Processing payments in Latin America

Technology can improve people’s daily lives and contribute to financial and technological inclusion in Latin America, writes Jose Martí, head of global sales at PayRetailers

PayRetailers is a payment gateway that utilises the latest technological innovation to support medium and big companies from around the world in investing in the promising Latin American market. In this way, any merchant that decides to operate in Latin America will be able to benefit and see their revenues grow in an ecosystem that is currently thriving – a trend that is expected to continue going forward.

During 2021 in Latin America, CB Insights recorded $20.2billion in venture capital investment. Against this backdrop of great opportunities, we’ve risen to the challenge by adapting its technologies and creating new bespoke financial solutions.

Understanding each of the region’s markets and gaining an in-depth knowledge of the preferred payment methods of Latin Americans has been fundamental in cementing the company’s central role in the region’s fintech revolution. The key is to provide a customised payment solution for each type of business that wants to expand in Latin America. PayRetailers achieves this goal by offering a secure and easy payment solution for businesses large and small, suitable for markets as diverse as e-learning, gaming, and e-commerce, among others.

Thanks to a unique API integration technology, we can provide tailor-made financial solutions to customers from across various industries. The most advanced technology is used to assist the merchant throughout the integration process, during which they can choose between different payment methods such as cash, bank transfers, local cards, QR codes, e-wallets and crypto payments.

TOOLS AND INTEGRATIONS

The PayRetailers integration has many advantages. It offers developers a wide variety of tools such as: Rest API, Libraries (SDK), and Payment link.

Libraries (SDK) can be used across multiple languages and platforms. A payment link is a tool that clients can create and share on any social network or email, while also making on-the-spot sales. They can also use the payment link via WhatsApp or in any other chat platform. And the most important tool is a Rest API, which is flexible and robust, and designed to be integrated into web or mobile applications. Here, once a merchant has tested their account, they can review all five of the solutions that the company offers before deciding which integration best suits their needs.

Merchants can choose between:

1 Paywall integrations

An all-in-one solution that provides a filtered payment method listing, grouped by payment method channel, that is always up-to-date.

2 Dynamic method calling

For integrations that require a more custom-coded approach, the GET Payment Methods API call provides a list of all available payment methods in JSON format, along with their preferred display name and image URL.

3 Direct integration

Provides the payment method codes directly to the merchant, who can then integrate them as they see fit.

4 Mixed integration

For integrating a paywall and for direct integrations.

5 Plug in integration

An extensive documentation that includes all the methods and plug-ins to help integrate the client and create a solution as soon as possible. Examples include: PrestaShop and WooCommerce.

PAYMENT SOLUTIONS FOR EACH BUSINESS

PayRetailers’ entire technology and innovation is based primarily on thorough research and an overarching recognition of people’s needs. The company has witnessed that consumers in Latin America are becoming increasingly demanding and require secure and easy-to-use payment methods. At the same time, the technological infrastructure continues to improve in the region, while financial access has grown, and internet connections have increased (and improved).

In part due to the effects of the Covid-19 pandemic on consumer habits, commerce is going digital throughout Latin America. The trend towards digitisation in the payments sector has grown exponentially in recent years. It is a market of millions where digital wallets, cardless transactions and alternative payment methods are rapidly replacing cash, cheques, and physical credit cards.

Mandatory lockdowns drove consumers towards online platforms in order to access their goods and services; pushing merchants to migrate their sales activities to e-commerce channels. Today, in Latin America, the rapid speed of e-commerce adoption is not limited by geography, i.e., purchases are becoming faster, safer and more efficient, thanks to payment processors such as PayRetailers.

PayRetailers has become a great fit for e-commerce companies. It helps them get the right payment selection in each market and receive optimised processing that allows them to expand further in Latin America. This unique service gives merchants the peace of mind to forget about conversion rates, fraud risks and the likelihood of chargebacks that such a situation entails.

Latin American e-commerce has been growing steadily in recent years thanks to a 20 per cent increase in mobile commerce. According to the Global Payments Report 2021, an annual growth rate of 15 per cent is expected until the end of 2024. A payments service provider like PayRetailers is necessary if you want to be part of the e-commerce and digital payments boom in Latin America. For this, a sophisticated and versatile payment suite such as is a must for any forward-thinking business. Moreover, in this digitisation process, it is essential to have a trusted payment partner to operate in the region. PayRetailers is the trusted partner for more than 50 local banks in 12 countries.

RISK AND FRAUD MANAGEMENT SYSTEM

PayRetailers uses technological innovation to ensure that the company provides the very best fraud and risk management system available. PayRetailers takes a proactive approach by leveraging transactional data and machine learning algorithms to stop both known and emerging fraud patterns. The company has developed a reliable and adaptive fraud prevention framework that enables legitimate transactions to be frictionless.

The security of the gateway allows every merchant to get an analysis for their business with the customisable reports they need. Moreover, customer data will always be protected by the most reliable payment security technologies. You can rest assured that your customer data will always be protected by the most reliable payment security technologies, including EMV, PCI-validated P2PE, and tokenisation. PayRetailers has best-inclass security tools. In this context, the company has an experienced and dedicated fraud prevention team that is supported by AI-powered technology. This will enable PayRetailers to protect both consumers and merchants, regardless of the payment method selected.

Latin America’s financial technology has experienced profound growth and fintechs are having a real impact on the region’s digitisation, innovation and economic development. With its state-ofthe-art payment technology, designed to handle mass online payments in the Latin American market, PayRetailers offers a service that people use in their daily lives and helps make certain actions such as making online payments through mobile apps easier and more secure. The company firmly believes that technology is a tool to improve people’s daily lives and contribute to financial and technological inclusion in Latin America.

About PayRetailers

PayRetailers is a payment service provider that supports a wide range of payment methods via a seamless API integration and allows global businesses to trade with buyers and increase revenue in Latin America.

Website: www.payretailers.com