Bizum for businesses: advantages of its use

You have probably used Bizum in your daily life to send money to someone, split the bill after a night out with friends or a dinner, but did you know that you can integrate this payment method into your business?

We tell you everything you need to know to integrate Bizum among your business’s payment methods.

What is Bizum?

It is a payment tool that has become increasingly popular in recent years, allowing users to make payments easily, quickly and, above all, conveniently through their mobile phones. In recent years, it has become the preferred payment method among friends, as it allows users to send and request money from others who also use Bizum, free of charge and instantly. Nowadays, many businesses also allow their customers to pay using Bizum.

Bizum has marked a before and after in the world of payment systems. A true revolution that, since its beginnings, has continued to grow and increase its number of users. It currently has more than 20 million users worldwide, a figure that continues to rise year after year, along with the number of Spanish banks integrating this alternative.

Although it originally started as a solution for sending money between individuals, it is becoming increasingly common to find this payment alternative in e-commerce. As we have mentioned on multiple occasions, users value having different payment options available during the purchasing process. Therefore, including Bizum among your business’s payment methods will help provide a better shopping experience for customers and increase your sales.

Advantages of Bizum for businesses

These are some of the advantages of accepting payments with Bizum in your business:

Flexibility and convenience

Adding different payment options to your business will give customers greater flexibility and convenience to choose the alternative that best suits their needs. This will create a positive and satisfying shopping experience.

Security

All transactions must be verified through two-factor authentication, complying with the current European PSD2 regulations and reducing the chances of fraud in your business.

Speed

Once authentication has been completed and the transfer request has been confirmed, the money will immediately appear in the beneficiary’s account.

Visibility and trust

It is a payment method already known by a large part of the population, so implementing it in your e-commerce business will generate greater trust and provide more visibility among users.

Maximise conversion

By adding this payment alternative, you will increase your business revenue, both in physical stores and online.

How does Bizum work for businesses?

Bizum is a payment alternative available for all types of businesses, from small companies to large giants such as El Corte Inglés, MediaMarkt or AliExpress.

As it is a payment initiative backed by the Spanish banking system, it has the support of a large number of financial institutions in our country. Only commissions Bizum for businesses has are those that depend on the fees charged by your payment gateway.

The process of making payments with Bizum in any business is very similar to a payment between individuals.

First step is reaching the merchant’s checkout screen and selecting Bizum from the available payment methods. Once selected, we will have to verify the payment through our mobile phone by entering our phone number. Next, we will receive a confirmation of the transaction and, once we validate it, we will receive a notification to confirm the payment, just as the recipient will receive both the payment and the notification.

Which banks offer Bizum for businesses?

Bizum is an initiative created through the collaboration of the entire Spanish banking ecosystem, which is why it is supported by the country’s major banking institutions. Below, we show you the banks that offer this service.

To check whether your bank offers this service, you can consult it directly through your bank’s mobile application.

Is Bizum compatible with all devices?

Bizum has been designed to be compatible with a wide range of devices, allowing businesses and their customers to use this online payment platform conveniently and flexibly. Below are the different ways Bizum can be used across various devices:

• Mobile phones: Bizum is especially accessible through mobile phones. Most banks offer mobile applications that allow users to use and access their Bizum accounts. Through these apps, users can make payments, receive money and manage their transactions with great ease. This allows users to make fast and secure payments with their smartphones, which is ideal for both in-person and remote transactions.
• Tablets: In addition to mobile phones, Bizum is also compatible with tablets. Banking applications designed for tablets usually offer an experience similar to that of mobile phones, enabling businesses and customers to access Bizum and manage their transactions comfortably and efficiently from larger screens.
• Computers: Although Bizum is mainly designed for mobile devices, it is also possible to access this platform through desktop or laptop computers. Some banks offer online platform versions that allow users to manage their Bizum accounts through a web browser. This can be useful for businesses that prefer to make and manage payments using a computer, especially for administrative or accounting tasks.

Accept Bizum payments in your business thanks to PaynoPain

More than 50 payment methods on our virtual POS system

Our online payment gateway offers a wide variety of payment methods while also facilitating compliance with PSD2 regulations through 3D Secure authentication. With the guarantee of being PCI-DSS compliant and offering advanced security technologies such as card tokenisation and our own anti-fraud system.

A simple and very straightforward process for all users. If you sell your products in Spain and have not yet integrated Bizum into your payment methods, get in touch with us and we will help you grow your business.