Due to digitization the need for simple and hassle-free online payment systems rapidly increased and businesses of different sizes and natures started actively adopting online payment systems.
To create your own payment system for your online business you will need a huge investment as well as enough time to set up and link the whole infrastructure with a payment network. Not to mention you will also need to hire developers to work on this specific project.
Yet there are other ways through which you can construct an online payment infrastructure without hiring a developer or investing a huge amount of money, and saving your time. One of the most efficient and easy ways to address this issue is by using payment links.
What are payment links?
The payment links are one of the most avant-garde online methods of payment in which the online business platform or merchant generates a payment link and shares the link with their customers in order to make the whole process simple, easy, quick, and hassle-free.
In contrast to a normal link, payment links are more of a payment request generated securely through a payment link provider application and the customers can easily make the payment using the same link instantaneously. Most importantly, this link can be shared using different communication methods and channels including email, text messages to your customer’s contact number, social media (preferably WhatsApp), etc.
How do payment links work?
There are primarily three simple steps on how the payment links work. These are:
- The payment links get generated by the merchant or online platform.
- Then it is shared with the customers using different communication channels.
- After completion of the payment from the customer’s end, the payment is collected by the merchant.
If you are looking for a detailed version of the whole process then you can check the information below:
- The seller of the product or service generates the payment link at first.
- Then the seller shares the link with the customer who has requested to purchase the item or service.
- After successfully receiving the link, the customer clicks on the link.
- Through this link, the customer is then redirected to a secure payment page.
- After the customer has opened the secured payment page, he or she can choose from the available payment methods such as UPI, net banking, wallet, credit and debit card, etc.
- Once the payment has been completed, both the seller and the customer will receive a notification stating that the payment has been successful.
How a merchant can create payment links
All the payment links providers have very similar procedures. Let us have a look at them:
- Firstly, you as a merchant of the online business will have to install the software application of the business provider.
- After submitting the required documents and getting the approval of the payment links service provider, you will be ready to proceed further.
- In the dashboard of the payment service provider, you will need to open the payment link form and fill it up with the necessary details.
- Now you will be required to provide the link of the page to which your customer will be redirected after completing his or her transaction.
Through these few simple processes, you will be easily able to accept payment from online customers.
Benefits of using payment links for merchants
Secure payment
The whole process of generating and sharing the payment links is done by the merchants using secured payment gateways. Most of the payment link service providers support the customers as well as merchants in order to make them go through a simple, secured and efficient transaction process.
Simple and convenient
With the minimal amount of developer’s work, any online merchant can generate a payment link that can become the easiest substitute for cash-on-delivery and point-of-sale payment methods. Moreover, it can also significantly reduce the workload of an operating POS system and cash handling. All of these features can definitely save a lot of work hours for merchants.
Faster payment collection
If you add the “Pay Now” button to the invoices, it will encourage the customers to complete the purchase instantly.
Cost-effectiveness
Cost-effectiveness is a very important factor for online businesses and payment links are one of the most cost-effective processes for conducting transactions. It eliminates the need of using any kind of physical devices like POS systems and third-party applications for conducting secured transactions.
This process not only saves time simultaneously it also saves maintenance costs, installation costs, training costs, etc.
Customized messages for your customers
The payment links generated from the payment link provider application can easily be shared on different messaging platforms and on social media. While creating the payment links, business owners or merchants can also be creative and send customized messages with the payment link in order to attract and retain their customers while promoting their products and services simultaneously.
If you are looking for an expert payment links provider company then you should definitely checkout Cashfree. It is a one-stop payment solution provider for your business and e-commerce platforms with the lowest MDR in the market.