What is Servipag? Full Payment Method Definition - Ikajo

What is Servipag?

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Servipag is a well-known cash payment system in Chile. People use it to pay for online purchases using special payment vouchers. After it was created by Banco de Chile and the BCI in 1990, the system has gradually achieved recognition and popularity. Nowadays, it’s the leader in payment transactions in the region.

Initially, the system was created to help people pay utility bills. Since then, the service has grown a lot. Nowadays, one may see numerous Servipag counters in the streets, metro stations, etc. They allow paying for online orders, too. If a customer has a credit card, it’s possible to complete the payment online because the website redirects to the bank’s site for payment confirmation (if requested).

What are the benefits of Servipag?

This payment system offers several substantial benefits to every merchant:

  1. This solution includes multiple payment options. Once merchants start accepting Servipag, they provide customers with 21 different payment options. A single integration delivers a range of possible payments for Chilean customers. That’s because the payment system is connected to a network of financial institutions. Online shoppers can choose the preferred method and pay a voucher using debit cards or Servipag stores.
  2. The system comes with real-time confirmation. Once the transaction is complete, both merchants and their clients receive confirmation notifications.
  3. It’s a secure solution. When online customers don’t want to share their banking details with the merchant (or Internet in general), using a voucher makes sense.
  4. Servipag charges in CLP (Chilean peso), but merchants can withdraw the earnings in USD;
  5. This offline payment method has no chargebacks and very low fraud risks.

How to use Servipag?

As soon as merchants add Servipag to the selection of payment methods, their clients may choose it at the checkout page. After all order details are confirmed, each client receives a payment voucher via email. It includes all necessary details and instructions on completing the payment. Once clients receive the voucher, they may go to any Servipag store and complete the payment. The Servipag store notifies the Reach center. In turn, it sends payment confirmation notifications to a merchant and a customer. As a rule, it takes up to two business days to authorize payment after the deposit.

Remember that vouchers have expiration dates. If the customer can’t pay within 15 days, it expires. A merchant can send an updated voucher and remind a client to pay the new one only.

Why should merchants add Servipag?

Merchants who sell goods/services internationally should add Servipag to the selection of payment methods if they wish to attract Chilean customers. Local e-commerce businesses will also benefit from introducing it on their websites because people trust this system.

40% of Chileans use Servipag when they do not wish to pay with their credit cards. The system handles millions of transactions every month. By using this system, merchants may attract new clients who prefer to make offline payments only. Besides, it’s a secure solution that provides customers with 21 payment methods.

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