A new form of Boleto (a Brazilian cash based online payment method) has come to the BoaCompra platform. For payments made on the same business day, it reduces wait times for both consumer and merchant considerably. But how does it work, and what effect will it have on the checkout process?
So, what is Boleto Flash®?
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 days for the funds to be processed. The customer must also then wait more time for the product to be shipped.
The Boleto Flash® looks to reduce this wait time. A Boleto Flash®which is generated and paid on the same day (within business hours) generates a payment confirmation in only two hours. Merchants and consumers should also be aware that for payments made outside business hours (after 6pm, weekends or holidays), the payment confirmation is received within 2 business days.
The Boleto Flash® has a number of key benefits for customers and merchants:
- Fast – As mentioned, the Boleto Flash®can enable fund transfers in as little as two hours
- Reduces customer wait times – Customers who want to pay in cash, but not to wait for their products can use this process to ensure items are shipped faster
Comparing traditional Boletos and Boleto Flash®
|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|
|Who processes the boleto, and where?||Processed by PagSeguro at the BoaCompra checkout||Processed by SafetyPay at their external page|
|Processing time||2 business days||2 hours for boletos generated and paid on the same working day (otherwise 2 business days)|
How does the Boleto Flash® work at the checkout?
The Boleto Flash®is simple to use at the checkout. Once the customer has selected Boleto Flash®as a payment method, he fills out their name, email address and tax number and click ‘Generate Boleto Flash®’.
The customer is then taken to the SafetyPay page to complete the process. Here, the customer fills in their personal information to create the Boleto Flash®. They then select their desired financial institution to complete the process. This generates the Boleto which is ready for payment.
The customer must pay for the item within business hours on the same day in order for the payment confirmation to be generated in two hours. The customer will receive a payment confirmation email as soon as the process is completed.
How Boleto Flash® can help the checkout process
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.