With over 211 million people, Brazil is the sixth most populous country in the world and the largest country across both Latin America and South America. This, plus Brazil’s ecommerce market value of more than $23.8 billion, makes the country an attractive opportunity for global merchants looking to expand internationally. (JP Morgan). Growing business in Brazil means choosing the right payment processor to deliver all the payment methods consumers in this region prefer. Keep reading for our top picks for the best Payment Processors for Brazil
A payment solution in Brazil needs to accept three main payment methods: cash, cards and payments made in installments.
Cash and local cards are Brazil’s most popular payment methods. In fact, more than 35,000 credit, debit and prepaid card transactions take place every minute in Brazil. (BNamericas).
In addition to cards, any payment solution in Brazil must provide payment methods through Boleto Bancário, Brazil’s most popular payment method that uses vouchers as cash. A payment processor must also simplify adding payments to mobile apps, as digital payments are a growing trend.
Latin American payment trends are quickly going digital and mobile. Mobile ecommerce, or mcommerce, is predicted to grow by more than 36% in Latin America in 2021 — faster than anywhere else in the world.
Brazil payment processors must play to all the ways merchants want to sell to customers in Latin America. In Brazil, in particular, merchants must tap into the growing movement toward mobile payments, ewallets and regional payment solutions, as well as accept traditional methods like cards and cash.
Here are five of the best Brazil payment processing companies to help guide you toward the best solution as you expand into the Brazilian market.
Rapyd provides extensive local payment expertise in Brazil, managing infrastructure, licensing, and compliance so you can focus on growing your business. Rapyd makes it simple to accept local payment methods including cards, bank transfers and cash, whether online, in-store or over mobile app payments.
DLocal boasts a single integration for easily adding countries and payment methods. They also offer payment collection expertise on local commerce and guidance on new market expansion. DLocal places extra emphasis on Boleto Bancário.
eBanx helps global companies succeed in Latin America by offering payment gateways for Latin American consumers to pay for international purchases online. eBanx considers itself a turnkey solution whether for cross-border or local companies.
Stripe helps companies of all sizes do business online. Stripe supports a variety of business transaction types such as accepting payments and sending payouts while managing cross-border money movement, currency conversion and compliance.
As one of the largest payment processors in Brazil, Adyen offers an outsourced payment solution to businesses around the world. Adyen also offers payment installments to its merchants in Brazil, interest-free for the buyer
and collected monthly by the merchant.
For merchants eyeing expansion into Latin America, it’s critical to choose a payment provider that can help you succeed in Brazil. With mobile payments on the rise and a robust foundation of credit card usage, many merchants see Brazil as a gateway for expansion into Latin America.
Whether you are aiming to reach consumers for the first time or offer improved rewards programs for current customers, the providers with the most secure, easy-to-use payment options will be most likely to succeed.
When choosing from among the best Brazil payment processors, it’s important to go with an approach that can attract and engage customers with their preferred payment methods. Consider a payments partner that can help capitalize on the predilection for credit cards and cash transactions among Brazilian consumers, while also tracking opportunities for increasingly popular mobile payment methods.
Sources:
BNamericas. “At a Glance: Brazil’s top 5 payment companies.” https://www.bnamericas.com/, 2020, https://www.bnamericas.com/en/news/at-a-glance-brazils-top-5-payment-companies.
JP Morgan. “E-commerce Payments Trends: Brazil.” 2019, https://www.jpmorgan.com/europe/merchant-services/insights/reports/brazil.
Photo by yuri manei from Pexels.
This website uses cookies.
Read More