The payment is made in one of the thousands of places that processes boleto spread all over the Brazil
- Electronically: the user can choose to pay for a boleto through internet banking on their desktops or smartphones
There are a lot of benefits for e-commerces that offer boleto as a payment method. First of all, 21% of Brazilians can be considered unbanked. Thus, boleto comes as a great alternative to reach these people and, in case of international e-commerces, it allows consumers that were previously unable to make international purchases online to buy from abroad.
Remember that merchants that offer boleto can reach 4x as many Brazilians and this payment method doesn't cannibalize other options such as credit cards. Boleto is also free of chargebacks fee and has, virtually, no fraud risk.
What is instant boleto?
Now that you have seen what a boleto is, let's have a look at instant boletos. It is clear that a standard boleto payment has many advantages. However, one downside is that this method has a payment confirmation period that usually takes around 3 business days.
Instant boleto, on the other hand, has all the benefits of a regular boleto plus a faster payment confirmation and settlement processes. Through instant boletos, a payment is confirmed in under 60 minutes and has a series of positive impacts for the merchant.
Instant boleto advantages over standard boletos
Faster confirmation and settlement processes
Differently from the standard boleto payment that needs around 3 business days to confirm a payment, instant boletos require less than 60 minutes. Consequently, settlements occur faster as well.
Optimized stock management
Through faster boleto confirmations, merchants can optimize their stock management once the waiting period decreases.
Higher conversion rates
Customers that choose instant boletos to pay for their online purchases will have a quicker and simpler checkout experience which is similar to card transactions.
EBANX - Instant Boleto
Instant boletos are definitely a great payment method to offer your online customers. As we have shown you, despite all the advantages of standard boletos, this option is much faster and convenient.
Here at EBANX you will be able to take the most of instant boletos and, while other providers offer instant boletos within 60 minutes, EBANX is committed to an even faster payment confirmation process: 15 minutes or less.
Whether you choose to offer boleto with EBANX or not, boleto is a key payment method for your success in the Brazilian market.
In this material you will understand how Boleto works, its specificities, and why it's so common among Brazilians.