Brazilian payment gateway provider PagBrazil has recently launched a plugin for eBay owned Ecommerce platform Magento to offer merchants support for Brazilian methods of payment.

With Brazil being one of the fastest growing Ecommerce markets, merchants are looking for ways of offering support to the country. However, with a growth rate of 29% in 2013, it can be difficult for merchants outside of Brazil to offer services due to local payment methods.

Brazil hosts a variety of local credit and debit cards such as Cielo and Itau Unibanco, and alternative payment method Boleto Bancario. PagBrazil’s plugin will give Magento merchants the ability to transact with Brazilian customers by using their preferred local payment methods.

“Responding to merchants’ demands, we are proud to announce the launch of the Magento module. It is an additional component of our strategy to provide merchants with the best in market customer experience. The commitment to our clients and an outstanding customer service is one of the major pillars of PagBrasil’s exceptional growth the past years,” stated Ralf Germer, CEO and co-founder of PagBrasil.

The plugin, which is free of charge to install gives Magento merchants control over certain parameters when dealing with the Brazilian market. Some of the parameters include amount of credit card installments, editing of the soft descriptor, Boleto Bancario expiration dates, and editing of messages for Boleto Bancario forms.

Also visit our report on the top 3 Brazilian payment methods for a full understanding of Brazilian online  Payments  Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term.

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