If you are selling in a Mercado Libre or you want to start selling, it is of the utmost importance that you know How to operate and receive money in the market place.
In this case I will talk about the different ways that you can use to receive your payment on Mercado Libre.
As I said before, I already have several years of experience in this auction site, with different accounts (since I use one account for each niche market) with which I have the rank of Market Leader.
In the course of these years some of the policies for collecting products have been modified, and it is the obligation of each seller to adjust to these policy changes, even if we do not agree with them.
Currently the preferred method of payment in Mercado Libre is its own online payment system, which is called MercadoPago.
In fact for many categories of articles, the payment through Market Payment is already mandatory, or is that Mercado Libre no longer allows you to charge directly, unless the copraper lives in your city and you deliver at a certain point in which they agree.
Another new function of Mercado Libre is Mercado Envios, which is a shipping system which has preferential rates for sellers.
This has been a great improvement, since when your customer buys, Mercado Pago automatically charges the cost of the product plus the shipment, once the payment has been received, the system allows you to print the label for the shipment.
At least for Mexico the shipping options of Shipments Market are DHL and FedEx, so that, once the label is printed, it is enough that you take the product to the corresponding parcel.
The process is the following:
1.- The buyer clicks to buy your product
2.- MercadoPago will give you several options to make your payment which are: credit card, bank deposit, deposit in a convenience store.
If the buyer selects a bank deposit or deposit in a convenience store, the payment process takes about 24 hours for MercadoPago to notify you that the product has already been paid.
3.- Print the label for shipping and take the product to the messenger
4.- The system detects that the product is already on the way and notifies your buyer
4.- Once the buyer receives your product, if the buyer immediately qualifies you, Mercado Envios will release the payment. If you do not qualify immediately then after 2 days of receipt the product Shipping Markets will release the payment.
5.- From that moment, it is when you can withdraw your money towards a checking account; this may take one to two business days.
As you can see this process is already highly automated, which greatly facilitates the sale process.
Before we had to wait for the buyer to qualify for Mercado Envios we would pay the payment, but many of them took days because they did not know that the qualification was so important, or simply forgot them; which meant that for us money would be held for a long time.
Now, MercadoPago makes everything flow in an automated and more convenient way for both parties
- If at the moment you are starting to sell in Mercado Libre and you do not have a good reputation, this service can help you generate your first sales, since it works as an escrow system (you do not receive payment until the buyer receives its product and releases the same), thus minimizing the risk to the buyer.
- If you sell or plan to sell high-priced products, MercadoPago allows the buyer to pay in monthly installments, at the same time that you receive the total cash price, for me it is the biggest advantage
I’ll drop a better tutorial on how to start and succeed on this site from any part of the world.