If you’re a small business owner, you will agree that timely payments are necessary for your operations to run smoothly and seamlessly. Delayed payments can lead to negative effects like inability to pay salaries, hire workers, and invest in the necessary infrastructure, as well as unnecessary cuts to marketing and promotional budgets.
However, these issues are a thing of the past now. There’s a quick and easy way to let your clients be prompt with their payments, which is to introduce them to payment links.
What are payment links?
To put it simply, Payment Links are URLs via which a merchant requests an online payment. These URLs are shared with customers who can make an instant online payment. This is a fast, hassle-free system that reduces any lag, thus making the entire experience effortless and easy.
In short, payment links are a boon for merchants without any technical know-how who wish to perform remote transactions. This encourages a dynamic business climate and a vibrant start-up ecosystem, reviving the economy and enhancing competitiveness.
Need for a ‘Payment Links’ product
To ease merchants’ journey into the digital transaction era Paytm has stepped in with a unique payment links solution. This new product allows merchants to receive payments made remotely through a URL or a web link that removes the need to build a website or download an App. With payment links, the advantage is that a payment can be made from any location worldwide or make bank transfers by sharing VPAs according to the settlement mode opted for.
The main reason for introducing the Paytm Payment Links is to make transactions via Visa, Master Card, and Maestro cards easy, simple, and flexible. Additionally, customers have the liberty of choosing any currency they are comfortable paying for their purchases.
How do payment links work?
A payment link is simple to use and involves just three basic steps:
- Payment link creation
- Link sharing
- Payment completion
Let’s examine each of these steps in detail:
A payment link is initiated from the business app, or the dashboard, or even via the APIs. There are two types of links that can be generated: A basic link and a template link that allows merchants to glean more information about their customers by asking them to fill in a few details.
- The basic link allows a merchant to input the purpose of the payment and the amount to be received by the customer. Next, the link is sent to the customer by email, SMS, or even a chat window.
- If a merchant opts for the template link, then along with the payment details, he can also ask the customer about the information that is relevant to his business. This helps the merchant understand his customer better and offer products and solutions customized to his needs and preferences.
As explained in the previous step as well, once the merchant creates the link, s/he can send it to the customer who can then click on it, fill in the information, and opt to make a payment either via the Paytm app or the browser.
A merchant can also create multiple fields as per his business requirement using dynamic pricing, and split the total amount to be received based on each product and service purchased by the customer.
This feature can be used as a purchase form by the customer.
Once the customer fills in all the details, he then proceeds to make the payment. When he completes this step, the merchant receives the amount in his bank account based on the settlement cycle he has opted for. As the last and final step, the merchant receives the payment confirmation notification via email or SMS or APIs.
Add-on features of the product
Another advantage of this product is that Paytm allows customers to make payments using any UPI app.
Discussed below are some add-on benefits of the product:
This feature allows merchants to allow customers to make partial payments as installments instead of making the entire payment upfront. This eases the payment burden on the customer.
By introducing payment links, Paytm has widened its global reach by allowing merchants to accept payments from customers all over the world. The main advantage here is that customers are not required to have the Paytm app or a specific payment gateway or even an Indian mobile number to make a transaction.
App invoke processing
If the customer has a Paytm app on his phone, then a link opens directly on the app for a faster experience. In case the app is not installed, then the payment can even be made on the desktop within a browser, with a guest checkout option available.
Debit/credit card option
Paytm can store approximately 200 million cards in its memory, making it easier and faster to complete a transaction.
To make the transaction secure, Paytm even provides an OTP validation feature where the customer will receive an OTP code for validating his payment.
In short, this product is immensely beneficial in the current pandemic situation where instant cash dealings are not always possible. Paytm’s Payments Link solution is useful for all businesses be it from the BFSI sector, educational institutions, home delivery, event booking, and many others. So, if you’re a merchant still unsure of how to carry out payments online, sign up for Paytm for business today. Or, the next time your customer buys something from you, take a bold step and make use of Paytm’s payment link.