How to set up WooCommerce for Latin American payment gateways

Woocommerce in Latin America

How to set up WooCommerce for Latin American payment gateways

One of the main challenges for foreign companies (or local companies for that matter) that want to start with ecommerce in Latin America is connecting local payment gateways. In this article we will give some of the best payment gateway options for Woocommerce in Latin America.

Best Payment Solutions for Foreign-based Companies

It makes a difference if your company is an offshore company or a local company (for tax reasons, but also for the payment solutions you’ll be able to use).

This distinction is important, because if your company is not established in let’s say Argentina or Brazil, you will not be able to use most local – and most used – Woocommerce payment integrations.

Most used international payment gateways in Latam

Below we will list some of the most used international gateways, with pros and cons and the list of countries that offer the best integrations for each one.

stripe-for-woocommerce

1. Stripe

The Stripe payment gateway is definitely the easiest payment integration method if your company is based outside of Latam. Stripe will accept payments in any currency (as apposed to PayPal), however, for most countries users will still see a USD amount deducted on their credit card (in places like Argentina with a quickly devaluating currency and a surcharge on dollar purchases, this can cause issues).

Countries with highest adoption rate:

  • Since these are direct credit card payments in any currency, most users will not know they’re actually using Stripe to complete a payment, unless you specifically mention it during the checkout process.
  • πŸ‡¦πŸ‡·πŸ‡§πŸ‡·πŸ‡¨πŸ‡±πŸ‡²πŸ‡½πŸ‡ΊπŸ‡ΎπŸ‡΅πŸ‡ΎπŸ‡¨πŸ‡΄πŸ‡ͺπŸ‡¨πŸ‡»πŸ‡ͺπŸ‡΅πŸ‡ͺπŸ‡΅πŸ‡¦πŸ‡§πŸ‡΄

Supported Currencies:

  • Important note: Basically supports all currencies, but will be converted to USD on local credit card statements.
Download Stripe for Woocommerce Here

 

paypal-for-woocommerce

2. PayPal

People in most countries in Latin America cannot connect PayPal to their local bank account, and therefore PayPal is not used as much as in Europe or the US). One of the main hurdles people face locally is that they cannot receive money through PayPal and take it out, however, making payments is possible if they connect their local credit card.

In order to withdraw PayPal balance, they either need a bank account in the US, or they need a local integration company to take their money out of PayPal (like Nubi in Argentina, for example, that charge high fees apart from the standard PayPal fees to withdraw the PayPal to a local bank account.

Countries with highest adoption rate:

  • πŸ‡¦πŸ‡· Argentina:
    – No local bank connection possible without paying expensive extra fees;
    – Payments will be charged in USD (which, at the moment, have an extra local tax of +30%);
    – Not that widely used, preference is for payments in local ARS currency
  • πŸ‡§πŸ‡· Brazil:
    – Local bank connection possible (no extra fees);
    – Payments will be charged in USD or BRL (for locals only);
    – Not that widely used, preference is for payments in local BRL currency
  • πŸ‡¨πŸ‡± Chile:
    – Local bank connection possible (extra fees);
    – Payments will be charged in USD (which, at the moment, have an extra local tax of +30%)
  • πŸ‡²πŸ‡½ Mexico:
    – No local bank connection possible;
    – Payments can be charged in MXN

Supported Currencies:

  • Brazilian Real (BRL) (only supported for marketplaces within Brazil)
  • Mexican Peso (MXN)
Download PayPal for Woocommerce Here

 

Best Payment Solutions for Companies with local presence

mercadopago-for-woocommerce

1. Mercadopago

Mercado Pago the most used payment gateway for ecommerce sites in Latin America, developed by Mercado Libre (the biggest ecommerce platform in Latin America). With Mercado pago you can charge directly in local currencies, connect to local banks, and it’s easy to integrate it with Pos if you have local stores.

