What is it and How to Configure
Boleto bancário is one of the most popular payment methods in Brazil and is used to make approximately 20% of online payments, according to Ebit. Many buyers prefer to pay by boleto bancário because of the security as that there is no need to introduce the card data online or because at times it is impossible to pay in any other way. Boleto bancário allows buyers without a bank account or a credit card to purchase online. In addition, it can be easily paid at any bank branch or approved vendors, such as lottery shops, as well as through online banking applications. It also provides an advantage for merchants as it is a secure method with no chargeback or fraud risk.
Despite its advantages, because it is a push method, it requires an active completion of the payment, adding an extra step to the process. For this reason, some merchants prefer not to offer payments via boleto bancário to prioritize other payment methods and ensure that the buyer completes the purchase instantly. This is a general concern in e-commerce categories such as fashion or cosmetics, where compulsive purchases predominate. In these cases, optimizing the user experience on the page to ensure the immediate closing of the purchase is fundamental. However, not offering payments with boleto bancário in the Brazilian market is a mistake.
In addition to being a secure method, boleto bancário can be used to recover clients who have abandoned the shopping cart before completing their purchase. With the recovery via boleto, it is possible to generate a second conversion opportunity. This feature can be used by both merchants who already offer payment via boleto bancário in their checkout page and by those who prefer not to show it to encourage the use of other payment methods.
How Abandoned Cart Recovery with Boleto Works
The functionality that allows abandoned cart recovery with boleto requires two basic elements: an adapted checkout to catch key data from the buyer and a system that generates and sends boletos bancários automatically to those shoppers who have not completed the purchase.
There are several reasons for which the purchase can be left uncompleted, but it is normally due to customer withdrawal or an error in the payment processing. An example of this last option is a denial of the card. However, other common problems are bank connection failure or use of credit cards instead of debit cards and vice versa.
How does it work? The first step is to adapt the checkout to capture the necessary data to generate the boleto bancário. It can be done in several ways; some stores require a sign up and then use the registration information. Others prefer to insert a form on the page before the payment or on the payment page itself.
Once the data of potential buyers is available, if they leave the payment page without completing the purchase, an automatic order is sent to the payment processor API so that it generates a boleto bancário with the same amount and sends it to the buyer by e-mail. PagBrasil’s system is prepared for this and allows for custom data such as the boleto’s expiration date or the time to be left between the cart abandonment and the sending of the e-mail.
Another advantage is that it is also compatible with Boleto Flash®, the only boleto that makes it possible for merchants to receive payment confirmation in less than 3 hours on business days, once it is paid. This speeds up the process and impacts on the delivery time.
Advantages of the Method
The main advantage of the abandoned cart recovery with boleto is self-explanatory: it offers the opportunity to recover a customer who had left the shop and facilitates the completion of the purchase. There are some aspects that should be highlighted:
- Low cost strategy
- Automated process
If you use a service that does not charge to issue a boleto, like PagBrasil, you must only pay for the sending of the e-mail itself. The cost of this service can vary depending on the hired plan, but in all cases, we are talking about a maximum of some cents per sent boleto. In case the boleto is paid by the buyer, a charge for payment processing is also generated. Anyhow, it is not applied when the payment is not completed.
Once the custom configurations have been programmed by the merchant, the whole process is automated. It is an excellent opportunity to increase conversions without dedicating efforts to a marketing or human resources team to close the sale.
Have you ever tried a strategy to recover those consumers who have abandoned the shopping cart? What do you think about the abandoned cart recovery system via boleto? If you have any doubts or opinions on the subject, we invite you to write your comment below.