Integrate Multibanco and boost your business in Portugal

Are you thinking about expanding your business to the Portuguese market?

Integrating Multibanco into your payment process is crucial to achieving this goal, given that Multibanco is a key payment in the lives of millions of Portuguese consumers.

Multibanco: the leading payment solution in Portugal 

Launched by SIBS (Sociedade Interbancária de Serviços) in September 1985 with just 12 ATMs in Lisbon and Porto, Multibanco revolutionized electronic payments in Portugal. Today, with over 60% of online transactions processed through Multibanco, its importance in the market is undeniable. 

If you're a merchant looking to expand your business in Portugal, integrating Multibanco is more than just a choice—it's a strategic move. Aligning your business with consumer expectations and behavior is crucial for success, and integrating Multibanco does just that.  

Partnering with MultiSafepay makes integrating Multibanco seamless and straightforward, giving you direct access to the Portuguese market. Smooth onboarding and integration keep you ahead of the competition by quickly adding Multibanco to your checkout.  

Increase your sales and enhance customer satisfaction through Multibanco. 

5 key benefits of integrating Multibanco in your checkout 

Integrating Multibanco into your checkout provides important advantages for businesses looking to target the Portuguese market..  

Here’s why adding Multibanco through MultiSafepay brings you key benefits: 

#1 Extend your market reach with consumer trust 

Multibanco is not just one the most popular payment method in Portugal—it’s a cornerstone of consumer trust. By integrating Multibanco into your checkout process, you tap into a payment system that most Portuguese consumers already know and rely on.  

This familiarity enhances your credibility in the market, making it easier for customers to choose your store over competitors. Offering this preferred payment method increases conversion rates, reduces cart abandonment, and boosts customer loyalty. 

#2 Safeguard against wrongful chargebacks 

Chargebacks are sometimes a necessary tool to protect consumers, but they can also be misused, leading to unnecessary financial losses for merchants.  

With Multibanco, you gain an added layer of protection as it minimizes the risk of wrongful chargebacks. Customers cannot start unilateral disputes as easily, safeguarding your business from fraud while maintaining financial security and lowering administrative burdens related to dispute resolution.  

#3 Automate payment reconciliation for better efficiency 

Integrating Multibanco with MultiSafepay simplifies and automates the entire payment reconciliation process.  

By eliminating the need for manual reconciliation, you save valuable time and resources, enabling a smoother workflow and greater operational efficiency. 

 MultiSafepay’s detailed reporting tools give you a real-time view of cash flow, making financial management easier and more precise, which is key for making strategic decisions that drive growth. 

#4 Seamless integration with MultiSafepay 

Adding Multibanco to your payment methods doesn’t have to be complex. 

MultiSafepay ensures a smooth and efficient integration into your existing platform, minimizing any disruptions to your business operations. This allows you to quickly offer your customers their preferred payment method.  

Furthermore, with MultiSafepay, you manage all transactions via a centralized dashboard, simplifying your administration and providing clear insights into your revenue stream. 

#5 Capitalize on a majority payment method in Portugal  

Multibanco is used by a vast majority of Portuguese consumers, making it an essential payment option for any merchant targeting this market.  

As more businesses expand into Portugal and even the broader Iberian market, integrating Multibanco ensures that your store aligns with local payment preferences, giving you a competitive edge. By offering this widely trusted payment method, you ensure that your business is well-positioned to attract and retain customers across Portugal. 

In short, incorporating Multibanco not only simplifies operations but also aligns your business with local consumer expectations, making it a strategic move for long-term growth. 

How Multibanco works 

Multibanco is a reliable and secure payment method that allows customers to complete payments either via an ATM or online banking.  

For merchants, understanding the payment flow is key to ensuring smooth transactions. Below, we outline the main steps involved when customers use Multibanco: 

1. Reference number generation 

When a customer makes a purchase in your online store, a unique reference number is automatically generated for their order. This reference number is essential for the customer to complete their payment, as it links the transaction to their specific purchase. 

2. Flexible payment options 

Customers can pay for their order using the reference number through their online banking platform or at an ATM.  

Paying through online banking results in immediate payment confirmation. However, if the customer chooses to pay at an ATM, the payment may take two or three days to be processed and confirmed.  

This flexibility is an advantage for customers, but merchants need to be aware that the payment confirmation might not be instant, when using ATMs. 

3. Handling pending payments 

When a customer selects Multibanco, the order status remains "Pending Payment" until confirmed. Merchants should keep the order open, as reference numbers typically expire within 72 hours. 

If the payment isn’t completed in this timeframe, the order status changes to “Expired,” and the transaction is automatically canceled.  

Merchants should communicate this clearly to avoid customer confusion. 

4. Payment synchronization and order status 

Once the customer completes the payment—whether through online banking or ATM—the payment is synchronized in your store's system. This ensures that the order status is updated to reflect the payment has been successfully received.  

MultiSafepay facilitates this process by ensuring that payment updates are automatically reflected on your dashboard, providing real-time visibility into your orders. 

5. Order Shipment 

After payment confirmation and the order status update, you can go ahead with shipping the product to the customer.  

Thanks to the automated synchronization through MultiSafepay, you can quickly verify payment and ensure efficient order fulfillment. 

Understanding these steps and implementing Multibanco correctly in your checkout flow is essential to improve payment processing and provide a better shopping experience 

Multibanco and MultiSafepay: the boost your business needs in Portugal 

Integrating Multibanco with MultiSafepay is more than just a payment system upgrade; it's a pathway to excellent business stability and growth. This combination of reliability and ability is basic to achieving sustained and secure success in the competitive Portuguese market. 

Take the step towards Multibanco and MultiSafepay. Contact us today to start transforming your payment strategy and face the market in Portugal. 

                               Face the Portuguese market now with Multibanco> 

 

 

 

 

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