Payment links or pay by link is one of the quickest methods of receiving payments from your customers. This works perfectly well for people who do not have a credit card machine or an expensive website to maintain. But many merchants are still not familiar with this system and how it works. So, without further ado, let us understand everything about the Payment Link feature and how it can process payments quickly and save your time.
What are Payment Links?
Payment Link is a process by which a merchant gets paid from the customer. To help you understand this better, let us take the situation into consideration. Suppose a customer buys a product from you. Now, that the payment price has been agreed upon, you can send the customer a payment link. It is a fairly easy process where you do not have to enter any details. The generated link can be sent to the mail ID, Whatsapp, Facebook or other social platforms. You can even send the link via SMS to the customer’s phone number. Moreover, you can even set a validity to the link, say 7 days. If the payment is not made within this stipulated time period then the link will become inactive for further use.
Make Quick Payments with Payment Links
One of the major advantages of using payment links is that you can use them to make quick payments and instant disbursals. The process is simple and, as a customer, all you have to do is click on the link and select the payment method. As a merchant, on the other hand, creating a pay by link invoice is also quite easy and quick to make. To do this, you have to
- Create a link via dashboard or APIs.
- Now, enter the amount and link validity.
- Enter customer details. This would include the phone number as well as the email ID.
- Send the link to the customer on any platform and get paid instantly.
Due to the straightforward and easy process making payment via payment links is pretty quick. But this is not it. There are several other advantages that you can get from the pay by link feature. Here are some of them:
One of the best advantages of using payment links is that it helps you to make payments instantly. The reason behind this is that when you send an invoice to the customers with a pay button given in the link, this encourages them to make payments there and then. Also, if a credit card does not have a sufficient balance to pay then an error message will be shown and the customer might have to resort to some other card to process the payment. In simple words, payment links come with an added impetus that helps the customer to make the payments as soon as possible.
Notify Your Customers
You can easily notify your customers to make the payment by using the pay by link feature. The link can be sent to any platform be it SMS or Whatsapp or Instagram. As the customer will receive the notification of the payment link, they will be inclined to make the payment right then or pretty soon.
You can notify the customers via the payment links to make payment for the purchase they made from you.
Multiple Payment Modes
You can use multiple payment options to process the payment with the help of the pay link feature. So whether it is a credit card or UPI, payment can be made via any payment method. This again adds to the quick disbursal of payment as the customer will get the convenience to pay from whichever method he deems suitable and preferable.
Partial Payment Features
At times, the customers or someone we deal with does not pay the lump sum amount at once. They prefer to make payments partially and in that case, using a payment link can be quite handy. The payment link from some top third-party providers come with a partial payment feature where you can set up the partial amount and send the link to the payer. The payer can pay the remaining amount till the validity of the payment period.
Create Links in Bulk
Generating payment invoices for each and every customer might be too tedious for many people. But payment links solve this problem as well. You can create bulk orders by uploading a .csv or .xlsx file. This will save your time and you will be able to create invoices for payments on a large scale and send them at once to different customers or borrowers.
As it turns out, payment links can be greatly helpful in increasing the boost of your sales by processing payments quickly. But an important thing that you should keep in mind is that not all these features might be supported in every provider. You will have to look for a third-party link generator that provides at least these facilities so that your business can run smoothly.