One of the top priorities for small and medium businesses is to ensure their customers make timely payments. If customers start delaying payments often, it can hamper the business, affecting the merchant’s ability to pay salaries, hire workers, and invest in the necessary infrastructure. One might also have to make the hard decision of cutting their marketing and promotional budgets.
More often than not, customers don’t delay payments because they don’t want to pay. For many customers online payments look daunting, which sometimes acts as a roadblock.
However, there is a quick and easy way to let your clients be prompt with their payments: Paytm Payment Links.
To ease merchants’ journey into the era of digital transactions, Paytm for Business has come up with a unique solution called Paytm Payment Links. Simply put, payment links are URLs, or web links, which a merchant can send to their customers via SMS, email, or over any messaging app to digitally accept money.
The need for a payment links product
Paytm Payment Links can be used by merchants and their customers who don’t have any technical know-how to digitally transfer money. This is a fast and hassle-free way to reduce payment delays.
These payment links are specifically useful for small and medium businesses that don’t have a website or app. This product allows merchants to receive payments through a web link, removing the need to build a website or an app.
It goes without saying that the Paytm Payment Links is compatible with all types of digital payments like credit card, debit card, netbanking, UPI, as well as digital wallets.
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:
Link creation
A payment link can be created from the Paytm Dashboard, Paytm Business App, and even APIs.
There are two types of links that can be generated: A quick payment link and a detailed payment link. While the former can be used by the merchant if the customer is a regular buyer, the latter is used by merchants to glean more information about their customers by asking them to fill in a few details.
- The quick payment link allows merchants to input the details of the product and the amount to be received by the customer
- If the merchant opts for the detailed payment link, they can ask the customer to fill in more information such as their requirements, different outlets, etc. This helps the merchant understand his customer better and offer products and solutions customized to his needs and preferences
Link sharing
Once the merchant creates the link, they can send it to the customer via any communication channel such as email, WhatsApp, or SMS. Once the customer receives the payment link, they can easily make the payment by just clicking on the link and punching in the required details.
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.
Payment Completion
As soon as the payment is done, the merchant receives the amount in their bank account based on the settlement cycle they have opted for. As the last and final step, the merchant receives the payment confirmation notification via an email and SMS.
More features of Paytm Payment Links
Just like all our other products, we have added some extra features in Paytm Payment Links so that our merchants can do much more with it. Read on to find out what else you can do with payment links:
Partial payment
There are times when customers request the merchant to accept a partial payment agreeing to pay the remaining amount at a later date. This feature allows merchants to create links for partial amounts where they can enter the details of the purchase, its total price, and the amount to be paid currently. This not only eases the payment burden on the customer and makes for a happy customer-merchant relation, it helps the merchant access all the purchase details in one place.
Global payments
Paytm’s Payment Links works like a charm for merchants who have to regularly collect payments from international clients. These links allow customers to choose a currency and a card of their choice to pay for their purchases.
Our payment links relieves customers from having the Paytm app, a specific payment gateway, or even an Indian mobile number to make a transaction.
Bulk sharing
This feature is tailored for merchants who have to collect payment from dozens of clients everyday. Creating and sharing links with multiple customers can take a lot of time and is an unnecessary hassle to deal with. In such a scenario, merchants can use the Paytm Dashboard to create up to 100 multiple payment links and share with their customers in one go.
Debit/credit card option
At Paytm, we take pride in the fact that one in every three Indians uses our app and more than 330 million users have a Paytm wallet. In addition to this, we have over 250 million cards that are linked with Paytm. This means using Paytm’s Payment Links will make the payment process even faster.
Made for all
Paytm’s Payments Links solution is useful for all types of businesses, right from the BFSI sector, educational institutions, to home delivery and freelance workers.
If you are still unsure on how to carry out payments online, sign up for Paytm For Business today and the next time your customer buys something from you, make use of Paytm’s Payment Links.
