What is Boleto Bancario?
Boleto Bancario, or simply Boleto, is a payment method from Brazil. It was launched in 1993. Brazilian Federation of Banks regulates the activity of Boleto. According to different sources, this payment system’s popularity ranges from 15% to 25% in the financial market of Brazil. This is a huge part, so this method is the one to consider if you target Brazil.
The system is similar to the online banking option as bank wire. The customer gets a pre-filled slip if s/he chooses this payment method as a preferred one.
What are the benefits of Boleto?
Boleto offers a variety of benefits to both clients and merchants. First of all, it’s a great opportunity to reach 35% of the Brazilian population without a bank account. As the Brazilian economy is the largest one in South America, the number of customers you can attract is massive.
So, this is a benefit for users who are not using banking services. Yet, as they see the pre-filled slip, they can print it out. Then the customer pays the slip in any fitting location. The list includes select supermarkets, drugstores, lottery points. Also, clients can pay using ATMs. Currently, there are 48,000 of them across all Brazil.
For clients, who own an account, it’s possible to make a payment online. The procedure will be pretty similar to the wire transfer.
Boleto also gives an opportunity to reach not only individuals and businesses but also governmental establishments. That’s possible thanks to the higher security level of this payment method.
As we have mentioned above, offering Boleto on your website, helps you reach a truly wide audience. On top of the different options to pay the slip, the customers can use the bank branch first-hand. That makes paying for slips easy, hassle-free, and accessible for any citizen of Brazil.
Moreover, this payment solution provides top-notch security for both clients and merchants. The biggest pros for sellers are lower fraud and chargeback risks.
How to use Boleto
To use Boleto, customers need to pick it as a payment option. Then they get the pre-filled slip. After, they can download and print a special voucher. Customers can pay the slip in whatever convenient method. So, they can pay online typing the bank account number or pay using cash.
Why you should offer Boleto Bancario
The Brazilian market is a promising one. If you decide to start selling there we highly recommend you offering Boleto to shoppers. Thanks to its safety and a variety of options to pay off the slip, customers enjoy Boleto a lot.