5 Things You Didn’t Know About eCommerce & Accepting Payments From Brazil
What comes to your mind when you think about Brazil? The world’s craziest carnival? Ipanema beach and the iconic statue of Christ the Redeemer, or perhaps the game of football and Brazil’s footballing stars? Probably.
For someone who wants to open a business dialogue with the country and expand their eCommerce business to Brazil though, there are different things to consider. Today, we’ll walk you through 5 things you need to be thinking about if you set your business sights on Brazil:
It’s the Latin American country with the highest banked population but at the same time a relatively low penetration of international credit cards
Data shows that Brazil boasts 68% of the banked population, which is higher than any other LatAm country. What’s interesting to note, however, is that only 19% have credit cards that support international transactions. This may sound counterintuitive, but the explanation is simple: while Brazilians are into online shopping, they prefer to pay cash through alternative payment solutions. Online transactions are still treated with an air of uncertainty and precariousness.
Boleto bancário is your new best friend
Boleto bancário is the most popular payment method in Brazil. Regulated by the Central Bank of Brazil, Boleto bancário accounts for at least 3.7 billion transactions per year, roughly 25% of all online transactions.
Domestic payment methods cover 80% of Brazilian eCommerce
Local payment methods like Boleto and domestic credit cards account for up to 80% of eCommerce sales in Brazil. It’s obvious that locals trust their home products and payment methods, placing their faith and confidence in domestic solutions. Securing a localized payment solution immediately puts you in a favorable position.
It’s not just Boleto
Free shipping is a must-have for a Brazilian eCommerce shopper. It’s one of the eCommerce prerequisites for success. How do we know that? When Amazon does everything in its power to offer its Prime package to the country, you know that the economy is asking for it.
Want to expand your business Brazil? BigWPay knows how.
BigWPay offers European merchants the full lineup of services needed to expand their businesses to Brazil. We have recently launched support for all local payment methods, including the popular cash-based solutions which immediately make us the one-stop-shop for eCommerce business ventures in the Latin regions.
This has been made possible with our partnership with the PayRetailers payment gateway. Having a strong local partner puts BigWallet Payments in the unique position of being a European payment gateway that’s able to assist EU-based clients to grow their business in Brazil.