Latin America’s business potential is too impressive to be ignored. But the region is a set of fragmented markets, posing a challenge to those willing to expand. So what’s the best approach to start selling in LATAM?
For those willing to expand their business, Latin America remains still a region of treasures and opportunities. It is also a melting pot of markets, each with different habits and needs, currencies, and payment ecosystems, making it hard for merchants to deal with it all by themselves. So, what’s the best approach to start selling in LATAM?
In this article, we’ll guide you through a sure-fire 3-step strategy to outpace the challenge of entering a region with which you have no familiarity.
1. Get inside the Latin American market
Latin America has a potential that cannot be ignored. The region is birth to two of the leading emerging markets, Brazil and Mexico, home to 659 million inhabitants (2019) from more than 14 different cultures, and its GDP amounts to USD 10.9 trillion (2019). As for e-commerce, the digital buyer penetration rate is growing and revenues, indicating a promising future boosted by the pandemic.
2. Partner with a local expert
Given that LATAM is fragmented, one of the best business practices you should implement is to localize your strategy. It becomes a must-have to partner with an experienced expert who will advise you on matters as broad as language barriers, infrastructure issues, consumers’ shopping habits, and preferences, taxation and regulations, and pricing and payment systems.
BoaCompra is the bridge to uncomplicated access to Latin America. Our coverage includes 15 countries in the region and offers local processing in local currency with international remittance without the need of a local entity. We are part of PagSeguro PagBank, one of the biggest fintech in LATAM, and over the past 15 years, we’ve been connecting international merchants with local payments, assisting them in dealing with local complexities so that they can be focused on their business.
In addition to our expertise and experience, we offer you the ideal solution for processing payments in your e-commerce by collecting money locally in your customer’s local currency during checkout. You can choose the integration that fits your business demands: API Checkout, Hosted Checkout, or E-commerce Plugins
3. Manage your business operation along with your partner
When partnering with us, you’ll be given all the assistance you need to manage your business, including a dedicated regionalised account manager that will ensure all your unique needs and business requirements are met.
Check out all the benefits of working along with BoaCompra:
- extensive coverage of more than 140 methods that include local credit and debit cards, cash-based payments, installments, e-wallets, bank transfer, and the brand new PIX in Brazil
- insight on taxes, finances, and legal system issues in each country
- our machine learning warrants efficiency and safety, analyzing risk to prevent fraud and chargebacks
- reports with complete transactional information, whenever you need
- access to detailed insights on your operations in LATAM
- a support team speaking the language of your customers available 24/7
- remittance and settlement service that enables your customers to pay in their local currency and you to receive money easily and quickly, anywhere in the world.
Ready to take over Latin America’s market? At BoaCompra, we are the ideal partner to help you expand your business. So, start right now and reach out to one of our experts.