The Latin American (LATAM) region has witnessed rapid growth in the adoption of digital payments and e-commerce. With this surge, businesses increasingly need reliable merchant account providers to handle both local and cross-border transactions. Below are the top 10 merchant account providers in the LATAM market, offering comprehensive payment solutions for various business needs.
EBANX is a leading payment gateway provider in LATAM, specializing in cross-border payments. It offers merchant accounts to businesses looking to expand into the region, supporting local payment methods such as Boleto Bancário in Brazil, OXXO in Mexico, and other country-specific methods. EBANX is especially popular among e-commerce businesses.
Key Features:
- Local and international payment support
- Easy integration with e-commerce platforms
- Supports over 100+ payment methods in LATAM
- FX management for cross-border businesses
- PayU LATAM
PayU is a global payment solution provider that is also well-established in the LATAM region. It supports multiple payment methods and currencies, making it ideal for both local and international transactions. PayU’s merchant accounts are known for their robust security features and easy-to-use interface.
Key Features:
- Multi-currency and multi-language support
- Recurring payment options for subscription-based businesses
- Easy integration with major e-commerce platforms
- PCI-DSS compliance for secure transactions
Mercado Pago Brasil | Banco Digital
Mercado Pago is part of Mercado Libre, the largest e-commerce platform in Latin America. It provides merchant services for businesses looking to accept various payment methods such as credit cards, debit cards, and local methods. Mercado Pago is ideal for small businesses, freelancers, and large enterprises in LATAM.
Key Features:
- Supports credit cards, cash payments, and bank transfers
- Offers an integrated digital wallet
- User-friendly mobile app for tracking payments
- Highly scalable for businesses of all sizes
PagSeguro is a Brazilian-based payment processing company offering merchant accounts for both small and large businesses. It supports a variety of payment methods, including credit cards, debit cards, and boleto bancário. It’s a popular option for businesses focused on the Brazilian market.
Key Features:
- Point-of-Sale (POS) solutions available
- No monthly fees for small businesses
- Real-time reporting and analytics tools
- Seamless integration with online stores
Adyen is a global payment company that offers comprehensive merchant services in LATAM, especially for businesses that need a unified payment system across multiple countries. Adyen’s platform supports a wide range of local payment methods and currencies in the region.
Key Features:
- Supports over 250 payment methods globally
- Comprehensive fraud protection system
- Scalable solutions for global expansion
- Advanced data insights and reporting tools
Culqi is a leading Peruvian payment gateway offering merchant accounts for businesses in Peru and other LATAM countries. It’s known for its easy integration with various e-commerce platforms and for providing merchants with a simple way to accept online payments.
Key Features:
- Local payment method support
- Recurring billing options
- High-level security features
- Easy-to-use API for integrations
- Openpay
Openpay is a Mexican-based payment service provider offering merchant accounts with a focus on security and ease of integration. It supports various payment methods such as credit cards, PayPal, and OXXO cash payments, making it an ideal solution for businesses targeting the Mexican market.
Key Features:
- 24/7 fraud monitoring and detection
- Supports recurring payments and subscriptions
- Customizable API for seamless integration
- Detailed transaction reports and analytics
dLocal specializes in offering payment solutions across emerging markets, including LATAM. It enables global merchants to accept local payments and supports over 300 local payment methods in LATAM, making it one of the best options for cross-border transactions.
Key Features:
- Supports over 300 local payment methods
- Seamless global-to-local integration
- Multi-currency payment support
- Easy integration with existing systems
- Payoneer
Payoneer is a global financial services company that also caters to the LATAM region, offering merchant accounts for freelancers, small businesses, and large enterprises. It’s particularly known for its international payment solutions, making it easy for businesses to expand globally.
Key Features:
- International and local payment support
- Easy access to local bank withdrawals
- Global currency conversion and payment solutions
- Cross-border payment services for e-commerce businesses
Nubank, one of the largest fintech companies in LATAM, offers merchant services focused on digital financial solutions. Known primarily for its banking services, Nubank’s merchant accounts are ideal for businesses looking for easy digital transactions in Brazil and other LATAM markets.
