What is Elo? Full Payment Method Definition - Ikajo

What is Elo?

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When talking about payment methods in Brazil, Elo is the first thing that comes to mind. This credit and debit card issuer is the most popular choice among locals. Its cards are accepted in 200+ countries. So far, the company has made 120+ million cards. Using these cards, cardholders can shop online and pay in Brazilian currency fast and securely.

Elo was created by the collaboration of 3 different companies: Banco do Brasil, Caixa Economica Federal, and Banco Bradesco. Nowadays, it issues clients credit, debit, prepaid cards. Moreover, it provides additional banking services like payments in installments. The latter allows dividing the payments for online purchases over several months.

What are the benefits of Elo?

Elo is a very popular payment solution in the region, and for a good reason. Elo offers numerous advantages to both cardholders and merchants. When using these cards, clients receive:

  • Personalization of the services;

Users can make different types of payments, use the app to access banking information, transactions, etc. The company delivers convenient and flexible banking products. Cardholders also receive additional perks like airport lounge access and money withdrawal abroad.

  • Real-time authorization;

The system allows almost instant transactions. Customers and merchants receive notifications about the result of operation immediately. Elo is a part of the bigger network that includes over 30 other issuers to speed up the operation processing.

  • Secure payments;

Elo constantly grows and evolves to offer the most reliable services and safe transactions. Nowadays, the company offers prepaid cards, 3DS authentication, tokenization, NFC-enabled payments, and other services in addition to issuing credit and debit cards.

  • Company’s partnership with over 30 issuers;

It has helped Elo expand a lot and attract new clients. Merchants and online shoppers choose the company because it keeps growing and improving the services.

How to use Elo?

The customer makes an order using the merchant’s website. At the checkout, shoppers add the payment information. The merchant’s payment gateway processes the payment and delivers a message about the result of the transaction (either a successful transfer or the payment was denied). Entering card details at the checkout will be enough to confirm the payment. The process

Merchant can integrate this payment method into the checkout page if the payment processing provider offers this opportunity. The process will be very quick because Elo keeps up with the innovations. It offers modern banking solutions to all merchants and cardholders.

Why should merchants add Elo?

Merchants who wish to expand their businesses in the region should add Elo to the selection of payment methods because it’s the most trusted solution in Brazil. It’s a suitable choice for local business owners and eCommerce sites that work internationally. Having Elo on the list of payments will encourage Brazilian online shoppers to make a purchase. They won’t need to think about any alternative payments or e-wallets because entering credit card information will be enough. Moreover, they trust this highly-reputable company. Merchants who sell goods or services internationally can benefit from adding Elo, too. They will gain access to millions of potential customers that use Elo for all sorts of online payments.

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