Boleto Bancario (or simply Boleto) is the largest Brazilian payment system in Latin America, with over 8 million users. It's also the most widely used payment method in Brazil, accounting for over 40% of all online transactions in the country.
The system has been around since the 1990s. Originally it was designed for cash payments but, with the popularity of online payments, has adjusted to allow for transfers between bank accounts and to make payments using their bank accounts or debit cards.
Boleto lets merchants send invoices to their customers via email, text message, or social media. The Boleto invoice includes a unique code that allows consumers to pay the invoice online at any time during the stated period (usually 10 days).
When a customer pays using Boleto Bancário, they're presented with two options: paying in full now or paying by installments over time (with interest). Each installment is paid directly into your account at the end of each month until they've paid off their entire balance.
Once you create an account with Boleto and deposit funds into it, you can create an invoice in just a few clicks. You can also customize your invoice by adding your logo and contact information as well as set up recurring payments for clients who pay on time every month. When setting up recurring invoices, you have the option of choosing which days of the month they should be paid on if there are multiple due dates per month (e.g., monthly rent).
Boleto is accepted in over 20 countries worldwide, including Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, and Ecuador