Payment gateways in Mexico (and around the world) are the essential tool to be able to . If you are thinking of opening your online store, you must have one to offer a safe shopping experience to your customers.
It doesn’t matter what your e-commerce is about, how many sales you make per month or where you are. Without a payment gateway you will only be able to display your products (as happens on a website without a shopping cart) and you will not make any sales.
That said, the journey that we will begin will be full of valuable information to discover the advantages, disadvantages and main functions of payment gateways in Mexico. Are you ready? Here we go! 🚀
What are payment gateways?
Its definition is not as complicated as it seems and it is 100% linked to the world of electronic commerce. A payment gateway is the tool with which a visitor can pay for their products in your online store. This service is offered by third parties, who charge a small fee per transactionso that they are processed, validating the digital data of each client and avoiding malicious threats.
Your store may have multiple payment gateways installed. This will give your customers a range of possibilities to complete the purchase, from cash payments, credit card, debit, deposits and payments in installments (months without interest)
What services do payment gateways offer?
All the entrepreneurs who turn to e-commerce they want to sell and have a shopping cart website that is easy for their customers to use. Nobody wants to have security problems and identity theft when someone leaves their card details to buy. This is only achieved using payment platforms.
Next, we explain, in a simple way, how it works.
Imagine that a person who visited your online store has already decided what products to buy. The next step you need to do is pay them off.
When you click the ‘buy’ button and add your shipping details, you’ll need to leave your card details on a secure page, which will be provided by the company with which you contracted the service.
Once this is done, the information will be processed by the payment gateway, validating that it is correct, to send it in seconds to the bank that issued the card with which the payment was made. When he receives the authorization, he will continue with the transaction and you will receive the deposit of this amount in your account.
Since we explained its operation, We share the main services offered by payment gateways:
- Payments with credit cards, debit cards, months without interest and even in cash with payments at convenience stores.
- Maintain the security of transactions in your online store.
- Improve the user experience with an automated system to make payments 24/7.
💡 TIP: Deposit and transaction fee collection times depend on each provider. Review them in detail before making a decision.
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Advantages and disadvantages of using payment gateways in Mexico
In addition to having one (such as Tiendanube) that offers a striking design to your customers and is easy to manage for you and your work team, You must include a reliable payment gateway for your customers.
As in all platforms, there are advantages and disadvantages to using them, although in this case, there are more benefits than drawbacks.
Advantages of payment gateways
- Give security to your customers. By having a reliable experience, you will increase your sales and you will be able to attract potential clients thanks to a platform with secure transactions.
- They offer various payment options. With a payment gateway you can accept credit cards, debit cards, deposits in convenience stores (Oxxo) and even payments in installments (months with and without interest).
- They validate payments in real time. Thanks to the automation offered by these platforms, you will be able to receive the money in your account safely. Even if you need to make a refund, the process will be simple and in a few steps.
- Ideal for any type of business. No matter the size or the product or service you sell, there are options to suit any need.
- They make shopping easy. You no longer have to share your card or account number to receive a payment. With these tools you will sell 24/7.
Disadvantages of payment gateways
Eye. The next points are not considered disadvantages of payment gatewaysthey are simply special considerations that you should not forget before hiring this service.
- Sales Commissions. Being a service offered by a third party, you must pay a commission (up to 3%) for each transaction that happens in your store.
- Deposits to your account. The tool must process the payment and then release it, so the money you earn on each sale will be available in your account up to two days later.
- Platform dependency. Just as it happens with banks, when they “have no system”, you depend on the maintenance and updates that are done on the gateway. If their service fails, you will not be able to charge.
How much they cost?
The payment gateways are divided into two and depending on their operation, the price you will have to pay will be:
- gateway model: This model offers the option of having the money arrive directly to your bank account without deferrals (just what we mentioned in the “disadvantages”).
- Aggregator model: here, the payment gateway collects the money and transfers it to your account on agreed days. You can receive daily, weekly or monthly deposits; Everything will depend on the commission you are willing to pay and the amount collected.
