Boleto Bancario Is One of Brazil’s Most Popular Cash Payment Methods – Here’s What You Need To Know About Accepting This Popular Payment Method.
Boleto means ‘ticket’ and is a popular Brazilian cash payment method. A ‘boleto’ is a printed or virtual voucher with a barcode, payment details, and customer information. Boletos can be paid at thousands of locations across Brazil, from ATMs to digital banks to post offices to in-person branch banks and convenience stores. Boleto can be used for anything from paying rent to eCommerce purchases.
Around 55 million Brazilians do not have a bank account, and others are hesitant to share their payment information online, so many choose alternative payment methods like Boleto. Boleto began in 1993 and is regulated by the Brazilian Federation of Banks. With over 40,000 processing locations across the country, Boleto Bancário is a widely accessible Brazilian payment method for sending and receiving money.
What is Boleto?
How Does Boleto Work?
When your customer uses Boleto as a form of payment, a Boleto or voucher is created specifically for their transaction, which is then sent via email. Anyone with a bank account can issue a Boleto with all the necessary payment information. It is a push payment, which relies on the consumer to initiate the payment, similar to using a bank wire.
When your customer is ready to pay the Boleto, they can take it to any location that processes this payment method, or they can have it processed online. Once their Boleto payment is approved, the transaction is done. They will receive a payment confirmation immediately, while the actual payment will take additional time.
Why Merchants and Businesses in Brazil Use Boleto
Because there is no chargeback risk and payments are made upfront, merchants tend to offer discounts for Boleto payments. Boleto ticket vouchers always include the cash amount and the due date when the transaction must be completed.
Boletos were originally cash only, and however, they have evolved to work with online and offline bank transfers. With over 40,000 processing locations across Brazil, Boleto is a widely accessible payment method for sending and receiving money.
How Can I Start Accepting Boleto Bancario?
Boleto is one of Brazil’s most popular payment methods that has evolved to include online transactions. However, a local processing partner is required to accept and receive Boleto payments. Rapyd Collect lets you accept Boleto and more local payment methods, including cards, eWallets, bank transfers, and cash payments.
Start Accepting Boleto with Rapyd
Boleto has millions of active users across Brazil, and those unable to accept Boleto will miss out on a huge opportunity in Latin America.
Rapyd offers local payment methods, including Boleto, to let you reach more customers in more markets across Latin America and beyond, increase your shopping cart conversion rates, and improve your overall customer experience.