2025年美客多黑五促销期间，巴西站单日营收达到47.6亿雷亚尔，同比增长11.5%；Cyber Monday三天活动总销售额达44.4亿美元，同比增长25%，售出160万件商品。而在这组耀眼数据的背后，有一个被很多中国卖家忽视的拉美消费特征：分期付款（cuotas/parcelas）。

Over the past decade, the path taken by Chinese cross-border sellers has been almost identical:

Your store is in Brazil, and the money is in your Brazilian wallet, but you need that money for working capital back home.

This is a practical problem that all sellers with physical stores in Latin America face, but one that is rarely discussed openly.

The payment settlement process for local stores on Meituan’s Brazil platform isn’t as simple as “request a withdrawal → funds received.” It involves platform rules, restrictions on receiving accounts, currency conversion, and foreign exchange settlement—each step could potentially hold up your funds.

Below, from the seller’s perspective, we’ll break down every step of the process—from “buyer payment” to “receipt of RMB”—in detail.

“Zero commission, the platform handles everything—all you have to do is supply the goods.”

This was the promotional slogan for Meikeduo’s full-service management that Mr. Zhao (a pseudonym) heard at an investment promotion conference last year. He owns a 3C accessories factory with annual revenue of 80 million, which primarily engages in B2B contract manufacturing, and has long wanted to test the waters in the retail sector.

The fully managed model sounds like the perfect fit for him—he has his own production capacity but doesn’t want to deal with e-commerce operations; the platform handles the sales, and all he has to do is ship out the goods.

Mr. Zhao signed a full-service fulfillment agreement and shipped an initial batch of three SKUs, totaling 3,000 units, to Meikeduo’s Dongguan warehouse.

But when the data for the first month came in, he noticed a problem—the product cost was 18 yuan, the platform’s retail price worked out to about 26 yuan, and after deducting various expenses, the actual profit was about 20 yuan, resulting in a gross profit margin of only 11%. Meanwhile, his gross profit margin on 1688 wholesale sales was 15%.

When you do the math, the profit margin on fully managed accounts is even thinner than that on wholesale.

Is it really worth opening a local store on Meiketuo?

The answer isn't simply “worth it” or “not worth it”; rather, it depends on who you are, how big you aim to be, and which path you choose.

In this article, we’ll use three real-world seller profiles (derived from actual client cases) to break down the process of transitioning from a Meikeduo cross-border store to a domestic store. Their scale, paths, and outcomes are completely different.