Instant digital payments have become a rage over the past few years. Quick payments help businesses increase their sales significantly; it also provides instant gratification to the customer. Any delay in the online payment process can drive the customer to abandon the transaction, while a longer payment process can make the transaction a hassle.
The COVID-19 pandemic can be considered one of the major stimuli for the increasing popularity of digital payments. As per an Economic Times report, RBI data shows a 30.19% growth in digital payments in India from 2020 to 2021. For businesses, digital transactions have opened up a whole new box of opportunities by making the online payment process convenient.
Merchants can now collect payments anytime and anywhere by using an online collection system like a payment link. The payment links in the payments industry have given rise to quick transactions that do not require logging into a website, creating an account – steps that unnecessarily complicate the payment process.
What is a Payment Link?
A payments link is a system by which the merchant can collect payments from customers efficiently. It is a URL that can be shared with the customer over email, SMS, or messaging service. The link gets redirected to a secure payment page where the customer can enter the payment details to process the transaction. As opposed to payment portals, payment links do not require the customer to create an account and facilitate one-tap payments.
The most significant edge enjoyed by businesses using payment links is collecting payments at any time of the day. With payment links, merchants no longer need to wait for a particular time of the day to collect payments. Additionally, payment links allow businesses to send a payment request from anywhere in the country. Companies can collect payments within seconds irrespective of the location of the customer with payment links.
Benefits of using a Payment Link
- Getting Started is Hassle-Free
Businesses only need to register themselves with the service provider to get started with a payment links service. A payment link generation platform like Zaakpay then provides them access to a dashboard. Merchants can use their dashboard to generate payment links and instantly send them to the customer. This is an excellent solution for businesses that do not have a website or an app.
- Easy to Create a Link
The merchant only has to make a single click to create a payment link. It can then be shared with the customer. This makes payment links the best choice to collect payments from anywhere. The merchant can also directly track the status of payment from the dashboard. This minimizes the merchant’s end by eliminating the need to manually check with the customer if they have made the payment. Zaakpay also allows the creation of bulk payment links that can be shared with multiple customers automatically at the same time.
- Simple Payment Process
The ease of making payments is two-fold for the customer. Customers have to click on the link, after which they are taken to the payment gateway page. There is no complicated checkout process or unnecessary registration process involved. The customer can make the payment anytime at their convenience.
- Supports Multiple Payment Options
One of the most significant advantages of online payment is the ability to pay via any mode. Online payments can be made through credit cards, debit cards, UPI, or net banking. Services like Zaakpay support all these payment modes. By using payment links, businesses can accept payments through all methods directly into one merchant account without creating different business accounts for different payment modes. It also becomes more accessible for customers as they can use their preferred mode to make the payment, giving them a better customer experience.
Providing a secure interface to the customers for payments is essential to retain them. Most payment links, like Zaakpay, are PCI DSS Compliant and encrypt the customer’s payment details. This protects them against any cyber-attack, and businesses do not have to worry about the customers’ security.
Business use cases
Freelancers have to collect online payments from their clients constantly. Using payment links can streamline the entire process and reduce the hassle to a simple link. They no longer have to disclose their bank details to the clients and avoid any cyber-fraud. The payment link can also be generated to accept a fixed amount, reducing any scope of error in the payment. Freelancers might also lack time to verify the transactions manually. In the case of payment links, the dashboard provides automated details of all the transactions and their status, which can be used for quick follow-ups with the clients.
- Small B2C Businesses
Small B2C businesses like home-based businesses or medium-sized businesses can also opt for a payment link. Usually, such businesses don’t have a dedicated website, or even if they do, they lack resources to set up an integrated payment gateway. Many such enterprises accept orders directly over social media. In such a case, they can share the payment link with the customer directly over social media when the order is placed. Small businesses can use payment links to make their payment collection process more robust and systematic than Cash-On-Delivery.
- Financial Services, Education & Insurance Services
Businesses dealing with these services have to accept recurring payments from their customers. They can easily do away with the hassle of frequent bank transfers or cheques by using a payment links service. It will also become more convenient for the customers to pay via a few clicks directly.
- B2B Businesses
Small or medium-sized B2B businesses have to regularly accept online payments from a massive bulk of vendors, clients, and other stakeholders. Managing such bulk payments manually can be an ordeal. Businesses can create automated bulk payment links for such cases. The link can be embedded in the invoice and directly mailed to the concerned authority. The links can be customized for the amount that is due, and the payer can also directly click on the link to check the amount to be paid. Recurring payments can also be accepted using payment links.
A payment link is a robust tool that businesses can collect payments from their customers anytime and anywhere. Services like Zaakpay offer feature-rich payment links for companies and freelancers at affordable rates. The digital age demands businesses to adapt to the market demands to continue earning decent revenues.