Whether you’re marketing online or not, more than likely, you’ve spent much energy on getting consumers to the point of payment. So actually receiving those payments should be simple, right?
Certainly! That’s why, in some cases, a payment link can be priceless—like when you don’t have access to your website, application, a card swipe device, or you want to collect B2B payments electronically. In these situations (and others), payment links are an excellent option for processing transactions speedily and efficiently. So how do they operate? Let’s take a peek.
Also Read: Payments With Paytm Payment Links
What is a payment link?
A payment link means to demand payment from consumers paying for your goods or services outside of conventional online store purchases. It’s a “Pay Now” or “Pay Invoice” button sent to consumers via email. Once those consumers click the payment button, the link takes them to a payment page displaying the amount due. They can securely fill in their billing and shipping data and conclude the process.
Who can use payment links?
While some companies could rely on payment links to accumulate the bulk of their payments, others may only occasionally utilize them. For example, if you’re a B2B business that sends electronic invoices to consumers, you could embed payment links straight into your invoices for quicker payment. (And if you’re still printing and mailing conventional 30-day invoices, it’s time to switch to electronic invoicing.)
Or, you might be a small B2C business selling at an event where you don’t have access to a website, application, card swipe device, or a virtual terminal. When a consumer is set to pay, you can email them a payment link. They’ll get it instantly on their mobile phone and immediately complete the payment information by inserting their debit/credit card number or picking a wallet like Paytm or Visa Checkout.
Want to know how your business could use a payment link to its benefit? Get in touch to consider the opportunities!
3 ways in which your business can benefit from using payment links:
#1. It’s more comfortable for your customers to pay.
Even when employing a payment link, consumers can pick from a wide range of payment methods and currencies. And for consumers who have earlier provided payment information to you, the page will be pre-populated with billing and shipping data—all they have to do is click “Pay Now.” Even better: The payment page it leads to is mobile-optimized, so it’s simple to navigate even when opened on the phone. (Combine in an eWallet payment option to make the payment process even quicker!)
#2. It’s more comfortable for you to collect payments.
With minimum IT work, you can generate a payment link and customize the payment page with your branding. It could also lessen the burden on your finance or accounting department and save them time processing checks if they make more credit card payments.
#3. You can receive payments faster.
Attaching a “Pay Now” button to an electronic invoice prompts consumers to pay instantly and by a method other than a paper check. Not only does pay by credit card speed up the payment process, but it also tells you instantly if the funds are ready. If not, you can present an error message that directs the customer to try another card, resolving the issue right away.
Are you interested in using payment links for your business? Sign up now!