Stripe integrates two popular Mexican payment methods
Stripe has been building financial infrastructure tailored to Mexico for years, an effort it recently enhanced with the integration of two popular Mexican payment methods: bank transfers and installment financing called Meses Sin Intereses (interest-free months).
Mexico has complex business and credit card regulations, a wide range of preferred payment methods, and the ecommerce market contends with fraud rates that greatly exceed the global average. It is nearly impossible for businesses to navigate these obstacles on their own. Partnering with Stripe and its team of Mexican experts means they do not have to.
Stripe accepts the most widely-used payment methods in Mexico, including popular online and in-store cash-based methods, and Meses Sin Interes, which allows credit card users to split purchases over multiple months. Offering a seamless MSI checkout can require finding a UX/UI designer and a developer, but Stripe users only need to change settings in the Stripe Dashboard—no code required.
Bank transfers are another new feature. They are the heart of global money movement but cause substantial operational friction: Businesses can spend hundreds of hours on transfer confirmations, reconciliation, and refunds. But not businesses on Stripe. Bank transfers are now part of the Stripe Payment Intents API, featuring auto reconciliation and refund support, and can be used with Stripe Invoicing, Billing, and Connect.
Along with this expanded suite of payment options, Stripe is speeding up payout times in Mexico. Eligible users can now get paid in three days, providing businesses with a healthier cash flow during a period of economic slowdown.
Stripe’s suite of products includes Radar, which uses machine learning algorithms trained on billions of transactions on the Stripe network to sort legitimate transactions from fraudulent ones. From 2019 to July 2022, Radar saved merchants in Mexico nearly $250 million in potential fraud. Radar is fully integrated into Stripe accounts and makes it easy for even non-fraud experts to make sense of their risk evaluations.
It is one more way Stripe functions as an all-in-one solution for thriving in the Mexican ecommerce market.