MB Way: Portugal’s preferred mobile payment method
It launched in 2015 as a response to the growing demand for faster and more secure mobile payment methods in Portuguese e-commerce industry, marking a significant milestone in Portugal’s payment landscape.
As an extension of Multibanco, MB Way is a trusted and versatile solution that facilitates seamless mobile transactions, enhancing user experience.
At MultiSafepay, we understand that having the right payment methods tailored to each market is essential for success. That’s why we believe that integrating MB Way is a strategic step that positions your business to connect with millions of Portuguese consumers who rely on this payment method daily.
Let’s dive into how MB Way runs and the benefits it can bring to your business.
MB Way: 5 key benefits for your online business
MB Way is a leading mobile payment solution in Portugal, widely adopted by consumers for its ease of use and secure experience. If you're looking to tap into the Portuguese market, integrating MB Way can offer strategic advantages for your business.
Below, we outline five benefits of integrating MB Way and how it can boost your ecommerce performance.
#1 Increase customer satisfaction: Building trust and loyalty
Providing a familiar payment method is crucial for building trust with your customers. MB Way is widely recognized in Portugal, making it a preferred choice for many local consumers.
By offering MB Way, your business becomes more accessible and trustworthy, what can improve your conversion rates and foster customer loyalty.
This increased satisfaction often translates into repeat purchases, driving long-term growth for your business.
#2 Instant payments: Speed that drives efficiency
MB Way is an instant mobile payment solution that allows customers to complete transactions in just a few seconds. This rapid processing eliminates wait times during checkout, ensuring a smoother purchasing experience.
For merchants, immediate payment confirmation means orders can be fulfilled more quickly, reducing the risk of abandoned carts and improving cash flow.
In a market where every second counts, a smooth and swift payment process is essential to keeping customers engaged and ensuring they complete their purchases.
#3 Enhanced security: Unique PIN authentication for each transaction
Security is a priority for MB Way, and its integration offers a robust solution for safeguarding both merchants and customers.
MB Way uses a unique PIN for every single transaction, minimizing the risk of unauthorized use and potential fraud. This enhanced security feature is critical for ensuring that every transaction is verified and authorized by the customer, building a solid foundation of trust and safety for merchants operating in the Portuguese market.
#4 Chargeback management: a significant advantage for merchants
MB Way’s chargeback management process is beneficial for merchants because chargebacks are not automatically started by customers. Instead, they require merchant authorization, reducing the risk of fraudulent claims.
While chargebacks are generally designed to protect consumers, the way MB Way handles them adds an extra layer of protection for merchants, ensuring disputes are resolved through a controlled process. This reduces the revenue loss due probability to unjustified claims and offers more predictable cash flow management for your business.
#5 Automatic reconciliation: Simplified your financial process
Integrating MB Way with MultiSafepay allows for automatic reconciliation, ensuring that your transactions are accurately matched and recorded without the need for manual intervention.
This automation not only reduces the time spent on routine financial tasks but also minimizes human errors, giving you confidence in the accuracy of your records. By streamlining these processes, you can free up resources to focus on business growth and operations instead of tedious financial oversight—all managed effortlessly through a single, centralized dashboard.
How MB Way works as a payment solution in Portugal
MB Way was launched in 2015 as an innovative response to the growing demand for faster and more secure mobile payment methods in Portuguese e-commerce industry, marking a significant milestone in Portugal’s payment landscape.
Step-by-step: How MB Way facilitates payments
Product selection: Customers browse your online store, choose the desired products, and add them to their cart. As they proceed to checkout, MB Way ensures a seamless and efficient payment experience, making the process easy and convenient for them.
Choosing MB Way: At the checkout stage, customers select MB Way from the list of available payment methods. This choice sets the stage for a secure and streamlined transaction using their mobile wallet.
Unique PIN generation: Customers open the MB Way app on their mobile device, automatically generating a unique PIN for that specific transaction. This PIN is exclusive to each purchase, adding a layer of security that minimizes the risk of unauthorized use.
Payment authorization: When the unique PIN is generated, the customer has 4 minutes to enter it into the MB Way app to authorize the transaction. Once the payment is authorized, the order status in your store’s control panel is automatically updated to “Completed”, providing real-time confirmation of successful purchases.
Instant payments: MB Way processes it instantly, ensuring there are no delays in order fulfillment. Simultaneously, the transaction details are automatically reconciled within your system, reducing manual administrative tasks and minimizing errors. This automation allows merchants to maintain up-to-date financial records effortlessly.
Boost Your Business in Portugal with MB Way and MultiSafepay
Enhance your e-commerce operations in Portugal with MB Way and MultiSafepay.
By integrating MB Way with MultiSafepay, your payment processes will become faster, more efficient, and more secure. This local payment method caters to the preferences of Portuguese consumers, helping to increase conversion rates and improve the shopping experience for your customers.
Ready to grow your business in Portugal by integrating MB Way? Reach us for getting started!
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