Boleto was established around 1993 and it’s the leading payment solution in Brazil controlled by the Brazilian Federation of Banks. Boleto is available as a printable or virtual image or portable document format voucher. Many Brazilians who don’t have electronic cards use Boleto to pay for services and bills at 40,000 locations licensed to process Boleto, from eCommerce stores to ATMs to postal offices to digital and physical bank branches. A valid Boleto must have a barcode, serial number, client details, amount to be paid, a code from the issuing bank, service description, and expiry date.
Boleto has two historical cases. The first case is the normal Brazilians’ end. Boleto is an old-school money transfer method that issues locals with either a hardcopy or softcopy voucher. The user can only pay the amount written on the voucher at a Boleto processing entity like an ecommerce store or bank using cash to honor the product or services received. Fast forward, Boleto users can use their iOS or Android devices to scan Boleto barcodes or type the serial number in e-banking apps and pay without a hassle.
The last case is the merchants’ perspective. When a customer buys from a store, the store gives them a printed or softcopy voucher with the exact amount due, the expiry date, and the user’s details. The customer can honor the deal within 3-15 days. Failure to honor the deal within the time provided may result in additional fees or the transaction not processing.
In some cases, Boleto is leveraged to buy goods under hire purchase terms. The commodity’s price is broken into even monthly installments and mailed to the user to make payments for the agreed time. However, only customers with high credit scores or traceable purchasing histories at a shopping store are eligible. Consequently, customers may be issued a carnet (a collection of Boletos) on the day of purchase. The carnet bears the monthly amount the client must pay to a merchant.
Major Benefits of Using Boleto
Boleto is fast, secure, and cost-effective. Boleto is a cash money transfer solution, eliminating transactional fees and cases of fraudulent activities. Boleto confirms transactions within 1-2 business days, making it a fast option.
Emotional attachment sales. Millions of Brazilians love paying using Boleto and chances of them buying from merchants that offer Boleto are high. This can increase a business’s sales
Familiarity and transparency. Many Brazilians use Boleto at least on a monthly basis to pay bills. Boleto is a popular and transparent solution because it has all payment requirements in one place.
Availability of Boleto dealership locations. Brazil has 40,000 locations that process Boletol, from online banks to ATMs to physical banks, making Boleto an ideal method for transferring money.
How to Connect to Boleto
There are two ways you can connect to Boneto. The first option is to open an entity in Brazil by following these steps:
- Submit your inquiry to the local authority
- Register with the board of trade
- Send foreign capital via an authorized financial institution
The last option is to work (partner) with a local merchant licensed to process Boleto payments in Brazil cross-border.