Bancolombia and Mercado Pago join forces to strengthen e-commerce

Thursday, January 24, 2019

By Bancolombia and Mercado Pago

January 24, 2019

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In Colombia, where internet sales are increasingly frequent, the agreement between Latin America payment platform Mercado Pago and Bancolombia represents a clear financial growth opportunity for more than 1.4 million businesses and users increasingly interested in making safe online purchases.

A reflection of this are discount days such as the last Black Friday held in November 2018, which registered more than 660,000 transactions approved through the Mercado Pago platform. In addition, average purchase spending increased 125% compared to the previous year.

The agreement between Mercado Pago and Bancolombia will allow small, medium and large companies to boost their sales with different payment options for their clients through their website, social networks and WhatsApp. Additionally, businesses will have an anti-fraud model that guarantees the security of transactions. All these benefits will have a preferential rate.

The initiative will offer two payment models: Gateway, through which Mercado Pago provides a solution to businesses that already have acquisition through Bancolombia, enabling their websites to accept payments with credit, debit and PSE cards; and the second, the aggregator model, in which the platform allows businesses to accept payments through credit cards, PSE and cash. Under this model Mercado Pago is responsible for receiving the money from the aggregate business' sales and making the corresponding payment to each of them. The merchant can withdraw its money without any cost at its bank account.

"We are interested in offering not only a payment processing solution, but also the experience and knowledge to improve the key indicators of an online business: conversion, approval and security," said Andrés Bernal, Country Manager of Mercado Pago. "In addition to this, our agreement with Bancolombia is an opportunity to promote the digital economy for small entrepreneurs, medium businesses and large companies, which will allow them to reach more customers, ensure the safety and sustainability of their projects and best of all with a preferential rate on each transaction they make."

"Contributing to the transformation of the country means for Bancolombia to accompany and understand the daily life of its customers and connect the needs of businesses and people.We are excited to know that through this agreement the businesses will have better technological tools to strengthen their digital sales to from different forms of payment in the non-contact sale in the country," said Liliana Vásquez, vice president of the Strategic Payments Unit of Bancolombia.