How to split accounts in Mercado Pago

The installment payment slip in Mercado Pago is one of the services provided by the Mercado Livre digital wallet, offering users the possibility of dividing the payment of bills and taxes up to 12 times, bringing relief to those who do not have the full amount in hand. pay off the debt at that time.

Installment of accounts in Mercado Pago

Released in 2020 by the company, the installment of accounts in Mercado Pago can be done by anyone in the Android and iOS application, as long as the user has a credit card registered on the platform or has Mercado Credito activated in their digital account.

Using the function, you can split payment slips, such as those generated in online purchases and other types of transactions, in addition to public taxes whose payment is accepted on the platform (IPTU, IPVA, DAS etc). Consumption accounts (water, electricity, gas, telephone, pay TV and others) can also be split over several months.

Installment interest, hours and compensation term

The installment payment slip can become an interesting alternative to keep your bills up to date when you are in a tight spot. However, the use of this service in the digital wallet is subject to interest, which varies according to the number of installments requested.

For users who opt for installments in two installments, for example, there is interest of 5.41%. The rate increases according to the number of installments, reaching up to 19.79% if the user divides the payment in 12 months. The updated values ​​are available on the Mercado Pago website and it is recommended to consult them before using the service, as they can be changed at any time.

Fees charged in April 2021.Source: Mercado Pago / Reproduction

It is also important to pay attention to the payment times and the compensation period, especially if there is an urgency to pay the boleto. The installment can be made at any day and time in the app, but transactions made from Monday to Friday until 8 pm are settled on the same day.

Payments made after this time on business days and also on Saturdays, Sundays and holidays, are cleared only on the next business day, and may incur interest depending on the due date. In case of doubt, you should contact Mercado Pago.

How to pay in installments with a credit card

Check below how to split your accounts using the card.

1. Open the Mercado Pago app on your phone. On the home screen, tap on the option “Boletos e tributos”;

Home screen.Home screen.Source: André Dias / Reproduction

two. Then choose between “Enter” and “Scan” the boleto’s barcode;

Options for entering the barcode.Options for entering the barcode.Source: André Dias / Reproduction

3. For greater practicality, scanning is the best alternative, making the process faster (just follow the instructions on the screen);

Scan the barcode.Scan the barcode.Source: André Dias / Reproduction

4. But in some cases, it may not work, due to problems with printing or the cell phone’s own camera, preventing the code from being read. If this happens, press the “Enter” option and manually enter the numbers printed on the paper;

Typing the bar code.Typing the bar code.Source: André Dias / Reproduction

5. Then, check the billet data on the screen (amount, barcode and payment type). Now, define whether you want to pay on time or schedule for another day. If you want to make the payment on the same date, select “Pay today” and tap “Continue”;

Paying on the same date.Paying on the same date.Source: André Dias / Reproduction

6. Prefer to schedule payment? Tap on “Schedule for” and choose the best day for you. Then, press “Confirm date”;

Scheduling.Scheduling.Source: André Dias / Reproduction

7. The time has come to choose the number of installments. Scroll down the screen and see all the available alternatives, not forgetting to check the final amount with the interest, which is shown on the side. Select the desired alternative, confirm the card that will be used in the transaction and press “Pay” to finish.

Choosing the number of installments desired.Choosing the number of installments desired.Source: André Dias / Reproduction

Install payment slip with Mercado Credito

Those who do not have a credit card can also pay in Boleto at Mercado Pago, as long as they have Mercado Credito activated in their account on the app, with an available limit.

Mercado Crédito is a credit line made available by fintech, which can also be used to make purchases in the Mercado Livre, place credit on mobile phones and personal loans.

Installing the payment slip through the Credit Market.Installing the payment slip through the Credit Market.Source: André Dias / Reproduction

Follow the steps above to install the boleto using this solution, until the moment of choosing the payment method. Scroll the screen to the side, select “Credit Market” and define the number of installments of interest, checking the interest on the side.

Once the choice is made, tap on “Pay”.

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