Now that you have the perfect introduction to understand how the , in the next few paragraphs you will learn about the options available in Mexico and the advantages of hiring them for your business.
Learn more…
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The best payment gateways in Mexico
connect
It is one that allows all businesses, regardless of their line of business or size, to accept payments with credit cards, debit cards, transfers, months without interest and cash deposits in OXXO stores, a feature that makes it stand out from the rest.
This payment gateway can be easily integrated with your Tiendanube and other platforms, showing a checkout page, sending a payment link to the client and providing specialized solutions for web developers.
The best of all is that offers 100% local attention to solve any problem you have in a few minutes.
💸 What is the commission you must pay? 2.9% + $2.50 (+VAT) on card payments and 3.9% on cash payments at Oxxo. Learn more about its operation.
PayPal
Without a doubt, the most famous payment gateway in the world. It has more than 250 million users and its operation is designed to satisfy any sales needoffering integration with your website with a cart, online payments without having a store, collections in a marketplace and even a physical point of sale terminal.
Being so recognized, people feel twice as safe when they use it, so if you install it in your business, you will show greater professionalism and confidence. They accept card payments for months, but not cash.
If you have your e-commerce in Tiendanube,. The best? Your customers will not leave the store and will be able to complete the payment in a few seconds.
💸 What is the commission you must pay? 3.95% + $4. It has no cancellation fees or monthly minimums.
Payment Market
Mercado Libre has its own payment platform and offers a range of possibilities to boost your sales.
Like the previous ones, it is one of the payment gateways in Mexico that accepts card payments, with the bonus of including the option of cash deposits in Oxxo stores, 7Eleven, Farmacias del Ahorro, among others. As if that were not enough, you can make transfers from banks such as BBVA, Citibanamex or Santander.
It offers anti-fraud monitoring and does not charge for withdrawals or technical support, you will only have to pay the commission per transaction and you can offer up to 24 months without interest with one of the most competitive rates in the market.
💸 What is the commission you must pay? 3.49% + $4 now, 3.19% +$4 in 14 days or $2.95 + $4 in 30 days. In cash and bank transactions it is 3.79% + $4 in three days.
postponement
Payment in installments is becoming more common and has become a decision factor for customers. Over the years, users have preferred this scheme over making payments in a single payment.
Aplazo thought about that and with its integration in your store you can offer payments in five fixed installments and thus increase your conversion rate. With this payment gateway you will receive the total purchase while your customers cover the installments. There is no risk of fraud or non-payment, they assume that risk.
💸 What is the commission you must pay? To know it, you must contact them by visiting their frequently asked questions section or
Stripe
It is one of the most famous payment gateways in the world. Its operation is very simple, It has various tools that can work perfectly for you if you sell subscription services. Thanks to the updates they have made, it has become one of the easiest to use.
You can configure card payments, monthly payments and, although it is in BETA mode, also cash deposits in Oxxo. Their popularity in Mexico has been so high that they already have offices in the country.
💸 What is the commission you must pay? 3.6% + $3. You will have the money available in your account after seven days.
PayU
One of the payment gateways will help you multiply the reach of your business receiving payments with credit cards, debit cards and cash deposits at 7Eleven, Oxxo, Farmacias del Ahorro and Farmacias Benavides, even without having an e-commerce.
It has an integration with platforms such as Prestashop, VTEX, Shopify and has a Woocommerce shopping cart plugin available.
💸 What is the commission you must pay? 3.5% + $4 per transaction and a minimum of $8 (+VAT) for bank or convenience store deposits. If you have international transactions, the rate is 3.99% + $4.
OpenPay
is designed for businesses of any size. Like the previous options, It does not have monthly rents or cost for integration in your store. Since its creation in Querétaro, it has become a trusted alternative for Mexican entrepreneurs.
By having offices in our country, it provides a plus that many will value when making a decision. It allows receiving payments with cards, monthly payments and deposits in convenience stores. It has a plugin for Woocommerce
💸 What is the commission you must pay? 2.9% + $2.5 per transaction. The money will reach your account after one business day. The rate in months without interest ranges from 4.8% to 13.8%.
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