One of the main global markets
According to the study by the Spanish PayRetailers, establishing payment gateways to grow in LATAM allows us to go from processing $300.000 a month to $1.200.000 in just two months.
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La expansion of international companies in Latin America It is one of the great challenges to cover one of the main global markets. Composed of more than 600 million people and, according to the AMI (Americas Market Intelligence), online sales volume Latin American market will grow 29% until 2024 creating numerous business opportunities. Despite this, monetary diversity and different behaviors when it comes to consuming sow uncertainty in global business plans.
However, in this context and based on technological development, The use of payment gateways has multiplied among Spanish companies with commercial interests in Latin America, taking greater prominence in recent years. Payment providers are increasingly important for companies with international objectives; and proof of this is that the use of these platforms can triple the annual growth of a company, that is, grow up to 200%, as transactional processes are accelerated and the security of financial movements is reinforced.
According to the study of the Spanish PayRetailers, establish payment gateways to grow in LATAM allows you to go from processing $300.000 a month to $1.200.000 in just two months. An annual growth rate that increases up to 200% thanks to the payment processing and technology offered by the Barcelona company.
These types of gateways simplify the process when purchasing a product or service when it occurs between countries with different currencies, offering numerous payment methods that avoid any currency incompatibility. Something that, when talking about the Latin American market, is very common. It must be taken into account that depending on the country there is a currency, with special attention to countries such as Mexico, Brazil or Argentina. And, in addition, there is also a different regulation that slows down and further complicates the entrepreneur's expansion plan, which is why mechanisms such as gateways are essential when talking about growth.
It is estimated that in 2025 the e-commerce market throughout Latin America will exceed 105.500 billion dollars, which would mean a growth of more than 20.000 billion in a few years
In addition, payment platforms, as recognized within the sector, offer greater security. Faced with the fear of fraud that may arise due to ignorance of the regulations or even lack of proximity to local acquisition methods, payment gateways monitor transactions and allow instant control of these cross-border movements. A cluster of solutions that, as the Spanish company PayRetailers has verified, can be a increase in the annual growth rate of up to 200%.
The most recent example that the company has is in 1XBET, a sports betting platform that operates in 50 countries around the world and that experienced a commercial explosion during the pandemic thanks to local expansion, (download the success story.) Online betting multiplied and the company was forced to integrate a payment gateway that will strengthen your international clientele.
PayRetailers is one of the reference payment gateways in the sector. Despite highlighting its European character and its Spanish roots, since the company was born in Barcelona and has also spread to Madrid, its expertise is in the Latin American market. “The options that Latin America offers for business expansion are numerous, but to do so we must be clear about the difficulties such as legal ignorance, monetary diversity and payment traditions that exist in society,” he indicates. Rodrigo Puig-Mir, Chief Strategy Officer at PayRetailers, Spain.
Its objective is none other than to help international merchants expand their businesses in the emerging markets of Latin America, in addition to promote financial inclusion in the region. The platform offers end customers more than 250 payment methods, operating strategically based on the markets to which each business must address, thus allowing us to offer secure and efficient payment solutions. In this way, the panorama of transactions throughout Latin America is updated and renewed, allowing the growth of the economy and the emergence of new international business opportunities.
Despite the global inflation caused by the invasion of Ukraine and the slowdown in the economy of the main powers, countries like Argentina foresee an increase in GDP in the coming years. Furthermore, it is estimated that in 2025 the e-commerce market throughout Latin America will exceed $105.500 billion, which would mean a growth of more than $20.000 billion in a few years.