Frida Rodriguez owns a jewelry boutique and her online business is thriving. Frida’s team has nailed down a sustainable manufacturing process and have an efficient logistics plan for inventory, plus discounted shipping services for customers.
Now she wants to figure out how to boost her profit margins through small operational tweaks, like implementing direct transfers for eCommerce payments in Mexico.
Direct Transfers as a Cost-effective eCommerce Payment Solution
If your business growth is stagnant – and even if your company is thriving and ready to take off – implementing a direct transfer solution can lower the costs you incur for online payments while increasing accessibility for customers that only have access to a bank account.
Here’s what direct transfer solutions like Sistema de Pagos Electrónicos Interbancarios (SPEI) can offer eCommerce stores:
- Customer experience: SPEI is a convenient digital payment method for customers across Mexico. All they need is an account with any bank in México to utilize online payments with any registered eCommerce store, which means you reach more people.
- Local currency: There is no currency exchange to manage with SPEI because the platform is tied directly to Banco de México. That means your customers send pesos and you receive pesos, which lowers operation costs.
- Real-time settlement: One of the primary features of SPEI is that transfers are authorized in real time, 24 hours a day, seven days a week. Transfers are processed in batches on a rolling schedule that happens within a few seconds.
Frida appreciates the cost-effectiveness of providing a digital payment solution for customers within Mexico that doesn’t require several days to fund like credit and debit cards. With 3% of Mexican shoppers relying on direct transfers, SPEI is a practical solution for increasing your target market.
Incorporating Direct Transfers into Key eCommerce Industries
You might not have much control over the costs of online payment methods for global customers, but direct transfers are an effective strategy for lowering costs on domestic purchases. They’re a practical solution for eCommerce stores of all sizes and boost sales across multiple industries.
The government expanded efforts to give bank access to low-income Mexicans in March 2019. These efforts give qualified citizens a bank account without any fees, which means more people have access to eCommerce stores and online payment options.
In a time when people are relying on curbside or delivery services to maintain social distancing, eCommerce stores that offer essential services are in a unique position to leverage direct transfer payment solutions like SPEI. Even industries that haven’t traditionally relied on digital payment solutions can use direct transfers to limit contact for their employees.
Essential industries in Mexico that can benefit from this cost-effective online payment method include:
- Auto repair shops: You can have customers schedule and pay for routine car maintenance services online. This not only reduces physical contact from limiting the exchange of credit cards and cash, but it can potentially lower the number of last-minute cancelations and no-shows your shops experience.
- Hardware stores: Whether your customers have home repairs, or they operate construction companies, offering bank transfers can enable them to order what they need ahead of time and either have it shipped or pick it up in person. This can help you manage limited inventory more efficiently over on-the-fly purchases.
- Transportation services: Your customers can pay for fixed-fare services, like buses or flights, ahead of time so they don’t have to rely on standing in line at a ticket counter. You can also set up pay-as-you-use services for transportation with variable rates, like taxis or ridesharing.
Frida appreciates how direct transfers with SPEI can allow her team to offer quick shipping turnarounds for domestic customers while lowering her transaction costs.
How Frida’s Customers Use SPEI to Enhance Their Experience
Over 55% of eCommerce shoppers want to see multiple payment methods when they check out online. After realizing the benefits of using SPEI for direct transfers, Frida decides to implement the solution so she can take advantage of this trending service.
SPEI gives Frida’s customers three different options to purchase from her eCommerce store using their bank account:
- Online using the eCommerce web portal
- Through mobile banking and payment platforms
- By transferring funds to any Mexican banking account
Regardless of which option her customer chooses for sending a payment, the process for using SPEI is quick and easy with a few simple steps:
- Her customers will add products to their cart and start the checkout process.
- The customer chooses SPEI from the list of online payment methods.
- Frida’s customer will submit the CLABE, company name, and order ID to verify the correct details.
Frida sets up a thank you page and sends each customer an order confirmation email once Cardpay returns a successful payment status from STP. Since she’s using SPEI, which offers real-time direct transfers, her team can start preparing the order within one day, making her domestic customers much happier.
Choosing Direct Transfer Solutions for eCommerce Stores
Frida knows that optimizing her operation expenses is key to sustainable success and she realizes that her eCommerce store is one place she can trim down costs while improving her customers’ experiences. She also understands that her customers are facing some extra time at home, and SPEI allows her to drive digital sales across the country by enabling more buyers.
Are you looking for eCommerce payment solutions that drive growth? Cardpay has over 500 alternative payment methods, including SPEI, for businesses of all sizes.