What is 7-Eleven?
7-Eleven is a cash payment method realized in 7-Eleven branches. 7 Eleven operates as a one-stop-shop that offers electronic billing, cash withdrawals, deposits to banks, bill payments for utilities like electricity, and top-ups for mobile phones. 7 Eleven operates 1,835 branches across Mexico, open 24 hours a day for customers’ convenience.
How does 7-Eleven work?
During checkout, customers can pick the 7-Eleven payment solution. They need to accept the terms and conditions and click on the button to process the order. On the next screen, they see a receipt with all of the information and can pay. Next, customers select between Oxxo or 7-Eleven, filling out all of the information correctly. By proceeding, they receive a coupon with a barcode that needs to be printed in a laser printer. Customers can then show this coupon at the store of their choice. After completing the payment in cash, they will get two receipts: one stating the amount paid and one for payment verification. Once the payment is matched to the checkout, the merchant quickly gets paid and can ship the product.
Why do merchants and consumers use 7-Eleven?
Given that many Mexican customers don’t have access to credit or debit cards or banking products, 7-Eleven allows merchants to tap into this substantial group of online buyers. For a variety of reasons, cash is still an important payment method in Mexico. Many vendors offer voucher-based services that can be selected during online checkout, allowing customers to get goods delivered directly to their homes and settle the bill with cash at convenience stores that are open at all hours.
However, many international merchants hesitate to add cash payment options because they see little value in offering this service. In markets such as Mexico, where a large percentage of the population is unbanked, credit card penetration is low, and shoppers tend to prefer cash-based payment methods such as convenience store payments. Cash payment methods, including bank transfers and convenience-store payments, are used for almost half of e-commerce transactions in Mexico, so merchants looking to deliver a great checkout experience should provide this type of payment method.
How can I start accepting 7-Eleven?
To implement the 7-Eleven payment method quickly, merchants can implement a payment gateway that includes this option. Teaming up with a payment service provider that has international coverage is the best move to process payments efficiently, enhancing the customer experience and encouraging repeat business from local consumers.