In Colombia, PSE bank transfers have become the standard for online payments, while cash-network payments still play a meaningful role in e-commerce for consumers who prefer cash. Efecty is a leading cash collection operator with a nationwide network of collection and remittance branches: after placing an online order, consumers pay in cash at a nearby branch using the reference code they were issued, completing the transaction.

In Colombia, where a significant share of consumers do not use bank accounts or cards, this is especially effective for merchants selling low-cost, mass-market products such as games, digital content, and everyday commerce. Running PSE for consumers with bank accounts alongside Efecty for cash-preferring consumers effectively extends payment reach across the entire Colombian consumer base.

When a consumer selects Efecty at online checkout, a reference code (referencia) is issued. Within the validity period, the consumer presents the code at an Efecty branch counter and pays in cash; once payment is confirmed, the order is finalized. Since code issuance and payment confirmation are handled online and only the payment step happens at a branch, you should also design order-handling logic that automatically expires unpaid orders.

By integrating with Hecto Financial, Korean merchants can consider adopting Efecty cash payments in Colombia without entering into a direct collection agreement with Efecty. Whether integration is available and the terms (settlement cycle, fees, settlement currency) vary by industry and transaction volume, so these should be confirmed before signing a contract.

• Business registration country

  Confirm whether a contract is available for merchants registered in Korea

• Sales channels

  The integration method and priority vary depending on your online sales channel mix, such as owned mall, open marketplaces, or mobile apps

• Product categories

  Check in advance whether your products fall under categories restricted by Efecty's collection agency policy

• 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)

Cash paid at Efecty branches is received by Hecto Financial in COP, converted, and settled to the Korean merchant in one of USD, KRW, or JPY as chosen in the contract. The settlement cycle and fees follow the contract terms. Because of the nature of cash collection, there is no automatic refund path to a consumer's account, so it is important to define the refund process and timeline separately at the contract stage.

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