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Online Payments in Brazil: Everything to Know about Online Banking Transfer

Published on 03/22/2018

Credit cards are the most popular payment method in the e-commerce industry worldwide. It is no different in Brazil. Credit card payments account for nearly 60% off all online transactions. However, there are alternative payment methods which are becoming increasingly popular. Boleto bancário is the most well-know, but online banking transfer is gaining more share, being used in nearly 15% of all payment transactions. But what exactly is online banking transfer and what are its benefits? That is what will be explained in this article.



What Exactly is Online Banking Transfer?

Online banking transfer refers to a proprietary online payment method solution created by leading Brazilian banks to facilitate e-commerce transactions. It is still a relatively new payment method and it is still evolving to adapt to e-commerce needs. Each bank has its own solution, which provide their account holders with the option to pay online via bank transfer within a few clicks, as long as the store offers such an option at their checkout.
For merchants, the online banking transfer payment methods offer the benefit of instant payment confirmation and no chargeback risk. Unless using a payment provider that supports online banking transfer from several banks, merchants would have to carry out different technical integration and establish contractual relationship with each bank – assuming they have a company established in Brazil. International merchants selling cross-border into Brazil must use a local payment partner to be able to offer online banking transfer at their checkout.
PagBrasil, for instance, supports online banking transfer from Banco do Brasil, Bradesco, Itaú and Banrisul. In addition, it can provide its services both for local and international merchants selling in Brazil.



What are the Differences Between Online Banking Transfer and Online Transfer?

Online banking transfer should not be confused by online transfer. To carry out an online transfer, account holders must access their online banking and fill out the amount to be transferred, as well as the recipient’s bank information so that the transaction can be completed.
The online banking transfer, on the other hand, only requires buyers to insert their internet banking credentials to authorize the payment. No information regarding the beneficiary of the transfer needs to be completed.



How Does Online Banking Transfer Work?

As each bank has its own solution, the payment process can change a bit from one to the other. Overall, after consumers choose to pay via online banking transfer, they will be redirected to the bank’s payment page where they can log into their internet banking. After the payment is confirmed, they are sent back to the store’s website. When using PagBrasil’s solution, merchants will receive payment confirmation via API in real-time.
Merchants who opt to integrate with PagBrasil will benefit from one API for all payment methods supported by the company’s platform. Not only will they get access to credit and debit cards, as well as boleto bancário – including the exclusive Boleto Flash®, but they can offer their consumers the chance to pay using the following online banking transfer options: Banco do Brasil Comércio Eletrônico, Bradesco Comércio Eletrônico, Itaú Shopline and Banrisul Banricompras. In addition, PagBrasil’s online banking transfer options are also available for integration via plugins/extensions, such as our plugins for Shopify, WooCommerce and Magento.
If you wish to learn more about this secure payment method, contact us.

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