Boleto Bancário is a must have for online sales in Brazil
How important is Boleto Bancário?
Boleto Bancário is an official Brazilian payment method regulated by the Central Bank of Brazil. It is a push payment system, which was launched in 1993, and today generates 2 billion transactions per year. Accounting for about 30% of all online payment transactions, it is a must for doing business in Brazil. Boleto Bancário is popular with enterprises as well as with consumers who don’t own a credit card or just prefer the security of online or cash payments.
How does the Boleto Bancário system work?
The payment process for Boleto Bancário transactions is similar to wire transfer or cash payment methods. Customers are provided with a prefilled Boleto Bancário bank slip. At this point the customer has the option of either printing the form and physically paying with cash at any bank branch, or at authorized processors such as drugstores, supermarkets or post offices, or paying electronically at any of the more than 48,000 electronic banking points in Brazil or through Internet banking, which is largely used in Brazil.
It requires payment processing with a local partner and cannot be directly contracted with a bank from abroad.
Payment confirmation of Boletos Bancários
PagBrasil offers Boleto Express, an enhanced form of the popular Boleto Bancário, providing an accelerated payment confirmation. The Brazilian bank system confirms paid boletos on the next business day from Tuesday to Saturday. With Boleto Express, PagBrasil automatically provides a payment confirmation to its merchants via API until 10 am Brazilian time.
With PagBrasil’s unique Boleto Flash™ technology, boletos can even be confirmed within hours on the same day.
Automated refund with Boleto Express and Boleto Flash™
The boleto system itself has no refund function and banks and many payment service providers don’t offer a solution for that need. With Boleto Express and Boleto Flash™, PagBrasil offers automated refunds that can easily be processed via API or web portal. The funds are transferred same-day so that the buyer always receives the credit to his bank account within 24 hours.
Responsive boleto for mobile phones and tablets
PagBrasil has developed an enhanced mobile version of its boleto. This responsive boleto, which facilitates payments via mobile phones and tablets, allows the buyer to simply copy the data and paste it into the corresponding field of the bank app and pay it via online banking. In addition, rotating the device is enough to preview and scan the boleto’s barcode in order to carry out a payment at any ATM or self-service banking terminal with the corresponding technology to read mobile phone screens.
Advantages of Boleto Bancário
• Generally accepted across Brazil.
• Often the only way to charge corporate or governmental customers.
• Provides access to a larger pool of potential consumers by tapping into non-credit card holders or those who prefer paying with cash.
• Many Brazilian shoppers are still afraid of fraud risks and many would prefer Boleto Bancário as a secure payment method.
• Low fraud and no chargeback risk.
• Boleto Bancário usually helps to significantly increase online store conversion rates.
• One API for all payment methods.
Contact us to find out more about Boleto Bancário and PagBrasil’s services.