In just five years, Bizum has become a social phenomenon. This mobile service specialized in sending small amounts of money reached 19 million users worldwide in 2021. Last year, more than 500 million operations were registered in which 26,000 million euros were sent, which places Bizum as one of the main money transfer services.
The next step for this company, created in 2016, is to enter the commercial market and more and more establishments in Spain are accepting this payment method, as it allows customers to forget about the card and pay for their purchases from the mobile phone easily. Likewise, the service works for online sales companies that want to incorporate Bizum as a payment alternative to debit cards, Paypal or other similar services.
It is important to emphasize that the Bizum transfer is sent to a telephone number associated with the business bank account, so from the point of view of income and taxation, the company that collects through Bizum must consider this income as a traditional payment and incorporate it into your VAT, Personal Income Tax and Corporate Tax declarations.
How do I include Bizum in my business?
Bizum has a specific service for companies, although it only works for online businesses. However, in recent years, face-to-face businesses have proliferated that also use this payment method.
-Physical commerce
A businessman can connect a telephone number with his business bank account, although Bizum does not include the use of its system for this type of company among its services.
The most important thing is that these revenues are recorded as the rest of the sales, an invoice is issued with the corresponding VAT and they are declared to the Treasury, as if they were paid in cash or with a POS.
-Online commerce
Businesses that operate 100% online may include Bizum for companies, a modality that works separately from Bizum for individuals. In this case, it will not be enough to associate the company’s bank account with a mobile phone number, but the bank will have to be contacted and informed that this payment method will be included.
Bizum for companies is optimized for websites, which is why it includes the option of inserting a payment button on the page. Bizum for companies is a recent modality, which is why it is only available in 12 Spanish banks (compared to 31 for individuals). Are these:
CaixaBank, Santander, BBVA, Sabadell, Kutxabank, Caja Rural, IberCaja, Cajamar, Abanca, Laboral Kutxa, Banca Pueyo and Cajasur.
What limitations are there to charging for Bizum?
The Bizum service for individuals has numerous limitations that make it difficult to use it in a physical business. These are the restrictions, which may be even more limited depending on the bank.
-Minimum amount per operation: 50 cents
-Maximum number of shipments per customer: unlimited
-Maximum number of operations received by a client: 60
-Maximum amount per operation: 1,000 euros
-Maximum amount received in one day: 2,000 euros
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