Key Features:
- Integrated with Nubank’s digital banking ecosystem
- User-friendly platform for small businesses
- Low transaction fees
- Fast processing times for payments
Online Payment Methods in LATAM
The Latin American (LATAM) region has seen a rapid shift towards digital transactions, driven by increased smartphone usage, internet penetration, and government initiatives promoting financial inclusion. The diverse economic landscape of LATAM means that businesses and consumers rely on a wide array of online payment methods, varying from country to country, often shaped by local preferences and regulatory environments. Below are some of the key online payment methods dominating the region.
- Credit and Debit Cards
Credit and debit cards remain some of the most widely used payment methods across LATAM, with Visa and Mastercard being the dominant networks. However, in countries like Brazil, there is a significant preference for domestic card networks like Elo and Hipercard. Cards are often used for online shopping and subscription-based services, offering both local and international transaction capabilities. Many consumers also use installment payment options (“Cuotas”)—a common feature in LATAM—allowing customers to pay in multiple interest-free installments. - Bank Transfers and Boleto Bancário
Bank transfers and country-specific methods such as Brazil’s Boleto Bancário are highly popular, especially in Brazil, Argentina, and Mexico. Boleto Bancário, for example, allows customers to pay for online purchases using a printed voucher, which can be paid at banks, ATMs, or convenience stores. This method is highly popular among unbanked and underbanked populations, allowing businesses to reach customers who don’t have credit cards. - Digital Wallets
Digital wallets have gained significant traction in LATAM, especially among younger consumers and tech-savvy populations. Platforms like Mercado Pago, PicPay, PayPal, and PagSeguro enable users to store funds and make online transactions securely. These wallets offer flexibility in linking bank accounts, credit cards, and even cash payments, making them highly accessible to a broader audience. They are also popular for peer-to-peer (P2P) payments and e-commerce transactions. - Cash-Based Methods
Despite the growing adoption of digital payment methods, cash is still king in many parts of LATAM. To bridge the gap between cash reliance and online shopping, businesses have integrated cash payment methods such as OXXO in Mexico and Rapipago in Argentina. Customers can initiate online purchases and complete transactions by paying in cash at physical locations. This method is essential in regions with high unbanked populations and limited access to credit. - Cryptocurrency
In some LATAM countries, notably Venezuela and Argentina, where currency volatility is high, cryptocurrencies like Bitcoin have emerged as an alternative payment method. Several businesses now accept crypto payments, and there’s growing interest in blockchain technology for cross-border transactions. However, regulatory challenges and infrastructure limitations have slowed wider adoption. - Local Payment Methods
Each country in LATAM has its unique payment preferences. For instance, Colombia has PSE (Pagos Seguros en Línea), which allows real-time bank transfers for online purchases. Similarly, Chile offers Webpay as a leading online payment system, enabling secure and seamless transactions across e-commerce platforms.
In summary, the online payment ecosystem in LATAM is a blend of global, regional, and local payment solutions. For businesses entering the LATAM market, offering multiple payment options is crucial to catering to the diverse preferences of consumers in the region. Understanding the cultural and economic context of each country can significantly improve conversion rates and customer satisfaction.
This added layer of complexity in the payment landscape highlights the need for businesses to partner with payment providers who understand the intricacies of the region and can offer tailored solutions that meet the unique demands of the LATAM market.
Conclusion
Choosing the right merchant account provider in LATAM can significantly impact your business’s growth and financial operations. Whether you’re looking for cross-border payment solutions, local payment methods, or a trusted gateway for recurring payments, the top providers listed above offer the features you need to thrive in the competitive LATAM market.
For businesses that want to expand into the region, focusing on providers with local knowledge, strong security protocols, and seamless integration options is essential. By selecting the right provider, you can ensure a smooth payment experience for both local and international customers, ultimately boosting your business success in Latin America.