EBANX has published new data on how monday.com, a global software company, is optimising payments for its customers in Brazil with EBANX’s payment solutions.
The data concluded that, supported by a payment strategy aimed at local solutions, monday.com upgraded the average ticket in the country to above the USD 9,000 mark. The payment method includes credit card instalments and cash payments, such as Boleto Bancário, a frequently used bank slip that can be paid online or offline. By delivering a localised payment mix, monday.com aims to support Brazilian businesses in improving their efficiency.
Improving payments in Brazil
The frequent use of instalments in Brazil is tied to the country’s high inflation from the 1980s and early 1990s. Boleto Bancário has since served as a tool for financial inclusion, which is relevant as 60 million Brazilians do not own credit cards. With both payment options available now, businesses in the region can leverage monday.com’s work management platform to enable teams to perform more efficiently across all verticals.
The software company believes that its collaboration with EBANX transformed how it supports payment processing in Brazil, ensuring that clients have a localised and user-friendly experience. Utilising EBANX’s expertise and flexible payment solutions, monday.com makes sure to meet its clients’ needs and demands by removing payment barriers and increasing adoption.
By providing instalments, the company catered to the Brazilian habit of splitting payments and overcame challenges related to lower purchasing power. This accounted for 35% of the total volume transacted in Brazil for the company, through EBANX over 12 months.
Besides instalments, monday.com also focuses on cash payments like Boleto Bancário. An EBANX study shows that 25% of B2B ecommerce purchases in Brazil are made through Boleto, compared to 10% in P2B sales. This is why cash payments like Boleto became important to monday.com’s growing customer base in the region, representing 52% of all the company’s transactions, followed by credit cards, which account for 47%.
The company’s expansion in Brazil reflects a wider trend in Latin American countries of expanding into SaaS, a market projected to swell by 20% annually till 2027.
