Brazil: A World of Opportunity

As one of the top ten richest countries in the world, with one of the fastest-growing eCommerce markets, Brazil represents a great opportunity for businesses in the United States to access a rapidly expanding market.

Why Brazil?

With over 209 million consumers and a GDP of 1.87 trillion USD, Brazil is the ninth richest country in the world, and one of the fastest-growing eCommerce markets worldwide. Currently, Brazil has 66.4 million consumers who shop online, drawing in a revenue of 21 billion USD from eCommerce purchases. Between 2018 and 2022, online sales are expected to grow by almost 11 percent annually, with revenue from eCommerce consumers expected to exceed 31 billion USD by 2022, representing a tremendous opportunity for merchants and ISOs in the United States.  

Barriers to Entry

If you are an enterprise-level business conducting international eCommerce, Brazil is a viable and profitable market to tap, however, significant barriers to entry are frequently encountered. Some of the most common barriers faced by businesses trying to expand into the Brazilian market include understanding local laws, regulations and tax requirements, lacking a physical presence, cultural barriers, and finding the right partner(s) to gain access.

Benefits of a Brazilian presence

In Brazil, 69% of online payments are made by credit card, however, the vast majority of these transactions are via local credit cards, with only 20% of Brazilian consumers possessing international credit cards. With the majority of the Brazilian market not having access to international credit cards, providing payment acceptance for domestic payment methods is crucial. By having a legal and physical presence in Brazil, this facilitates your business’s ability to offer solutions for domestic payment methods, enabling your business to make the most of this burgeoning consumer class. 

A local presence can also assist your business in attaining an in-depth understanding of compliance with local laws and regulations, ensuring secure and reliable processing and settlements. Similarly, knowledge of tax requirements in Brazil can help simplify the complexities of the taxation system, allowing your business to price your products and services competitively. Lastly, local knowledge of the culture and economy can also help facilitate cultural assimilation and eliminate cultural barriers, optimizing your business’s presence in the Brazilian market. 

Payscout Brazil

Payscout Brazil is a licensed Payment Service Provider (PSP) established in São Paulo in 2013. Our physical presence in Brazil affords your business access to a full range of domestic and international payment methods, including domestic credit and debit cards, Visa, Mastercard, Boleto Bancário, Bradesco Comércio Eletrônico, Banco do Brasil Comércio Eletrônico, Banrisul, and Banricompras. Payscout Brazil provides both POS and eCommerce solutions, along with its best-in-class fraud solution, Gumshoe, which offers the risk mitigation and stability essential for cross-border and eCommerce international payments. 

To learn how you can access this booming market of over 200 million consumers, visit payscout.com/brazil or contact sales@payscout.com!

Merchant Spotlight: Bolinha Restaurant

Payscout is powering payment solutions for one of the oldest and most prestigious restaurants in São Paulo, Brazil: Bolinha.  In this Merchant Spotlight feature, we explore delicious Brazilian feijoada and learn how Payscout is supporting entrepreneurs globally.

Bolinha was founded in 1946 when a taxi driver named Affonso “Bolinha” Paulillo bought a little bar in the Jardins area of São Paulo, Brazil.

The Brazilian restaurant primarily served pizzas and a la carte menu items up until 1952, when Paulillo first served his version of the traditional Brazilian dish, feijoada, to his friends to celebrate the victory of his soccer team.

Feijoada is a dish that consists of a stew of black beans with various types of pork and beef, served with farofa, white rice, braised cabbage, sliced orange, and other accompaniments.  His friends enjoyed the dish so much, it was added to the Wednesday and Saturday menu at Bolinha, and since 1976 it has been served daily.

Bolinha’s feijoada is internationally renowned and prepared in the traditional way, in the same wood burning stove since 1946.  It is served in two versions, traditional and light, with ten different garnishes.  It is recognized and awarded as the best feijoada in Brazil.

Today, Bolinha Restaurant is managed by brothers José Orlando and Paulo Affonso Paulillo, who learned the business from their father, Affonso Paulillo, the original “Bolinha.”

The tradition and culture that are reflected in Bolinha’s cuisine are the same ingredients in Payscout’s recipe for successfully supporting global entrepreneurs:  It all starts with culture.

By engaging international merchants with cultural empathy, by learning about the history and tradition behind Bolinha’s authentic Brazilian fare, Payscout powers the customized solutions that drive continued success for Bolinha’s point-of-sale payments solutions.

So the next time you’re in São Paulo, Brazil, don’t forget to sample the traditional, authentic Brazilian fare at Bolinha Restaurant – and remember that cultural empathy is the key to supporting the entrepreneurial dream.