Most Common Payment Challenges for Colombian Merchants in 2025
Colombian businesses are facing significant payment challenges in Colombia as they look to expand and compete internationally. In 2023, companies in Colombia processed over $13 billion in cross-border payments, which illustrates just how much is at stake for local merchants (Banco de la República, 2024). These transactions are often slowed by payment delays, excessive costs, compliance obstacles, and increasing digital fraud risks.
Recent research shows that 41% of Colombian merchants experienced at least one delayed or failed international payment in the last 12 months (Cámara Colombiana de Comercio Electrónico, 2024). As digital payments in Colombia continue to grow, it’s critical for merchants to seek effective, secure, and compliant solutions. For those evaluating modern payment solutions, Mural Pay is positioned to address many of these pressing issues.
The Top Payment Challenges Facing Colombian Merchants in 2025
Payment delays, high transaction and FX fees, compliance headaches, and rising digital fraud are among the biggest payment challenges in Colombia for 2025, affecting retailers, exporters, and e-commerce merchants alike. Merchants routinely face settlement lags and unexpected costs that disrupt cash flow and growth. According to the World Bank, the average foreign exchange fee for cross-border payments by Colombian SMEs is 5.9%, a significant burden compared to regional peers (World Bank, 2023). This is 1–2% higher than the average fees faced by businesses in Chile or Peru.
Additionally, card-not-present fraud has surged by 30% year-over-year, highlighting the growing risks as commerce shifts online (Asobancaria, 2024).
These issues are not just frustrating—they directly impact business viability and competitiveness.
As Camilo Gutiérrez, Director of the Cámara Colombiana de Comercio Electrónico, puts it: “The main challenge for Colombian merchants is reconciling compliance with speed—traditional banks are slow, but fintechs must still meet strict documentation rules” (La República, 2024). For a more detailed analysis, review our blog on common payment challenges.
Why Are International Payments Still So Slow and Expensive?
It’s a question nearly every Colombian merchant faces: Why do international payments remain slow and expensive despite the rise of digital platforms?
The reality is, traditional correspondent banking networks, rigid FX controls, manual compliance checks, and legacy infrastructure all contribute to settlement times that frequently range from 2–5 business days for wire transfers—at an average fee of nearly 6% (World Bank, 2023). These bottlenecks are exacerbated by the lack of real-time tracking and frequent payment failures, with the SWIFT network self-reporting a 6% error rate as recently as 2019. In contrast, fintech and stablecoin payment rails can settle transactions in under five minutes (Mural Pay, 2024).
Notably, 27% of Colombian exporters now use stablecoins for B2B payments, seeking both speed and predictability (La República, 2024).
For a closer look at how cross-border payments in Colombia are evolving, see our guide to receiving USD payments as a business in Colombia.
The Compliance Burden—How New FX and Regulatory Rules Impact Merchants
The regulatory landscape for FX regulations in Colombia became more complex in 2024. Stricter documentation is now required for all cross-border payments exceeding $10,000, as enforced by both Banco de la República and the Superintendencia Financiera de Colombia. This increases the operational complexity—especially for SMEs, which often lack the resources to keep up.
As Juan Pablo Torres, a leading banking consultant, notes: "New FX regulations are well-intentioned, but many SMEs lack the resources to comply without digital tools" (Superfinanciera Circulars, 2024).
Key takeaway: Compliance is not optional, and digitalization is quickly becoming the only way to keep pace.
For more on the impact of these changes, read our update on new FX regulations in Colombia.
Fraud, Chargebacks, and Digital Risk—An Escalating Threat
Fraud risk is escalating as digital payments grow, and Colombian merchants are increasingly targeted by sophisticated threats such as phishing schemes and ‘man-in-the-middle’ attacks on wire transfers. Card-not-present fraud rose by 30% in 2023 (Asobancaria, 2024), while chargebacks and account takeovers continue to disrupt online business.
Mariana López, Financial Analyst at Asobancaria, stresses: "The rise in card-not-present fraud necessitates advanced fraud detection systems to protect both merchants and consumers."
One e-commerce retailer reduced fraud-related losses by 40% after switching to a payment gateway with advanced monitoring (PayU Insights, 2024).
