What is Bancolombia?
Bancolombia is part of Grupo Bancolombia, an established banking entity in Colombia with over 25 million customers across Colombia and Central America. Bancolombia’s online banking lets customers transfer funds directly through the bank’s website, a secure and efficient online payment method that is popular with e-commerce customers. Bancolombia customers can pay using funds from their own bank accounts, so no credit card is needed to complete the purchase.
As with other online bank transfer payment methods, customers don’t need to manually rewrite data or order transfers. All it takes is logging into the bank account and authorizing a predefined transfer order. When implementing Bancolombia, merchants benefit from swift settlements and reliable processing of their transactions.
How does Bancolombia work?
The online transfer payment method provided by Bancolombia is quick and easy. Once a customer goes through the checkout, they can select Bancolombia as their payment method, and they will be automatically redirected to the Bancolombia website. Once the customer logs in, they see a transfer form that has been pre-filled with all the key details, such as the recipient’s account number and transfer title. All they need to do is check if the data is correct and confirm the transfer. The merchant receives funds immediately.
Why do merchants and consumers use Bancolombia?
With over 16 million customers in Colombia alone, Bancolombia is one of the country’s largest banks. Accepting Bancolombia helps merchants to offer an immediately recognizable and popular online payment option to reach customers who may not use international credit cards or other global payment methods.
Bancolombia also has operations in Panama, Guatemala, and El Salvador – making it an important regional financial institution and online payment method in multiple Latin American countries.
E-commerce companies can use this fast and convenient method to improve their checkout process and provide local customers with an option for paying that they know and trust. This payment method also allows merchants to accept payments from customers who don’t have credit cards but prefer to pay through their bank accounts. Customers can use their existing bank account and internet banking services to confirm the transfer, so there is no need to open new accounts or remember additional passwords.
How can merchants start accepting Bancolombia?
To use the Bancolombia online transfer payment method, merchants should implement a payment gateway that can accept payments from Bancolombia and other local banks. For international merchants, enabling local payment methods like Bancolombia without a payment gateway would require setting up one-off local acquiring relationships with each individual financial organization.
By working with a global payment provider (like PayU) that has those local acquiring relationships in place already, merchants can immediately offer hundreds of local, global, and alternative payment methods to customers in any market around the world.
PayU is deeply rooted in Colombia and other Latin American markets, and offers merchants the opportunity to instantly enable a wide range of local payment methods which are popular with customers in the region.