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Which People Can Use Bizum and What are its Benefits? – Companies and Self-Employed

27 de April de 2022

It is a platform that allows instant payments between individuals, which is a good alternative to bank transfers. This platform is compatible with most banks operating in Spainwhich also offers its users to pay for purchases in establishments attached to Bizum, or make donations to an NGO.

In which countries can Bizum be used?

This platform is only available in Spain, because Bizum is an initiative of the Spanish banking. Also, it has the backing of the vast majority of banking entities that operate in Spain. However, there is a way to use this application outside of Spain and that is by using Bizum Internacional. Which is only possible to use on foreign mobiles as long as those phone numbers are associated with a Spanish IBAN.

In addition, people who are already Bizum users will be able to continue doing transfers from any country. However, when making international money movements with this application, the receiver must have a Spanish account.

How to use Bizum for a business account?

Bizum is available for both autonomous and business accounts. But in order for a business to access Bizum services for companies, they will have to contact their bank. Then you have to follow the instructions that must be carried out to integrate the service.

Should a different registry be made for local businesses?

The platform has offered services to companies since 2019, allowing your clients to make a payment instantly and safe in your online store. Nowadays many of the big companies like Decathlon, Iberdrola or Balearia already accept payments through Bizum.

Although the mode for companies works in the same way as the transaction service between people, however, it differs in that It is managed with limitations and commissions. There is a cost of the Bizum service for companies that is not from the bank. If not from the payment gateway that was chosen at the time of the transition. But there are different supplier rates with prices below 20 euros.

person using a phone

The Bizum service for companies has many advantages and differs from the usual service between people. One of them is that the clients of a company will be able to pay directly with the mobile, without using physical money or credit cards. In addition, the payment is instantaneous, which generates a feeling of comfort and reliability for the employer.

Secure payments are also another of the benefits offered by Bizum, this is because it is not necessary to provide bank details of the payer or the collector, therefore, the payments are much safer.

Another benefit of sending money by Bizum is that it is much faster and simpler to make a bank transfer. Since when making a transaction in a bank, you must enter the credit card information on a web page. Being a faster procedure, it allows the flow of sales to be greater.

How can I use Bizum if I am self-employed?

This platform offers its services for both companies and self-employed people, but all those who wish to be users of this platform must meet a number of conditions. In addition, to start using this service you must register with Bizum.

Conditions that must be met

One of the requirements to make use of the service is to have a bank account in Spain with your IBAN code. In addition, said bank must be a member of Bizum. However, the latter is not usually an impediment, since the vast majority of Spanish entities have integrated the service of this platform.

man uses credit card on his phone

How to register for the first time in Bizum?

The first step is to make sure that the bank is part of the list of banking entities that can use the Bizum service. Then you must perform a registration process, in which you will only have to select one of your bank accounts and also accept the corresponding terms and conditions of use. Also, some banks require you to complete one more step to confirm your choice, this is for user security.

How to make my first shipment or payment by Bizum?

Once you have the Bizum service activated in your bank’s app, you can start sending and receiving money instantly, without the need to provide your IBAN or any type of bank information.

Just like the activation procedure, the step you need to take to send money with Bizum to another person, it is different for each bank. This is because this type of transaction is executed through the bank’s app. However, when you access your bank account through its application, in the operations section you will find the option to send payments through Bizum.