A new form of Boleto (a Brazilian cash-based online payment method) has come to the BoaCompra platform. Payments with confirmation on the same business day reduce wait times for both consumer and merchant considerably. But how does it work, and what effect will it have on the checkout process?
Boleto Bancarios are currently the second most popular payment method for online purchases. They allow the user to pay for an item online, using cash. The consumer generates a voucher with a barcode that can be paid in cash at ATMs, licenced shops and via online banking.
This popularity is largely explained by the proportion of Brazilians who still do not have a bank account (a little less than a third still have no access to financial services). However, in most cases with the traditional Boleto, merchants must wait two to three working days for the funds to be processed. The customer must also then wait more time for the product to be shipped.
The Boleto Flash® reduces this wait time. Its integration with all of Brazil’s major banks provides payment confirmation for boletos in less than one hour on business days, enabling your customers a quick and easy payment experience.
Merchants and consumers should also be aware that for payments made outside business hours (after 6 pm, weekends or holidays), the payment confirmation is received on the next business day.
The Boleto Flash® has a number of key benefits for customers and merchants:
| Traditional Boleto Bancario | Boleto Flash® | |
| Where can you pay for the Boleto | ATMs, licenced shops or via online banking | ATMs, licenced shops or via online banking (mobile app or web) |
| Who processes the boleto, and where? | Processed by PagSeguro at the BoaCompra checkout | Processed by SafetyPay/PagBrasil at their external page |
| Processing time | 2 business days | Up to 2 hours for boletos generated and paid on the same business day (otherwise next business day) |
The Boleto Flash® is simple to use at the checkout. Once the customer has selected Boleto Flash® as a payment method, he fills out his name, email address and tax number and clicks ‘Generate Boleto Flash®’.
The customer is then taken to the SafetyPay page to fill in other personal information to create the Boleto Flash®. After this, he selects the bank where he will pay the boleto to complete the process. This generates the Boleto Flash® which is ready for payment.
The customer must pay for the item within business hours on the same day and, in the same bank the boleto was issued in order to have payment confirmation in less than two hours. The customer will receive a confirmation email as soon as the process is completed.
As explored earlier, there are a number of key benefits for merchants who choose to offer Boleto Flash®. The speed of transfer ensures that funds for purchases reach a merchant’s account quicker than traditional Boletos. Additionally, the validation of identification ensures greater security for cash transactions.
For customers, the Boleto Flash® enables faster shipping of the item. This can increase conversion at the checkout for customers wishing to receive their items quickly. Additionally, offering Boleto Flash® widens payment options, making it more likely that a webshop offers the payment method most convenient for any given consumer.
For more information, or to ensure your webshop offers Boleto Flash®, contact BoaCompra directly today through the link below: