RackNerd a well-known reputable web hosting provider who provides dedicated servers, cloud, private cloud, disaster recovery as a service, colocation, virtual private servers and more is excited to announce the expansion of payment methods. RackNerd is growing its Brazilian client base, and with that said the demand for Boleto for this region demanded the new payment gateway. RackNerd is constantly finding ways to help make our end-users purchase smooth, hassle-free and secure! RackNerd is now accepting Boleto payments!
Boleto – what is it and how it is used?
The word Boleto literally means a ‘ticket’. This payment method is regulated by the Brazilian Federation of Banks and is used for utility payments, rent and now e-commerce.
It is a push-payment, which relies on the consumer initialize the payment action. The process is similar to the process of paying with a bank wire. At the core of it is an invoice-like form or ticket that’s issued to the end-user to complete their payment for goods or services. The Boleto ticket always specifies the amount and the due date by which the payment must be completed. There are thousands of locations throughout Brazil where a Boleto can be paid: ATMs, branch facilities and internet banking of any Bank, Post Office, Lottery Agent, and some supermarkets.
In Brazil, where ⅔ of its 200 million population doesn’t have a credit card, Boleto is ubiquitous, generating 50 million transactions a month. For the 55 million unbanked, it is the only way to buy goods and services online. But it is not just the unbanked who use this payment method. When it comes to online purchases, Boleto is especially popular for high-ticket items because many consumers are still understandably insecure about providing their card information online.
Boleto – beyond cash payments
When Boleto was originally introduced in 1993, it was designed to work solely with cash. Over the past few years, this payment method has evolved to work with bank transfers, both online and offline. In fact, Brazil is quite advanced in the use of online and mobile banking — 55% of all bank transactions come from mobile and internet banking. What’s even more astounding is that about 30% of Boleto Bancario transactions originate on a mobile device, a share that is only bound to grow.
If you have any questions regarding RackNerd’s newest payment method, please email [email protected] or dial 888-881-6373