Not all fintechs operate on their own, some partner with banks to gain experience and stability in the sector, offering in exchange the flexibility and innovation characteristic of these platforms. Such communion happens in InstaPago, a gateway in alliance with Banesco and that serves as an alternative for entrepreneurs who sell online and want to charge with Visa and Mastercard cards. How does it work and what advantages does it have? We tell you more in this note.
What is Instapay?
Instapago is a company that emerged as a technological solution to facilitate payments for products and services online in Venezuela. This gateway allows businesses to process and monitor payments in bolivars with bank cards, thanks to an alliance with Banesco en Línea.
It is an alternative that adapts very well to ecommerce –online stores– and to those businesses that, in addition to physical payments, have developed digital sales mechanisms. The customer chooses his products, adds them to his cart and pays with a few simple clicks.
For now, the platform processes Visa and MasterCard credit cards from any bank, and it is expected to include AmericanExpress soon. Currently they also provide points of sales and offer a mobile payment for companies.
Instapago can be installed on a web portal or a mobile application through the company's API. But before reaching that instance, the user already had to have registered on their website.
Who can use this platform? Requirements
Requests for points of sale and other services are channeled directly on the Instapago website. In the case of the online payment gateway, the service is open to everyone, not just businesses.
The user must enter the website "https://banesco.instapago.com/”, register and complete the basic information requested by the company. It is a sine qua non requirement that you have an account at Banesco Banco Universal. You must also have:
- Own domain
- SSL certificate
- Own source code or access to it
- Hosting on your own server or third parties
InstaPago is compatible with all web languages and mobile platforms on the market (PHP, Java, Asp.net C# or VB, Ruby, Objective-C, etc).
The SSL Certificate, an acronym for Secure Socket Layer, is a security protocol that allows user data to travel safely, encrypted and encrypted. Therefore, it is totally mandatory to have a certificate of this type to use InstaPago.
How much does it cost to use Instapago?
The service is completely free for affiliated businesses. The rates and commissions are stipulated directly by the bank that the user (buyer) chooses to carry out the operation.
Depending on the business activity, fees can vary between 2,4% and 5,3% of the value of each transaction processed.
How to use Instapay?
It all starts with the registration on the web https://banesco.instapago.com/ or by sending an email to the following address: [email protected].
If you want to register as a company, the data you must provide are these:
- Company name
- Comercial activity
- Web
- Contact
- Telephone
Remember to have all the requirements described above. Once you complete the registration, you will be able to integrate InstaPago through its Application Programming Interface (API).
By interacting with the API, you will receive a public connection key, which is basically a token that identifies your merchant and/or user when you are making a transaction with InstaPago. Then you will have to create another private key that will identify the application that interacts with the API.
If you want to know the rest of the route to use InstaPago, the company recommends following this letter to the letter installation guide. It is also important to mail [email protected] the URL where the integration was performed and the URL where you installed your SSL certificate.
If necessary, provide a username and password to perform the certification tests, which is sent to the bank as part of the requirements to grant a commercial affiliation.
How soon are the funds cleared to my account?
Assuming that you have an ecommerce and sell several products in bolivars, you will not be able to withdraw the funds daily. As InstaPago explains, the settlement time of the charges made is defined by the bank and all part of the rules agreed from the beginning.
In general, according to estimates from this fintech, disbursement times vary between approximately 4 to 5 days.
How to get a point of sale?
To obtain a point of sale, the merchant must contact the InstaPago email ([email protected]) or write to WhatsApp. Once the contact has been made, the company will indicate the requirements to be recorded.
InstaPago offers two types of points of sale (POS), one called "New Pos 6210", which has integrated communication modules such as WiFi and Bluetooth; and the “New Pos 8210”, which has Visa, PayWave, MasterCard and PayPass certifications; ticket printer, magnetic reader and wireless connection.
Advantages and disadvantages of using InstaPago
All payment gateways have their pros and cons, and InstaPago is no exception. Let's see which are the main ones:
Advantages
- Agile and secure payment method for users
- API integration is free.
- It does not charge for monthly maintenance.
- Better user charging experience.
- In addition to companies, it is also available to natural persons.
Disadvantages
- You have to have a Banesco account
- Operates only with bolivars
- Withdrawals are made up to 4 days after
As you can see, InstaPago is a company that has been diversifying its technology to offer different payment mechanisms to its customers. In future articles we will show you fintech and platforms similar to InstaPago, as well as exchanges and virtual wallets that have gained ground in Venezuela.
