Have you ever encountered bank fees and long waiting times?
Say goodbye to these problems with Bizum, a quick way to transfer money and speed up your SME's banking processes. We tell you all about it in this post!
Facilitating different means of payment is essential to improve the user experience and customer satisfaction. The most popular payment methods include: payment by debit/credit card; payment by prepaid card; payment on delivery; payment by bank transfer... among others. In this context, since 2016, Bizum has become one of the systems of choice for consumers thanks to its security and ease of use.
How does Bizum work?
Bizum is a system for sending money between individuals, an alternative to traditional bank transfers. The particularity of this service is that it is directly integrated into the application of each bank, and no extra application is required. In addition, you can send money without the need for the recipient to be from the same bank. To be able to use this function, you must have the phone number associated directly with your bank account so that the money can be transferred in real time. If the recipient is already a user, they will receive your money instantly. If they are not registered, they must register within 48 hours with their mobile phone number.
It should also be noted that the transfer limits are set by each bank, although transfers can generally be between 0.50 and 500 euros. On the other hand, transfers are completely free.
Bizum currently has more than a dozen million users in Spain. In addition to being used by individuals, it can be used by any business regardless of size, including the self-employed. The popularity of Bizum has been an advantage for small businesses and freelancers. As a result, more and more e-commerce companies are adding it as a payment method for their customers.
Increases consumer security: it incorporates "two-factor verification" and is backed by the security of each bank, reinforcing the commitment and security of users.
Increases the conversion rate in the online purchase process: as the most popular payment between friends, users are familiar with how it works. Its ease of use, without the need for a credit card, helps to keep users from abandoning the purchase process.
Competitive commercial conditions: by joining the list of shops that support Bizum payment, you can organise joint marketing campaigns to increase visibility.
Positions the company at the technological forefront: it contributes to the improvement of e-commerce processes by speeding up purchasing processes and shortening shipping times.
Increased immediacy: the movements take place instantly, and in just a few seconds the recipient receives the money.
With all the advantages offered by this service, there are already more than 5,000 shops that integrate this payment method.
Follow the steps below and integrate Bizum into your e-commerce:
Find out if the bank you work with has Bizum. Among the most popular banks that have this function are: BBVA, Santander, CaixaBank, Sabadell... among others.
Contact your bank and find out what commercial conditions they offer.
Add Bizum to your website so that customers can pay quickly and securely. Your bank will help you add the payment button to your e-commerce.
You will also be able to accept Bizum payments in person. Once you integrate this payment method into your digital payment gateway, you can generate digital QRs and accept Bizum payments from your mobile devices. Your customers simply scan the QR code with their mobile device and complete the payment at the touch of a button.
As mentioned above, Bizum's mobile payment solution is the preferred payment method for millions of shoppers in Spain. If you are a freelancer, do not hesitate to integrate Bizum into your e-commerce, it is fast, secure and easily integrates with online shops.