Countries with highest adoption rate:

  • Basically all Latin American countries
  • πŸ‡¦πŸ‡·πŸ‡§πŸ‡·πŸ‡¨πŸ‡±πŸ‡²πŸ‡½πŸ‡ΊπŸ‡ΎπŸ‡΅πŸ‡ΎπŸ‡¨πŸ‡΄πŸ‡ͺπŸ‡¨πŸ‡»πŸ‡ͺπŸ‡΅πŸ‡ͺπŸ‡΅πŸ‡¦πŸ‡§πŸ‡΄

Supported Currencies:

  • All local currencies & USD
Download Mercadopago for Woocommerce Here

 

The rest of the payment solutions for Woocommerce are mainly country specific, and we will mention only the most downloaded ones, in no particular order:

todopago-for-woocommerce

2. Todo Pago (Argentina)

Todo Pago was one of the first online & Pos payment gateways in Argentina, even before Mercadopago really took off with its own solution. Fees are a bit high, but this is a regional problem that you will also find with Mercadopago.

It is definitely the second best option after Mercadopago, and if your store is focused exclusively on the Argentine market, we recommend installing it together with Mercadopago so you always have one fallback option in case either one fails or has issues.

Countries with highest adoption rate:

  • πŸ‡¦πŸ‡· Argentina

Supported Currencies:

  • Argentine Peso (ARS)
  • United States Dollar (USD)
Download Todo Pago for Woocommerce Here

 

pagseguro-brazil-woocommerce

3. Pagseguro (Brazil)

PagSeguro is perhaps the most popular local broker in Brazil as a payment integration for WooCommerce stores. PagSeguro accepts Visa, MasterCard, Diners, American Express, Hipercard, Aura, PLENOCard and PersonalCard; mobile: Oi Paggo; Banks: Bradesco, ItaΓΊ, Banco do Brasil, Banrisul, HBSC, online debit, cash deposits and bank slips (widely used in Brazil).

Financial transactions are made within the PagSeguro environment, so there is no need for an SSL certificate. The intermediary guarantees security for the customer and seller and offers security for each transaction.

Countries with highest adoption rate:

  • πŸ‡§πŸ‡· Brazil

Supported Currencies:

  • Brazilian Real (BRL)
  • United States Dollar (USD)
Download Pagseguro for Woocommerce Here

 

wirecard-for-woocommerce

4. Moip (Now Wirecard) – (Brazil)

Moip (acquired by Wirecard) allows you to accept payments by bank transfer, wire transfer, account debit, credit card and debit card. Wirecard also offers means of financing, where the buyer can finance directly with the bank and pay for the purchase without leaving the virtual store.

Accepted Credit cards: Visa, Mastercard, Elo, Amex, Diners, Hiper e Hipercard. ItaΓΊ bank transfers & bank slip banking.

Countries with highest adoption rate:

  • πŸ‡§πŸ‡· Brazil

Supported Currencies:

  • Brazilian Real (BRL)
  • United States Dollar (USD)
Download Wirecard for Woocommerce Here

 

webpay-chile-woocommerce

5. Webpay (Chile)

Webpay is a Transbank service that allows you to receive payments from your customers with Credit Cards, RedCompra, prepaid methods and electronic transfers from most Chilean banks.

Countries with highest adoption rate:

  • πŸ‡¨πŸ‡± Chile

Supported Currencies:

  • Chilean Peso (CLP)
  • United States Dollar (USD)
Download Wirecard for Woocommerce Here

 

compropago-mexico-woocommerce

6. Compropago (Mexico)

Mexico still has a high percentage of cash payments (like Argentina and Brazil). ComproPago is a Mexican startup that offers a cash payment system to make purchases on the Internet. They make online purchases easier for people that do not have a credit card.

CompraPago issues a purchase ticket via SMS that can be paid at different stores that function as payment points, such as OXXO, Walmart, Seven Eleven, Coppel, Elektra, among others. A few hours after payment, the transaction is completed and the service or product is sent to the customer.

Countries with highest adoption rate:

  • πŸ‡²πŸ‡½ Mexico

Supported Currencies:

  • Mexican peso (MXN)
Download Wirecard for Woocommerce Here
Yuri Lau
yuri@ypsilon.digital
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