Colombian e-commerce runs on PSE bank transfers as the standard alongside cash collection networks, and the nature of cash payment points varies by provider. Baloto uses the nationwide retail terminal network (Vía Baloto) of a lottery and gaming business as its collection point, which gives it an accessibility advantage over a specialized collection-counter network like Efecty: consumers can pay at supermarkets and retail stores they already visit routinely.

For product categories with high purchase frequency and low order value, such as everyday necessities or mobile top-ups, or for merchants with a large share of customers in smaller regional cities, Baloto's payment points can meaningfully contribute to online order conversion. Whether to use only one cash network or run it alongside Efecty is best decided based on your target region's distribution.

When the consumer selects Baloto at online checkout, a payment code is issued, and they present that code at a retail outlet with a Vía Baloto terminal to pay in cash. Once the terminal registers the payment, deposit confirmation is sent to the merchant and the order is confirmed. Unpaid codes expire after their validity period, so an order hold and expiration policy is also needed.

Businesses registered in Korea can consider adopting Baloto collection payments through Hecto Financial without a separate local contract in Colombia. Actual coverage, fees, settlement cycle, and currency options vary by business category and transaction volume, so a prior consultation is needed.

• Business registration country

  Confirm contract eligibility for businesses registered in Korea

• Sales channel

  The integration method and priority vary depending on your online sales channel mix — own site, open marketplace, mobile app, etc.

• Product category

  Check in advance whether your business falls within the categories the Baloto network can handle, and its per-transaction payment limit

• Local regulatory compliance

  Confirm compliance with Colombia's payment and foreign exchange regulations (under the jurisdiction of Banco de la República and the SFC) (see official sources below)

Funds collected via Baloto terminals are likewise received by Hecto Financial in Colombian pesos, then converted and paid out to merchants in Korea in whichever currency — USD, KRW, or JPY — is set under the contract. Since a cash payment method makes refunding via original-transaction cancellation difficult, please confirm the refund path and processing timeline specifically in the contract.

• Central Bank of Colombia (Banco de la República) and Financial Superintendency of Colombia (Superintendencia Financiera de Colombia)Official information on Colombia's payment systems and financial institution supervision. If this page's content differs from actual regulations, the official sources take precedence.