How Does Bizum for Businesses Work? Everything You Need to Know to Make the Most of It
Although the phrase “I’ll Bizum you” is well-integrated into everyday vocabulary, the payment solution was actually launched in 2016. More than five years later, Bizum has become the preferred option for millions of Spaniards for making payments between individuals.
As soon as the success of the payment service was established, Bizum for businesses became a reality. In 2019, it became possible to process payments in online stores using a Bizum code. This integration opened up new payment avenues in e-commerce, enriching payment gateways with more and more conveniences for customers.
With adaptability in mind, Wannme integrates Bizum among its multiple payment solutions. If you use your mobile to pay friends, split bills, or send money, why not use it for your everyday online purchases as well?
What is Bizum? How Does It Work?
Bizum is a solution integrated into the mobile app of banking entities that facilitates sending money between individuals by entering the recipient’s mobile number and amount. The service is a quick and secure way to make transfers between individuals.
Sending money with Bizum is instantaneous. After just a few seconds, the transfer is completed. Both parties must have downloaded the app of an affiliated bank and activated Bizum. In just two simple steps, any user of a compatible banking entity can start receiving and sending money.
It doesn’t matter if both parties belong to different entities. In fact, Bizum was created by 23 banking institutions coming together to unify payments between individuals.
Therefore, since Bizum has established itself as a payment solution integrated into the habits of millions of Spaniards, integrating it into an online store is a natural step for any business.
How to Use and Implement Bizum for Businesses or E-commerce
Recently, the Basque Government added the option to pay fines or fees using Bizum to its digital wallet. The Basque Government has set a precedent as the first public administration to integrate Bizum as a payment method for administrative procedures.
Examples like this highlight the growing significance of Bizum as a payment method. More specifically, the reach of this platform in any transactional environment.
The journey of Bizum for businesses is shorter than for personal services. However, since 2019, more and more businesses have adopted this tool as a payment method. As a result, over 500 companies now have Bizum among their payment gateways, according to the service itself.
Implementing Bizum for businesses is not difficult. The business must contact its bank that supports the system and proceed to contract the service. There are multiple banks affiliated with Bizum, and the terms of the contract may vary. Consult and choose the option that best suits your business.
Once the agreement with the bank is signed, integrating Bizum into your payment gateway is the task of Wannme. Combine the immediacy, innovation, and ease of Bizum with credit cards or pay-by-link methods. Mix payment methods according to your customers’ needs. Remember, there are over 10 million active Bizum users who demand quick and simple payments.
What Are the Advantages of Using Bizum in Your Business?
The number of “bizumers” is reason enough to integrate Bizum for businesses. However, the benefits of using this payment method in your store are even greater.
- Security: Like Wannme, Bizum also complies with PSD2 regulations, ensuring payment security.
- Simplicity: With just a phone number and an app, any customer can start making payments with Bizum, without needing to enter additional banking details.
- Flexibility: Bizum for businesses is available with major banks in Spain. Customers can use it regardless of which Bizum-affiliated bank they belong to. Additionally, the wide range of entities allows you to compare terms before integrating it into your business.
- Instantaneity: Receive customer payments instantly in your bank account. Bizum users can make payments in under 25 seconds.
- Adaptability: In a scenario where payment methods are increasingly personalized, integrating Bizum responds to the millions of customers seeking fast and secure payment methods.
Bizum for businesses is a service that will become essential for any business, regardless of its size. The ease with which customers can make payments through Bizum is one of its main attractions. Attract more customers and achieve more profits.
If you want to learn how to integrate Bizum into your payment gateway, visit our website and discover all our functionalities. Integration and adaptability have a name: Wannme. Contact us.
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