A goal of any business strategy is to persuade customers to make a purchase. When they do decide to proceed with the transaction, you want to make the payment procedure as simple as possible.
Sending a payment link is likely the most efficient approach to collect payments if you don’t have access to a credit card machine or if you wish to collect payments electronically. Pay by link is a cost-effective method of quickly completing electronic transactions. You can send a payment link to email addresses, messaging apps, or any other point-of-contact you have with your consumers, such as direct messaging on Social Apps, with only a few clicks.
What is the purpose of an online payment link? How can they help your company? We’ll go over all you need to know about adding payment link options to your business in this quick guide.
What Is Pay by Link, and How Does It Work?
A payment link is a way of asking for payment from your customers after they’ve confirmed their transaction with you. Consider it a ‘Pay Invoice’ or ‘Pay Now’ button that you send to your customers to encourage them to complete their purchase. You can send the payment link to your consumers via email or messaging apps, providing you several ways to communicate with them.
Your consumer receives the request details in their email or messaging app, clicks the link, and is directed to your preferred payment processor. Methods that link to your bank account, credit card processors, and PayPal payment link processors are all examples of online payment link choices.
When your consumer is ready to pay, they click the link to their selected payment processor, complete the transaction, and you are paid.
Who Needs to Use Pay By Link Processing?
All types of businesses can benefit from payment links. Online merchants can include them in electronic bills given to clients via email or chat connections. These links work at the store level, and some of them work with payment processing software like QR codes to improve transaction speed.
For speedier payment, B2B enterprises can incorporate links in invoices — moving to payment link processing helps you get paid faster. Switch to an automated payment link service instead of relying on outmoded physical mailing of statements to increase creditor collections and account issuance.
If you’re a smaller retailer without the infrastructure to accept payments from mobile locations via card machines, consider employing payment links instead. Payment link services allow you to receive payments from customers wherever you are. All you have to do is create a link and send it to your consumers by email or text message.
Your customers will receive an invoice and a payment link on their phone right away, allowing them to use their preferred payment method, such as a credit card, Google Pay, or Apple Pay.
What are the benefits of implementing a Payment Link strategy?
Payment links make it simple for your consumers to select the method of payment they want.
Entrepreneurs need to be able to accept payments on the go, and payment processors understand this. According to statistics, mobile devices account for up to half of all e-commerce purchases. As a result, all payment pages have been optimised for use on mobile devices. On mobile devices, payment processing is simple to use, allowing you to accept payments anywhere, at any time.
Other plug-ins, such as eWallet, can be added to mobile payment connection choices, making it easier to accept payments faster. To understand how to build and send payment links, you don’t need to know how to code or work in IT. The process is simple, and you can customise your invoicing and payment links to match your company’s logo.
You can send real-time payment requests to your customers using pay by link solutions. Fill out the payment request form with the amount to be paid, the recipient’s messaging or email address, and then send you a payment request. Your consumer can pay using a one-click portal that takes them straight to payment authorization on the preferred payment processing provider.
Payment link systems demonstrate to your customers that you are up to speed on the most recent advancements in financial technology, increasing brand loyalty. It’s a user-friendly and secure payment solution that eliminates any question in your customer’s mind.
To summarise the key takeaways of using pay by link strategies for your online business.
- Accept online payments 24/7 with no hassle
- Permit your customers to make payment at their convenience
- Allow customers to make online payments using their preferred payment method
- Take payment securely and safely, increasing customer confidence in your brand
- Boost payment efficiencies with messages and email notifications to payment links
- Reduce the need for customer collections and paperwork in your online business
- Remove outdated payment request systems
- Stop errors in payment processing and collections
- Ensure you get your payments on time
- Store your payment records online
- Reduce your PCI requirements
Payments Industry Trends Around the World
Payments are becoming less visible. People don’t want to deal with the hassle of having to complete many stages in order to complete a transaction. It’s ideal if businesses and payment processors can move customers through the payment funnel as quickly as possible.
