Have you ever thought about the number of steps between a customer interested in your products and the final transaction? It’s a long road! So much so that the technical name for that process is “consumer journey.” At each stage of the journey, there is a lot at stake. If we talk about the last phase, for example, the choice of payment options can make all the difference. The idea is to make the shopping experience quick and easy. That sounds telemarketing data wonderful! But with so many options available, it can be difficult to find the best payment gateways in Mexico. And you need to make the right choice at all costs! That’s why today we’re helping you by presenting the 10 most chosen in the country.
10 best payment gateways in Mexico
#1 PayPal
The world’s most popular online payment gateway, widely used by both individuals and businesses, has 325 million users worldwide. It offers online security, broad acceptance and buyer protection. It also integrates easily with many e-commerce platforms and websites, making it a convenient choice for online businesses. According to research by Ipsos MORI S03, almost 60% of users have abandoned a transaction because PayPal was not among their payment options.
Among its advantages, besides being very accessible, easy to integrate, and having encrypted security systems, it is really intuitive and its transactions are instant. As a disadvantage, we can only mention the high transaction fees, for Mexico 3.95% + $4 MXN. Another point not in its favor is that it does not accept cash or card payments quickly and in some cases it can hold the funds for a period of time, which can be frustrating for businesses that depend on fast payments.
#2 Market Payment
Another of the best payment gateways in Mexico is Mercado Pago, a very complete financial platform that also works as an electronic wallet. It allows the creation of unique links for the business, as well as links for specific personalized payments.
The security level of this platform is high. It accepts card payments (blue points), QR code payments, Oxxo cash payments and in previously agreed stores, and even monthly payments. It can be integrated into social networks and also has a plugin for WordPress with Woocommerce. The commission is 3.49% + $4 MXN excluding VAT.
#3 Kueski Pay
Developed in Mexico by a Mexican company specializing in microfinance and financial technology, Kueski Pay stands out among the rest for its online payment system, with the possibility of making purchases in installments not associated with a credit card. If you associate it with your virtual store, the payments made are settled in a period of approximately 7 to 30 days until the money is received in the associated bank account.
The advantage for users is that the platform finances purchases and customers can pay in up to 12 installments every two weeks without needing a credit card. It is compatible with Shopify, VTEX, WooCommerce, PrestaShop and Magento. The commission is 5.9% + VAT per transaction.
#4 Stripe
Although Stripe is of American origin, are social networks under attack? what’s happening with instagram? it has made a strong impact on the Mexican and Latin American markets in general. Among the benefits that make it attractive and stand out on this list of the best payment gateways in Mexico are: it allows you to make payments with credit and debit cards, accepts monthly payments, make cash deposits at Oxxo, immediate activation of the account, availability of money in 7 days.
The commission rate is 3.6% + $3.00 MXN or cash at Oxxo and commission from 1.5% on international payment methods plus +2% for currency conversions. One of the best payment gateways in Mexico!
#5 CoDi
The Bank of Mexico has its own digital payment and collection platform called CoDi, short for Cobro Digital, which has been operating since 2017.
It stands out from the rest because it offers a free and fast service that is carried out through a smartphone and a bank account that does not charge commissions for transactions.
And to make a payment, you only have to send a code with the payment request to the buyer’s phone number, who will scan it from their bank’s app.
#6 Pay U
Another of the most popular payment gateways japan data in Mexico is Pay U, which among its many advantages offers payments by debit and credit card, payments in installments, cash payments at Oxxo and other previously agreed stores, and availability of money in just 3 days once the customer has made the payment.
It is compatible with e-commerce platforms such as Shopify, WooCommerce, PrestaShop, Vtex, TiendaNube, Jummseller, Alegra Sana Commerce, Magento, Drupal, VirtueMart, Open Cart and OsCommerce. Transaction fees are 3.5% + $4MXN and for international transactions the rate is 3.99% + $4.00 MXN.