Payment via boleto: three cases where offering this method is critical
23/01/2023Does your e-commerce payment provider offer boletos as an option? See three situations where payment via bank payment slip becomes critical for conversion
“What is a boleto?” is a question that most Brazilians no longer make given the payment method’s huge popularity in the country. Widely used for paying essential services and taxes, boleto also is an important alternative for online retailers in Brazil and even internationally, provided that the payment provider offers the option. Although payment via Pix is a growing trend for e-commerce in Brazil over the coming years, there are still situations where conversion depends on offering payment via boleto. Keep reading to learn about three.
What is a boleto? The payment method is not yet well known outside Brazil
Given the simplicity of payment via boleto, it is one of the most popular payment methods in Brazil. Boleto is a payment document regulated by Brazil’s central bank and standardized by the Brazilian Federation of Banks (Febraban). The payment slip has a bar code enabling payment at any bank, physically or digitally, as well as in establishments such as lottery stores and supermarkets.
1. Boleto is a payment solution for unbanked consumers
Today, Brazil has 213 million people, 16% of whom do not have or use bank accounts. Boletos can be settled in cash, making it a viable payment method for people without a bank account.
Some financial institutions issue credit cards without any need to open a checking account. According to a survey by Serasa, 70% of Brazilians who use credit cards have three or more cards. Meanwhile, the National Confederation of Commerce (CNC) found that 30.3% of Brazilian households are late on their credit card payments, what can impose restrictions on their use.
2. Limit on Pix transfers makes payment impossible: alternative is boleto
When it was launched, Pix did not have a maximum limit on transactions. All the money that users had in their account could be transferred at any time. To increase security, the central bank established a limit of R$1,000 for Pix transfers made between 10 p.m. and 6 a.m. Each client also has the autonomy to set daily limits in their bank app for both daytime and overnight transactions.
Once the daily limit is reached, users can still make transfers via DOC or TED fund transfers and pay boletos. When settling a purchase cannot wait for the next day, such as in the case of promotions or even to satisfy impulse buying, boleto becomes an excellent substitute for Pix.
3. Payment via credit card also depends on available limit
What determines the limit of a person’s credit card as soon as the service is contracted is their income. Over time, timely payment of bills and even the amount of charges can help increase this limit. However, once this limit is reached, new purchases only can be made after paying the bill. Offering boleto as an e-commerce payment option not only helps consumers maintain available credit for higher-ticket purchases, but also enables them to continue making purchases without any need for a credit line.
Online payment platform that accepts Pix, boleto and more
When it comes to online shopping, the more payment methods accepted the lower the cart abandonment rate. In general, it is during the last step before conversion that consumers discover they are unable to close their purchase due to the payment options offered. Avoid frustrated customers from abandoning their purchases and also from wasting the resources that brought them to your online store, which is a common problem for those who invest in advertising and remarketing, for example.
With the Bexs Pay payment provider, your online store can accept Brazil’s most widely used payment methods, such as Pix, boleto, fund transfers and local credit cards. integration with e-commerce can be made via Payment Link, Embedded Checkout or Direct API and allows Brazilian customers to see all amounts and fees already converted into Brazilian real. Once payment is settled, you can receive the amount in any bank worldwide.