Everything you need to know about Banco de Bogotá

With a population of over 50 million and high levels of digital and financial inclusion, Colombia is among the most exciting e-commerce markets in Latin America.

But to succeed in the marketplace and reach Colombian customers online, merchants must be prepared to offer the payment methods that customers know and trust.

One of the most visible alternative payment methods in Colombia for customers who don’t wish to use a credit card is the cash voucher system offered via Banco de Bogotá, one of the country’s leading commercial banks.

How does it work to pay for online orders with cash?  Keep reading to find out more.

What is Banco de Bogotá?

Banco de Bogotá (Bank of Bogotá) is the oldest commercial bank in Colombia, founded in 1870. It operates approximately 650 branches and five corporate service centers throughout the country. 

Among other payment method options, Banco de Bogotá offers a cash-based payment method that allows customers to pay for online orders at one of the bank’s many branches scattered across the country.

How does the Banco de Bogotá cash payment method work?

Banco de Bogotá enables customers to pay for online orders using a simple cash payment. All it takes is heading over to one of the Banco de Bogotá branches directly and paying for orders using a special form for cash payments. This payment method is fast and straightforward – a great choice for Colombian consumers who still like to pay with cash.

Why do merchants and consumers use Banco de Bogotá?

Colombia’s consumer market is a fantastic example of growth across entire Latin America. The country’s population of over 51 million people is mostly banked and embraces many online payment methods such as local credit cards and ACH transfers. But alternative payment methods like the cash-based system from Banco de Bogotá still plays an important role.

Banco de Bogotá is one of many popular cash-based payment method options for making online purchases. Customers can make payments through one of the 650 Banco de Bogotá branches using cash at their branch offices easily.

For online merchants trying to expand to Colombia, adding a payment method that is popular amongst Colombian e-commerce users is a step that opens the door to reaching more customers in the country and in the LatAm region as a whole.

How can merchants start accepting Banco de Bogotá?

To implement Banco de Bogotá in their online stores, merchants should use a payment gateway that supports Banco de Bogotá and other local as well as alternative payment methods. Global payment solutions like PayU help merchants to offer local payment methods from around the world through a single integration, while offering a range of additional payment optimization tools and capabilities.