E-commerce payments processor, First Data, has dramatically expanded its presence in Brazil with the launch of Bin, the company’s acquiring solution developed specifically for the local market.
Bin arrives in the Brazilian market with agreements signed with the primary card schemes and has already begun its operations with MasterCard for credit, debit and instalment payments, anticipation of credit receivables and other services. Card acceptance with other card schemes such as Visa and Cabal, will be enabled in coming weeks, signalling the start of broader commercial operations.
The launch is the result of the operational agreement announced last January between First Data Brazil and Bancoob, the banking arm of Sicoob, the largest credit union cooperative system in the country. As part of this agreement, Bancoob is the formal acquirer that is responsible for provisioning the card scheme licenses and managing settlement of payments to merchants. Separate from Bin, the bank plans to launch its own acquiring services brand in October to deliver services to more than 300,000 Sicoob merchants using the First Data electronic payment solution.
Merchants will benefit from information-rich statements, an easy-to-use portal, a simplified financial reconciliation process and robust fraud monitoring. In addition to providing standard point-of-sale (POS) terminal options for capturing electronic payments, the Bin solution also features transaction capture via EFT, POSEFT and e-commerce. It also provides a variety of programmed and on demand prepayment products and options.
Debbie Guerra, general manager of First Data Brazil commented: “Our objective is for Bin to be recognized as an easy to use, flexible, secure and accessible electronic payment solution that helps small and medium businesses as well as large retailers and e-commerce companies, to grow.
“With Bin and its focus on electronic payments, First Data Brazil takes its first and most important step toward offering the next generation of an integrated point of sale and commerce solution for merchants.”
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