Do you know how Mercado Pago works? It is a platform for making and receiving payments online . In your digital account you can make payments by bank slip, debit or credit card, with the possibility of installment purchases. All payment methods, no matter which bank, can be registered in the application. Virtual portfolios are a trend in the financial market .
This is due to the extensive discount campaign they carried out in 2019, aimed at promoting payments via QR Code, but also on behalf of the PIX .
The financial institution is one of the leaders in the registration of keys for the Central Bank’s instant payment system . Interesting, isn’t it? If you want to understand better about this virtual wallet, keep following this post!
Contents [ hide ]
- 1What is Mercado Paid?
- 2How does Mercado Pago work?
- 3What facilities does it offer?
- 1Digital Account
- 2“Send money” function
- 3Payment Link
- 4Prepaid Card
- 5Fraud Management
- 6Payment with QR Code
- 7Credit Market
- 8Point Machine
- 4Complete solution
What is Mercado Paid?
Mercado Pago is a fintech member of the Mercado Livre group , a marketplace founded in Argentina that brings together thousands of virtual stores in the country and operates in several countries. Founded in 2004, it is a payment institution authorized and supervised by the Central Bank .
The platform is linked to Mercado Livre and offers special conditions for the platform’s retailers. But its features can be accessed by any consumer and entrepreneur who has a physical establishment or online sales.
How does Mercado Pago work?
Mercado Pago is a sub-acquirer platform . In other words, it makes the intermediation of payments between acquirers, buyers, card brands and banks. Its operation is made possible through a partnership with acquirers, who are responsible for the intermediation between the buyer, banks and brands.
This feature makes it possible to obtain faster payment approval . As the sub-acquirer has several partner acquirers, it is able to send the payment data for which it will have the best performance. If the operation is not approved in one partner, it is directed to another, and so on.
Mercado Pago also acts as an intermediary between customer and seller . Usually the money from each transaction is not released until the product is received. In this case, until confirmation of receipt, the money cannot be moved by the seller.
For all services, the platform charges the seller a fee for each transaction. The value ranges from 0.99% to 4.99%, depending on when the seller wants to have the money available in their account.
What facilities does it offer?
For entrepreneurs who sell online, Mercado Pago offers a series of facilities in their digital account. Just use the app, have a website, include your checkout or a Mercado Shops virtual store.
See below the main features offered by fintech for online entrepreneurs.
digital account
Mercado Pago is a payment account that works similarly to any digital account. They are characterized by offering lower costs, helping users to define and meet financial goals .
Just download the application and perform a quick registration to open an account, with no cost, no need to send documents or credit analysis. Anyone who is already registered with Mercado Livre can use the same login and password.
The platform offers accounts for both Individuals and Legal Entities . To transfer money to the account, just make a transfer or generate a billet in the application itself. It is possible to pay the payment slip through internet banking at any bank or at a lottery.
Among the main features offered by the digital account are:
- payments of bills and bills;
- virtual debit card for online purchases;
- physical debit card without issuing cost;
- 25 free TEDs per month to any bank made within 1 hour;
- withdrawals from the Banco24Horas network for R$4.90 and by QR Code;
- mobile phone recharge and transport cards;
- registration of cards to make purchases;
- transfers;
- return on account balance equivalent to 100% of CDI;
- payment with QR Code.
“Send money” function
If the customer has an account at fintech, it is possible to complete the transaction via direct transfer in the app, free of charge.
payment link
In the case of sales made through messaging services such as WhatsApp, social networks and email, the account generates a link. If accessed by the buyer, it directs them to the payment page. In other words, it is not necessary to have an online store to receive payments via Mercado Pago .
Prepaid card
Users of the service have the possibility to obtain a prepaid credit card from Mercado Pago. The credit function allows you to make online purchases, although it is not possible to pay in installments .
fraud management
Sellers who use Mercado Pago do not need to worry about fraud and data security. It is fintech’s responsibility to carry out these controls. An intermediary such as Mercado Pago is different from a payment gateway, in which all risk management is carried out by the company itself.
Payment with QR Code
Mobile payment can be offered at physical establishments. The customer simply points the smartphone camera at the printed code. For this means of payment, the fee charged by Mercado Pago from the seller is lower than that of other means of payment .
Credit Market
It offers online loans for those who need to invest in their online store after three months of using the service, depending on sales volume . It also offers credit to Individuals.
Point Machine
The Mercado Pago machine accepts the main card brands, such as Visa, Mastercard, American Express, Hipercard, Elo, Diners Club International, Sodexo and also payments by bank slips. The service does not charge rent or membership fee.
To use it, all you need to do is have the Mercado Pago digital account. In other words, it dispenses with the creation of a bank checking account to withdraw and move the sales balance.
complete solution
Now you understand that Mercado Pago is a unified platform that facilitates the purchase for the customer and the receipt for the seller. Among the solutions offered for e-commerce are faster and more secure sales. Entrepreneurs only need to register the business and payment methods they want to offer customers to enjoy security. In this way, it is possible to focus on the financial indicators of the business.
Now that you understand how Mercado Pago works and how the platform can make your online business easier.