Mercado Pago: what it is and how it works

A fundamental aspect when selling online is that the management of your collections is effective, you will achieve this by choosing the right one for your business.

For this reason, this time we are going to tell you what it is, how it works and how to charge for your sales through Mercado Pago.

Let’s start 😉.

What is Market Payment?

Mercado Pago is a payment platform that allows you to charge for the sales of your and your physical premises.

It is a tool developed by , without the need to integrate with each company that issues credit or debit cards.

What payment options does Mercado Pago offer?

Mercado Pago offers different means to collect for your sales. They are currently:

• Credit cards in up to 24 monthly installments: Visa, Mastercard and American Express, for example.
• Debit cards: Visa and Mastercard.
• Payments cash through stores: Oxxo, 7-Eleven, Farmacias del Ahorro, Casa Ley, Telecomm and Chedraui.
• Deposits and transfer banking in banks: Santander, BBVA and Citibanamex.
• Payments with funds in Mercado Pago account.
• Payments through PayPal.

How does MercadoPago work?

At the time of payment, the platform will verify the corresponding data and will automatically credit the money to your virtual Mercado Pago account.

Then, by bank transfer, you will be able to withdraw your money from Mercado Pago at no cost. To do so, you have to enter the section Transfer moneythere you choose the amount you want to withdraw, write the destination account, and that’s it!

If you choose to leave the money in your Mercado Pago virtual account, you will be able to make transfers to other Mercado Pago accounts, recharge your cell phone, pay for services, among other features.

How much does the Mercado Pago service cost and when do I access my money?

Mercado Pago charges different types of commissions. The Mercado Pago commission in Mexico depends on the payment method and thus define the time in which you will have your money available.

Look:

How do I start using Mercado Pago?

To start using Mercado Pago and get paid for your online sales, you need to have a registered bank account in Mexico.

Then the steps to follow are:

• (if you already have a Mercado Libre account, you already have a Mercado Pago account! You can log in with your same username and password)
• Choose one of the collection tools offered by the platform and that’s it!

Within the collection tools for your virtual store, you will be able to choose between:

• payment
• on ecommerce platforms (such as Tiendanube 😉)
• on your own website

If you have one, you will be able to choose:

• Charge, a credit and debit card reader that connects to your cell phone.
• charge with

It should be noted that all these collection tools offer the same means of payment that we mentioned above. This means that your client will be able to choose the payment method they prefer without the need to be registered in Mercado Pago!

Also, keep in mind that if you sell through Mercado Libre, the Mercado Pago service is included in your publications and is free of charge.

Use Mercado Pago with Tiendanube

At Tiendanube we join forces with Mercado Pago to help you boost your business on the internet.

If you want to know how and start receiving payments for your sales with Mercado Pago in just 4 steps, we invite you to watch the following video, in which we guide you step by step through the simple process.

Is it safe to use Mercado Pago?

For your peace of mind and that of your customers, Mercado Pago offers two types of internationally recognized security certifications:

• SSL (Secure Socket Layer) which implies the encryption of all the data related to the operations. This means that no outsider will be able to access them.
• PCI-DSS (Payment Card Industry Data Security Standard) which ensures that all information related to credit and/or debit cards is protected under industry security standards. If your buyer makes a claim, Mercado Pago informs you and advises you to resolve the conflict.

In the event that a buyer is unaware of the operation and this generates a chargeback, Mercado Pago will contact you to ask you to verify the delivery of the product.

In conclusion

For more information, you can visit our post where we tell you.

Now that you know what Mercado Pago is and how it works, go ahead and sell online! , and enjoy 3 months free!