What is Mercado Pago? More about digital payment method for Latin America

The online sphere in Latin America has been experiencing growth much like the entire industry at large. With expectations of further growth reaching 25% within the next few years, e-commerce is pining to be the next big thing for many regional businesses. With that in mind, is that the same for online casino operators? Will online payments for games be the next big move for operators and will digital wallets be a part of this change? Looks very much like this.

The region has all sorts of options for mobile payments with Mercado Pago being a major player within the scene. Centered around the region, it was launched in 2003 and has developed different ways of payment in both offline and online settings. With that, a business working with Mercado Page can offer clients cross-border payments faster than ever before while still focusing on security and antifraud measures.

How Mercado Pago growing business in e-commerce

Mercado Pago is available in a wide variety of countries within Latin America. Some of these countries include Brazil, Colombia, Argentina, Chile, Mexico, Uruguay, and Peru. Online casino operators can integrate Mercado Pago as a payment option for iGaming for players in Latin America as a way of providing players with a better experience, while also helping get some goodwill for the business and get some regular players into the scene.

Aside from online options, the service also offers onsite payment options to connect to the service. QR codes and even POS devices are offered for business owners, all of which can be further integrated into the payment routing of entire business. However, for online-focused businesses, the service has a great suite of financial services available.

Online payments for games need to be quick and simple — each second making or breaking the experience for players in Latin America. The brand is already trusted within the region but the deposit and checkout process could be better. This is where “Mercado Pago Checkout” comes in with new features to help businesses convert clicks to sales by making things simpler.

From the filing of payment info to the actual payment taking place, the service wants to host all of it within their own API. What this means is that mobile payments don’t need to redirect to another webpage on your website. Everything can be hosted on this payment method instead, including online casino payments, saving resources for other projects and improving the speed of online payments for games.

Some benefits of this suite of services include:

• Customization of payment method: The checkout API allows for businesses to tinker with how customers interact with their accounts. Deposits can come from credit cards, debit cards, and even players’ own digital wallets. Other payment method options are also available for users in Latin America and cross-border payments.
• Quicker transaction speeds: If players are depositing funds from their account, then it only takes one click to add to their site balance. Online payments for games can’t get much simpler than that!
• Split payments for high deposits: Should a player want to cash-in a larger amount than what daily withdrawal limits call for, then they can choose to split it between 2 different cards!

Pros and Cons: should you choose Mercado Pago?

As with any payment method, Mercado Pago has pros and cons for users even after getting their bank license. The competition is fierce and it can be difficult to weed out the facts from speculation. Here are some of the main benefits that iGaming players can enjoy when they use the service for their mobile payments:

• A Secure environment for deposits: One of the biggest features for both business and personal accounts is the high degree of security they offer. This digital wallet is regulated by the PCI DSS, a set of international standards that ensure cardholder data is safe with the latest antifraud measures.
• Active monitoring of transactions 24/7: To add to its suite of antifraud measures, Mercado Pago dedicates itself to monitoring transactions. Businesses can ask for data on the payments within their network, analyzing it to guide further business decisions.
• Ease of integration: Not only can it be integrated with online payment methods; it can also be linked to external sites and platforms. This lends it greater usage for other e-commerce stores and even the iGaming field.

However, business owners have also noted quite a list of cons to using this service:

• Commission fees: A whole suite of fees opens up to those who use Mercado Pago as their payment method of choice. For example, each transaction has a minimum transaction fee tacked on top of the price. There are also fees for transactions through credit cards (3.59%) and debit cards (1.15%).
• ·Receiving of payments: Although still reliable as a payment aggregator for iGaming, they also charge fees for receiving sales and are liable to hold funds for a period. For instant payments, businesses should count on high settlement fees as well, if you are an international operator.
• Spending and usage limits: Transaction and daily limits apply and might be a limiting factor to online casino payments. If the limit has been reached then player should wait for a while or can opt for another payment method.

Mercado Pago can help bridge the gap between a business and their customers in Latin America but there are also a lot of hoops to jump through just to get everything running. Although you can use deposit bonuses and other promotions to lead customers to the service as their preferred form of online payments for gaming, the fact of the matter is that there are all sorts of payment method options in Latin America.

How do you choose the right payment gateway for iGaming?

Working with the right payment aggregator for iGaming means choosing the one that makes customers experience an easier time loading their accounts up. This means choosing a service that has partnerships with other brands of debit and credit cards available within Latin America. If the service also works with e-wallets or has direct transactions to local and international banks, then it can be a better choice for extending the accessibility of online casino payments.

There are a whole host of different variables to choose from when picking the right payment aggregator for iGaming. Having to navigate all of these could be a hassle and take away focus from ensuring online casino payments are the best they can be. To save both time and effort, a differing view might be the best way forward and Monoup is the best in that case! Consult with us through our official website and browse our articles for further information on all sorts of payment options and payment routing options.