3 Ways In Which Spiel Can Boost Your Business – The more ways your business has to make and receive payments, the better relationships and finances you will have. Keep reading and find out how SPIE can help your company.

The goal of all businesses is to reach more customers and therefore sell more. However, receiving payments can become a problem if you don’t have the right tools to do it.

Expanding the payment methods in your business is always a good option. You don’t want to tied to a single form of payment (cash, for example), as this can cause you to lose customers and consequently affect your sales, and saying no to a potential buyer creates an experienced, user-friendly nothing.

Accepting card payments, charging monthly without interest and implementing online payment methods (such as payment links ) are essential for business success. Today we will tell you around one more way in which you can make and receive payments in a short time: SPIE.

What Is SPIE?

According to the Bank of Mexico, The Interbank Electronic Payment System (known as SPIE) is “the payment infrastructure of the Bank of Mexico that allows its participants (banks, brokerage houses. Sipos and other regulated financial entities) to send and receive payments to each other to be able to offer their end customers the service of electronic transfers in real-time.”

In other words, SPIE is like great road participants of the Mexican financial system are integrated, from banking entities to users, and in which transactions are carried out under the supervision and care of the Bank of Mexico.

The objective of SPIE is to carry out banking transactions between users (deposits, payments and transfers) even if they are not share of the same financial entity. You can send a transfer to your friends even if they are part of different banks.

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How Does Spiel Work? – Boost Your Business

To carry out a transaction via SPIE. Five steps must taken to maintain the security of all those involved, to respect the rules and laws that regulate the financial system and are overseen by Banco:

The account holder decides which payments they want to make through their electronic banking or mobile application. Different security methods  to validate the authenticity of operations. Such as passwords, tokens, and proof of device possession, among others.

The account holder validates these security methods and keeps evidence of this action.

The account holders’ banking institution prepares the instructions received and adds additional security elements to them. Later sending them to the SPIE of Banco de Mexico.

Banco de Mexico verifies the electronic signatures of the participants and proceeds to process the transaction.

Participants are informed that the transaction has been carried out. And the recipient’s financial institution credits the funds in their client’s account. It sends the information to the Bank of Mexico to generate the Electronic Payment Receipt (CEP).

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Boost Your Business – Advantages For Your Business

As you can see. Carrying out a transaction through SPIE is comfortable, fast. And secure and having the Bank of Mexico corroborating each electronic signature and, therefore. Each transaction carried out through this means. In addition to those mentioned above, these are the three main advantages for your business when using SPIE:

  • Security. The use of different authentication methods. Tokens and the support of the Bank of Mexico give this online payment method a level of protection that few can boast of.
  • Practicality. It doesn’t matter anywhere you are or which financial institution you are affiliated with. You can carry out your transactions from anywhere with an Internet connection and without the need to belong to the same bank.
  • Accessibility. The transactions will reflected quickly;  the commissions for using SPIE are low, so your finances will benefit.

Now that you know all the advantages of using SPIE to make and receive payments in your business. You will surely want to implement it in your company as a different method that allows you to reach more customers. Stay alert because we have a surprise for you to use SPIE most easily at Oyster. Expect news very soon!

In the meantime, learn about s-commerce and the new 3D Secure update; we are sure that these themes will help you optimize your business.