Asobancaria now mandates enhanced fraud detection and customer verification for all payment providers.
For practical strategies on fraud prevention and compliance, see our cross-border payment compliance tips for Colombian SMEs.
Traditional Banks vs. Fintech & Stablecoin Platforms—What Works Best in 2025?
When it comes to sending and receiving international payments, the difference between traditional banks and modern platforms is stark:
Traditional Banks | Fintech & Stablecoin Platforms | |
|---|---|---|
Settlement Time | 2–5 business days | Instant to <5 minutes |
Fees | 5–7% | 1–3% |
Documentation | Manual, paperwork-heavy | Digital onboarding, streamlined |
Countries Supported | Limited/local focus | 170+ (Wise, Mural Pay, Payoneer) |
For example, exporters using fintech platforms have reported up to a 70% reduction in payout times—directly improving cash flow and competitiveness (Mural Pay, 2024). Fintech platforms are seeing rapid growth in adoption, with 62% of Colombian e-commerce merchants planning to add at least one fintech payment method in 2025.
As Laura Rojas, Head of Operations at PayU Colombia, notes: "Stablecoins offer near-instant settlement, but regulatory clarity is still lacking. Merchants adopting these tools need robust audit trails" (PayU Insights, 2024).
For an in-depth comparison of virtual accounts and their advantages, see our best virtual dollar accounts for Colombian exporters compared.
Real-World Solutions: How Colombian Merchants Are Adapting
Many Colombian merchants are taking practical steps to overcome payment challenges. Mural Pay clients, for example, have seen a 70% reduction in payout times by integrating stablecoin rails and batch payments (Mural Pay, 2024).
Virtual account adoption among Colombian exporters grew by 45% year-over-year, reflecting the shift to digital-first strategies (Wise, 2024).
These solutions not only speed up transactions but also streamline audit trails and compliance for businesses. Automated invoicing linked to these digital accounts further reduces operational risk and the potential for reconciliation errors.
A Colombian textile exporter was able to clear a $50,000 international payment in less than an hour after switching to a virtual USD account, cutting FX margins by 1.5% (Wise, 2024).
For more on how batch payments and virtual accounts drive efficiency, visit our Payments page.
The Future of Payments—API-First Platforms, Automation, and What’s Next
The next wave of digital payments in Colombia will be driven by API-first platforms, automation, and compliance technology. Market research projects that API-first payment platforms are expected to double their market share by 2026 (PayU Insights, 2024).
Carlos Méndez, CEO of Fintech Colombia, explains: "Adopting fintech solutions can bridge the gap between traditional banking limitations and the dynamic needs of modern merchants." With 27% of Colombian exporters now utilizing stablecoins for B2B transactions, the adoption of blockchain-backed payment rails is expected to accelerate as regulatory clarity improves.
Automation is becoming essential for both regulatory compliance and operational efficiency.
To learn more about where the market is heading, check our analysis of API-first payment platforms in Colombia.
Key Takeaways for Merchants—How to Stay Ahead of Payment Challenges
Compliance for Colombian merchants is no longer a future consideration—it’s a present-day necessity. Despite the widespread availability of digital platforms, many SMEs in Colombia still rely on manual spreadsheets for reconciliation, which increases the risk of errors and non-compliance.
To stay ahead, prioritize platforms with robust audit trails, transparent FX rates, and real-time tracking.
Embracing fintech and automation will not only help mitigate risks but also position your business to thrive in an increasingly complex payment landscape.
For more on how modern payment platforms can help you overcome these challenges, visit Mural Pay.
References
Asobancaria. (2024). Reporte de fraudes y seguridad en pagos digitales. https://www.asobancaria.com/
Banco de la República. (2024). Estadísticas de pagos internacionales. https://www.banrep.gov.co/es/estadisticas
Cámara Colombiana de Comercio Electrónico. (2024). Informe anual de comercio electrónico. https://www.ccce.org.co/
PayU Insights. (2024). Tendencias de pagos digitales en Colombia 2024. https://corporate.payu.com/
Wise. (2024). Reporte de cuentas multi-moneda y pagos internacionales. https://wise.com/
