In Mexico, even customers without a card can pay via a reference number at their primary bank's branch counter or app, and this bank collection practice forms one pillar of online commerce. Even after BBVA merged the Bancomer brand into BBVA in 2019, it retained one of the largest branch networks and customer bases in the country, so its payment channel broadly covers the middle ground between convenience store cash payments and direct bank transfers.

The BBVA payment channel suits sellers of travel or education services where transaction amounts are too high for convenience store cash payment limits, or stores whose customers, largely in their 30s to 50s, prefer payments that leave a bank record. As with convenience store cash payments, this is a reference-number-based method, so the lag before payment confirmation needs to be factored into order management.

When a customer selects BBVA (Bancomer) payment at checkout, a bank collection reference number is issued online, and the customer pays with cash or account funds using that number at a BBVA branch counter or through the banking app. Once payment is confirmed in the bank's system, the result is relayed to the merchant and the order is finalized. Given that some orders end up unpaid after the reference number is issued, an expiration policy is necessary.

Korean merchants do not enter into a direct collection agreement with BBVA Mexico; instead, they review whether this payment channel is supported within Hecto Financial's integration scope. Bank collection network-based methods have operating conditions that vary by industry and transaction amount, so prior consultation is a prerequisite.

• Business registration country

  Confirm contracting eligibility as a Korea-based business

• Sales channels

  Integration approach and priority vary depending on your mix of online sales channels, such as owned storefronts, marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed on whether your business falls under a restricted category per Bancomer's merchant policy

• Local regulatory compliance

  Confirmation is needed on compliance with Mexico's payment and foreign exchange regulations (see official sources below)

Funds paid to the bank are aggregated in MXN and then converted, settling in a single currency of USD, KRW, or JPY as designated in the contract. Because payment confirmation, collection, conversion, and settlement each happen in sequence, the settlement cycle is affected both by the contract terms and by the timing of payment confirmation. Refunds are processed through a separate payout procedure rather than a cancellation of the original payment, so build the required lead time into your CS policy.

• Bank of Mexico (Banco de México); National Commission for the Protection and Defense of Financial Services Users (CONDUSEF)Bank collection and payment system regulations are overseen by Banxico, while financial consumer complaints are handled by CONDUSEF. If there is any discrepancy, defer to the official sources.