10 most popular payment processors in Mexico
Online commerce has become much more important in recent years, making it easier to fall victim to fraudulent movements.
This makes the level of security that online stores have of utmost importance. It is here when it is important to correctly choose a payment processor that offers good protection for both your customers and you.
E-commerce has made great progress and, with it, payment processors have also taken advantage to offer consumers more ways to buy and pay.
With these improvements, it facilitates consumers to make purchases on the web and gives merchants more variety of options to receive payments for their products.
Nowadays, there are many processors around the world and each one has its characteristics and benefits. However, there are some things you should know before choosing one:
To start operating with a payment processor, there are several requirements you must meet such as being of legal age, having a valid email address, and having a bank account opened in a Mexican financial institution. In addition, you must pay a startup fee to start using their services.
The commission for each payment varies according to the payment method your customers use. For example: if a user buys on an interest-free installment plan, the commission might be absorbed by you as the seller. That's why you need to analyze when it is beneficial to offer interest-free installments or other benefits.
Payments and processors are serious business, do not allow your financial information to be stored on servers outside of Mexico or the United States as it can be dangerous and you expose yourself to fraud.
The fee that the processor will charge for deposits is added to the final price of the product or service, so if you want to offer discounts or promotions to achieve more sales, you must pay for each operation.
Benefits of having a payment processor
One of the best things about having a payment processor is that they have automated systems and eliminate the possibility of delays. In addition, they are faster, simpler, and make it easier for you to complement your virtual store.
When opening an account, payment systems will give you all the necessary information to set up the processor on your site; such as protocols, codes, and other settings.
Payment processors handle the collection completely and give you a timeline so you can know when you will receive the payment. They are also designed for you to charge in different types of exchange rates.
What are the best processors in Mexico?
Payment is an important part of every type of business, so you need to find the best payment processor with which you feel comfortable and can provide optimal service to your customers.
We leave you a list of the 10 most popular payment processors in the Mexican market.
1. Paypal
It is one of the most well-known processors in the world because it allows receiving payments in both online and physical stores.
This company took a big step to grow in 2016 when it made a strategic alliance with the Chinese giant Alibaba
The process to open an account with this processor is very simple, and it also offers the option to receive payments or make international transfers.
It also offers a guide to create a website and ensure it's secure.
It is a great option for dates like El Buen Fin or Hot Sale because they usually offer promotions, discounts, and interest-free months for websites that use it, although its commission is a bit higher compared to other options."
2. Mercado Pago
It's a platform that sets itself apart from others as it has evolved over time to become the leading brand in the Latin American market.
It's a payment processor that provides the option to receive payments with credit and debit cards, in addition to bank transfers.
It also has the option to charge interest-free installments, as well as a wide selection of products to promote and advertise.
You can even charge physically with their terminal, which is sold within Mercado Libre (and yes, Mercado Pago belongs to Mercado Libre)
3. Kueski Pay
This platform provides you with an easy way to receive payments. In addition, it has additional services so that all transactions are recorded.
It's a processor that adds other tools to its payment system, such as cards, so that customers have various means to pay and thus avoid delays in collection.
Currently, there are more than 100,000 users who frequently use Kueski Pay
4. PayU
It is one of the most used payment processors by online stores to receive payments from their customers.
This company operates in several Latin American countries and, due to its extensive experience, proposes solutions for all types of businesses.
It operates as a payment processor for eCommerce and has a wide network where customers can make payments in both online and physical stores.
It is one of the companies that in recent years has made the most progress in this category.
5. ProPay
It is a Mexican processor that also provides its services to online, physical, and mobile businesses.
ProPay offers an easy-to-use service to receive payments, and also has a platform fully integrated into its payment gateways so you can accept payments in your store.
Like many on this list, it is very easy to implement.
6. Pague Menos
The name says it all, this online store offers different payment options to its customers such as Banco Azteca, bank cards, and even other payment processors.
It has more than 1,400,000 users who use it to make their purchases.
It is the perfect option for sellers who prefer a less known option but with a lower commission.
7. E-comm
This Citibanamex payment processor primarily operates in Mexico and the United States, but is also available to Latin American merchants who want to use it to receive payments.
It is not very well known nationally, but it is an option to consider since it offers zero rate for interest-free months, does not require a minimum number of transactions to use it, and is backed by one of the main banks in Mexico.
8. Pago Fácil
This platform operates both online and physically, so if you have a physical business, you can use it with the same features.
It has more than 37,000 registered businesses and specializes in accepting payments in physical stores.
9. MultiSafepay
It is a payment processor that offers a wide range of services related to e-commerce and mobile payments.
It has more than 112,000 users who use the platform to make online purchases. It processes secure and fast payments for its customers around the world.
It offers you completely free collection options so that you can receive payments by any means.
10. Inbenta
This processor is international and operates in almost every country in the world.
It has more than 5,000 clients who use its services both for receiving online and physical payments. This platform not only offers excellent service, but also provides its own payment tool.
Which payment processor to choose?
In conclusion, there are many payment processors that offer various benefits, so there are reasons to include them in your store and thus meet the needs of your customers.
There are more than 100 payment processors in Mexico, and these are just a small taste of all the options you have for your business.
Some of these payment processors offer services that go beyond simple collection on their platform and even include tools for improving their businesses, so according to the objectives and current situation of your virtual store, you should consider whether a known, cheap option suits you or one that offers more benefits to your customers.
