Since it landed in Brazilian markets, this method has set itself apart as a unique payment tool, and competitors can hardly beat it. What makes it unique? Why do Brazilians love this payment method so much?
As we mentioned earlier, Boletos are bar code vouchers. Once a client is issued with this voucher they can freely use it to pay in any banking institution be it a conventional bank, post office, ATM or internet bank. Why is it so popular in Brazil? The system is easy to use, and first-time users do not need any sophisticated knowledge to use it. Additionally, Boleto can be paid over the counter. Therefore, it has become the most convenient mode of payment for clients in Brazil.
Foreign companies that want to venture into Brazilian markets have been forced to adopt the Boleto mode of payment because Brazilians trust it. Dealers and clients who use Boleto are assured of a risk-free process. Additionally, no personal or banking details are required for you to pay Boleto Bancario. What makes Boleto beat its competitors? Unlike other systems, Boleto only takes one working day to confirm payments to merchants. Also, their system supports other languages such as Spanish, English and Portuguese. Moreover, Boleto has features that provide clients with financial reports this enables customers to monitor their spending.
What are the Disadvantages of Boletos? We can arguably say that this tool of payment is underused and its time they ventured in other countries. Currently, Boleto only accepts the Brazilian Real this is a drawback, and it’s the high time that they allow the use of other currencies. On the whole, Boleto is an excellent payment tool, and it’s growing in popularity.