Using Messaging Platforms to Pay via Link
All of your clients are now utilising applications like Facebook Messenger, WhatsApp, and WeChat all day, thanks to the world’s heavy use of social media platforms. From your mobile device, send your consumers payment links to their favourite social media networks and build a customer network.
Payments Will Be Contactless
People are no longer willing to handle other people’s devices as the COVID-19 virus spreads around the globe. Customers are increasingly using contact technologies where possible, and the rise in the Contactless Limit to £100 is expected to accelerate this trend. Furthermore, some customers would prefer to receive a link to their device, which would allow them to control the payment process while maintaining security.
Payments Become Streamlined
Customers will choose an online payment experience that is unnoticed. Frictionless payment systems are a departure from previous methods. Invisible, frictionless payments are beginning to blur the lines between in-store and online purchase. Customers can avoid having to enter their information to make payments using innovative technological options. In this situation, the payment processor handles everything for you using eWallets.
Payments are becoming more automated.
In order to maintain the seamless experience, the majority of our daily payments will be automated. Do you want to go to Starbucks and have a cup of coffee? They’ll have your information on file, and your favourite order will be ready to go without you having to worry about payment. Customers don’t have to lift a finger because auto payment processors link to your device via smart technology.
Millennials & Gen Z are coming, and they’re going to change everything.
Millennials and Gen Z will begin to assert themselves as the major spending demographic. It’s unknown how current economic situations would affect payments in this population during the pandemic.
While the economy remains unpredictable, we’re confident that millennials will demand more from payment solutions that offer a user-friendly digital payment experience. Payment links provide millennials with everything they want in a simple way to settle their payments.
E-commerce Markets Around the World Continue to Grow
E-commerce is growing over the world, with more individuals in emerging nations going online. E-commerce sales account for over 17 percent of worldwide retail sales, according to annual statistics, and are expected to reach 22 percent by 2022. Furthermore, by 2036, e-commerce will have surpassed brick-and-mortar retail. The COVID-19 pandemic could hasten this process significantly. By the end of the decade, e-commerce may have surpassed traditional retail as the dominant mode of trade.
Fraudsters are becoming more sophisticated.
Internet fraud is also becoming more prevalent. Financial and identity fraud are on the rise, with several payment and data-processing companies being hacked in recent years. Payment link providers are likely to employ AI technologies to protect consumers’ data during transactions.
Tech Solutions Have Changed
Retailers and entrepreneurs must adapt their technological solutions to provide payment processing choices that benefit both their business and their customers. Customers can use online payment link solutions to make payments from any location using a mobile connection.
The Advantages and Disadvantages of Using Payment Links with Customers
- It’s a simple procedure to follow: Customers can use an online payment link to make a quick payment.
- It is a worldwide: Accept international payments from clients all across the world. Some payment link systems include free currency converters to assist with charge calculations.
- It’s quick: Customers may pay you faster than ever before from any point on the earth.
- Some payment processors and payment link providers charge a lot of money. Before joining up with your payment processing partners, always double-check the cost structure.
- It’s entirely up to you how you want your customers to pay you. Your company has to bring in cash, and leaving payment processing alternatives on the table could cost you money.
- If your clients don’t get the payment processing alternatives they desire, there’s a 60% probability they’ll abandon the transaction rather than follow your suggestions to the completion.
You can utilise a variety of online payment link services to carry out your pay by link approach. Make sure you have what your clients want, whether you’re offering PayPal payment link services or using any other preferred payment link processor. Giving your clients a virtual platform to safely and securely make payments online boosts your business and eliminates the guesswork associated with billing and following up on customer accounts.
Choose an online payment system that is appropriate for your e-commerce or offline business needs. The purpose of incorporating this technology into your business is to make it simple for your customers to pay you and for you to receive payment.
Get in touch to discuss how Pay By Link can help your business grow.