What is the payment processing in Brazil?

15 May 2024

With the development of payment processing in Brazil and around the world today, the adoption of online payments has become easier and more convenient, changing consumer behavior. Learn more about online payments in detail through the article below.

Understanding Online Payment

Electronic payment is understood as an online payment method that can be carried out directly on the Internet with just a few simple steps. When making an electronic payment, users can easily choose to transfer, deposit, or withdraw money at their convenience; instead of using cash, money can now be transferred very quickly through online accounts. Currently, in Vietnam, there are four most commonly used forms of electronic payment: card payments, payments through payment gateways, payments via e-wallets, and payments using smartphones.

In fact, each method has its own outstanding advantages, and depending on their needs and preferences, users can choose one or multiple suitable methods to use.

The Online Payment Process in 5 Steps

The online payment process consists of the following steps, especially with PayCEC the steps are a lot easier:

• Step 1: After selecting the product or service, the customer starts to proceed with the payment.
• Step 2: Customers will need to enter all card-related information requested by the payment gateway including card number and other information
• Step 3: After submitting payment information, customers will confirm with the payment gateway for the system to confirm
• Step 4: The payment gateway will verify the card with the issuing bank, if eligible for payment, it will go through the next step to complete the transaction
• Step 5: The payment gateway will notify the customer that it is successfully confirmed, this information is transferred to both the seller and buyer, and is also transparent information storage system.

Online Payment Platforms

• Accounts and Customers: When customers make online payments, businesses need to have payment account information to receive the customers' money. Once online transactions are processed and successfully completed, funds will be transferred from the customer's account to the official business account (the seller's account).
• Security System: Security is crucial in online payments to ensure customer information and maintain the business's reputation and professionalism. Online payments should be integrated with payment gateway partners or e-wallets that ensure TLS, SSL, and PCI DSS security to ensure data encryption is safe during transaction processing.
• API Payment Integration: Today's online payment intermediary services support API integration on websites, mobile applications, or e-commerce platforms. This helps businesses and sellers accept online payments directly on their platforms.

Benefits of online payment methods

Any payment gateway similar to PayCEC must also ensure the following issues for customers, this becomes an advantage of online payment methods in the digital age.

• Convenience and speed: Online payment in Brazill allows consumers to purchase anything in the blink of an eye. Your customers will now not need to carry a large amount of cash to start making purchases, now you just need to carry your phone or a payment card to easily transact anytime, anywhere.
• Cost and time savings: Going to the store to buy things is now just an outdated method of shopping and only used when necessary. With online payment, goods will arrive on time at the right address for those who make a purchase. You just need to stay at home and with a few swipes, you can pay for electricity, water, wifi, shopping bills, etc. Moreover, nowadays when participating in online payment applications from banks, users are often offered promotional programs such as cashback, reward points, and vouchers… helping save costs for users.
• Easier expense management: Based on the transactions you have made, you can easily review and check your purchases to better manage your finances. This is a standout feature that online payment methods offer consumers.
• Flexible payment methods: Just a bank account registered with internet banking will help you connect with payment methods such as e-wallets, domestic bank accounts, international cards… allowing you to make online payments according to your needs quickly.