Payscout, Inc., a global payment processing provider, today announced receiving its Payment Service Provider (PSP) license for the Payscout Brazil division through Global Payments, Inc., a leading worldwide provider of payment technology services. Payscout has been processing with various partners in Brazil since 2012. Now, the Brazilian market is on the rise, and merchants who want to tap into that market will need to establish Brazilian payment methods. “This is an excellent opportunity for entrepreneurs who want to reap the benefits of being a part of the Brazilian marketplace,” said Cleveland Brown, CEO of Payscout, Inc.
Consumer spending in Brazil has been substantially lower for the past two years thanks to rising unemployment and increased inflation. With 59% of Brazilians experiencing a decrease in purchasing power, consumers are being forced to adapt to a new economic environment. Although the political and economic crisis hit Brazil hard over the past few years, revenue from ecommerce sales has nevertheless risen to $9.75 billion.(1) Latin America is expected to remain the fourth-largest region for total retail ecommerce sales, with Brazil as the leader through 2019—making it the ideal time for more global companies to expand into this region.(2)
Brown noted that total percentage of retail ecommerce sales in Brazil alone, according to eMarketer’s figures, is expected to grow from $22.12 billion in 2016 to $29.65 billion in 2017. “We’re excited to have our PSP license for Payscout Brazil and proud to offer all major POS and online payment methods for our merchants,” said Brown. “Now that Payscout Brazil is officially licensed with Global Payments, we will board directly—without additional processing partners—and this will expedite our access and availability to the market.”
If a payment processing provider wants to provide merchants a way to offer online payment solutions to its customers, it must first obtain a PSP license. The process of doing so is stringent and fairly complex, and there are strict rules that must be fulfilled by applicants before they can achieve PSP status.(3) Payscout received its PSP license for Payscout Brazil in late December, 2016, and Global Payments gave it the production key to start operating in January, 2017. Payscout now owns the rights to directly provide services to its Brazilian clients.
As a leading merchant services provider in Brazil, Payscout offers all major point-of-sale (POS) and online payment methods. Payscout’s payment methods include Boleto Bancário, the Cielo Network (Visa, Mastercard, Ello, American Express, Dinner, Aura, JCB, and Discover), domestic credit cards, Brazilian debit cards, Banco do Brasil Comércio Eletrônico, and Bradesco Comércio Eletrônico (for “TEF” wire transfers). “Payscout’s main goal is to ensure that POS transaction times are faster,” stated Brown. “By decreasing transaction processing times, we support the entrepreneurial dream and increase our clients’ productivity.”