BRASIL | PagBrasil, one of the leading Brazilian Payment Service Providers, launches 'Boleto Express' - an enhanced form of the popular Brazilian payment method boleto bancário.
Boleto bancário payments
Boleto Bancário is an official push payment method regulated by the Brazilian Central Bank. The 'Boleto' payment process is similar to wire transfer or cash payment methods. Buyers are provided with a prefilled boleto bancário bank slip and have the option of printing the form and physically paying with cash at any bank branch or at authorized processors such as drugstores, supermarkets or post offices.
Boletos can also be paid electronically at any of the more than 48,000 electronic banking points in Brazil or through Internet banking, which is largely used in Brazil. Boletos have due dates up to which payment is possible. In ecommerce, due dates of 2 to 3 days are common. The bank normally settles the Boleto transaction within 1 or 2 workings days to the beneficial merchant. Additional advantages of the method include the fact that it fraud is virtually impossible.
Boleto: 30% of all online payments value
Credit and debit card payments continue gaining ground in online payments in Brazil: instant approval allows merchants to convert sales directly into payment instead of having the risk of a non paid Boleto. Still, the boleto bancário payment method accounts for more than 30% of all online payments in value. Business clients, in particular, prefer boleto payments, as it provides the easiest way to process payments for businesses.
Lack of a refund option
When using boleto bancário, merchants and shoppers struggle with delayed payment confirmations and the lack of a refund option, in comparison with card payments. Usually payment processors confirm boletos within 2 to 5 working days. An additional disadvantage is the fact that the boleto system itself has no refund function and banks and most payment processors don’t offer a solution for that need.
In order to overcome these issues, PagBrasil offers Boleto Express, providing an accelerated payment confirmation and automated refunds. The company guarantees confirmations for paid boletos until 10 am Brazilian time of the next working day, a novelty in the industry. Refunds can easily be processed via API or web portal and the funds are transferred same-day so that the buyer always receives the credit to his bank account within 24 hours.
Boleto expiration period
“We believe that Boleto Express, in combination with enhanced functions such as defining the boleto expiration period individually for each boleto, is the best solution available on the market today. Increased customer satisfaction, reduced customer support cases and faster payment flow are the key advantages.” says Alex Hoffmann, co-founder and CEO of PagBrasil.
Article sourced from Press Release PagBrasil, October 9th, 2014