The best payment gateways for Mexico [2019] –

Hosting Mautic QuickStart -50% with support in Spanish
24 hours and free training

Send up to 1,000,000 emails/year. Mautic support in Spanish 24 hours, 365 days

One of the great challenges as a digital entrepreneur is selecting the payment platform to process your customers’ purchases.

There are many options in Mexico, from international and well-known ones like Paypal to Mexican developments like BanWire.

In this article we will analyze the aspects that you must take into account to choose the best payment gateways. Take advantage of this information to create your website in Mexico and apply the payment system that suits you best.

1. What is a payment platform?

It is the link between your website and the banks, in simple terms it is in charge of processing the charge to the client’s account and ensures that the funds reach your account.

For each of these transactions, the platform charges a service fee. The goal is for your customers to have accessible and secure ways to pay you in a simple way.

1.1 How does the payment system work?

1. After selecting the products from your catalog through a shopping cart, the customer proceeds to check out.
2. Select your payment method.
3. Fill out a form with your personal information including your card information.
4. The payment platform communicates with the customer’s bank requesting payment through a secure connection.
5. The customer’s bank authorizes or rejects the charge.
6. If the transaction is successful, the payment platform receives the funds.
7. In general, the platform concentrates the funds of all your transactions until you withdraw them through an electronic transfer to your bank account.

1.2 Types of platforms

Mexican Banks:

Some banks in Mexico offer a special account to process payments online, the biggest advantage it offers is that transaction fees are lower than virtual platforms.

The disadvantage is that to open it requires a long process and many documents to prove the legality of your company as well as a security deposit on your part to prevent fraud.

Another thing that you should take into account is that the integration to your site is usually much more complex, requiring you to hire a developer who can do the implementation correctly.

All these requirements make it very complicated for a company that starts to hire the service, in fact this It is the main reason why virtual payment platforms have become so popular in recent years..

However, once your business reaches a certain turnover level, the lower transaction fees will make this an option that can save you thousands of dollars per month.

Virtual payment platforms:

This is without a doubt the best option to process the payments of your websitesince opening an account is usually very simple.

With an email address and some personal data you can create one, and integration with your website is very simple. With a few clicks you can integrate the platform with your site and start receiving payments the same day.

In addition, some offer you the possibility of receiving payments through referenced bank transfers and cash deposits at corner stores and pharmacies.

2. Analyze your purchasing process

To make a decision, it is advisable to analyze the needs of your clients and those of your company.

In a business site where you offer for sale or hire a consulting service, a platform that processes your payments externally may be more convenient since they are low-volume products that you can process manually.

In this case, the option to pay in cash at any convenience store or monthly interest-free payments is probably more valuable to your customer.

If you already have or are going to, you will surely be interested in a platform that allows payments without leaving your site and that processes each one in an automated way, generating a reference number for each transaction so that you can have greater control over payments and their relationship with each order.

Doing so will save you many headaches in the operation of your business as well as many man hours to correctly process each sale.

Recommended reading:

3. Characteristics of a good payment gateway in Mexico

3.1 Flexibility

One of the great challenges for digital entrepreneurs in Mexico is the relatively low banking of its inhabitants, it is estimated that currently seven out of ten Mexicans have access to the financial system.

As if that were not enough, the most contracted products from banks are payroll and savings accounts and credit cards come in fourth place.

But not everything is bad news, thanks to the reforms to the Mexican financial system it is estimated that by 2026 there will be a growth of 60% integrating a large part of the missing population.

For this reason, the platform you choose to monetize your website should include payment options for those who do not have a debit or credit card.

Fortunately, there are many options.one of them is the referenced deposits in convenience stores, when selecting this form of payment a file is generated with a reference number that will help you to identify your customer’s payment.

Take into account that this type of payment has a delay time between when your client deposits and you receive the money, this period varies depending on each platform but can be from 24 hours to several business days.

Make sure to clarify this before your client makes the purchase since although this facilitates their payment, it will also make the delivery time much longer.

Another option is direct electronic deposits or transfers to your bank account, these are recommended if the number of monthly transactions is reduced since the client must notify you at the time the deposit was made and you must manually check that the money has reached your account. .

In a store with thousands of sales per month this would be very complicated and with a lot of room for error.

You should evaluate at what point in the growth of your business it is preferable to automate the entire process.

3.2 Operating costs

All platforms charge you a transaction fee that can be made up of a fixed amount plus a percentage or just a percentage.

In addition, depending on the type of transaction, there may be charges such as: configuration, monthly fee to maintain your account, registration fee, charges for operations rejected by the client’s bank, fee in case of replacement of the charge, fund transfer commission in the platform to your bank, among others.

Take into account hidden costs, for example, some platforms only make fund transfers at the end of the week or month and in the case of fund transfers to your bank account there are delays of up to 6 business days.

Not having access to your money quickly is a serious problem that you must take into account for your payments and the operation of your company.

It is important that before contracting you review all the charges applicable to your purchase process to choose the one that suits you best.

3.3 Integration with your website

exist two ways to process your customers’ transactionsthe first is redirecting your customers to an external site that belongs to the platform, if you have used PayPal to make a purchase you have seen how it works.

When your client clicks on the pay button, they are redirected to the Paypal site where, if they have an account with them, they simply authorize the payment; if this is not the case, PayPal asks for your personal data to make the charge.

The second way to process the payment is through a closer integration with your site, that is, the platform requests and processes the payment directly on your site without the customer being redirected to another.

The advantage of this is that your client always stays on your website, which gives them a lot of confidence, remember that one of the greatest fears that a potential client has with the intention of buying online is related to the security of their bank accounts.

Redirecting them to an external site will immediately make them doubt the security of the transaction and increase the chance that they will withdraw without completing the purchase.

The disadvantage is that integrating this form of payment to your site requires a bit more advanced technical knowledge to do it correctly, which can translate into a greater investment in programming and development.

3.4 Security

It is one of the characteristics that you must take into account when evaluate payment gateway options in Mexico.

On the one hand, using a recognized payment platform gives you the certainty that they have the best technology to process each transaction, and if you decide to use a payment gateway that redirects to your site to complete each transaction, your customers will trust you despite leave your website.

However, these platforms usually have the highest fees since they are the most used.

Sometimes it is possible to find little-known platforms with lower rates as a market strategy to attract more customers, you must be careful in these cases since in each sale the payment gateway receives the money from your client and their bank details, very valuable information for commit fraud.

If you decide to use a new or little known platform, take the time to research it on the internet, check what other companies that have used it as well as the people who have paid through it say.

3.5 Recurring payments

This type of payment is ideal for subscription services such as belonging to an online community, or recurring services such as an online tool.

In the first purchase, the start date is defined and each month the platform automatically charges the customer’s card.

What you must take into account is the integration between the payment gateways and your site so that, in the event that the client cancels his subscription, no more charges are made and if his account does not have funds for the collection, the payment is automatically deactivated. access to your site.

In general, this program does not have an extra cost for you more than the usual commission of each transaction.

3.6 Months without interest

When you sell high-priced products, one or commercial, it is to allow your consumers to divide the payment in months without interest.

The difference between this model and the recurring payment model is that in this one, the total charge is made to the client’s account, you receive the total payment in your account minus the applicable commissions and your client’s bank is in charge of charging each payment. month.

This is an option that is not available on all platforms and in the case of PayPal, for example, it only applies if you have a business account.

In general, the commissions that you will have to pay to the platform increase depending on the…