Have you ever received a bill and had to search through the organization’s site to locate where or how to pay? I bet that was challenging, and you would rather have a more simplified payment method.
Great news, you can boycott all the complex processes and head straight to a paying page with all the details already filled in. Sounds exciting right? That is what a payment link helps you to do.
Payment links provide a means for e-commerce businesses to receive money conveniently and easily from customers. Want to know how it works and how to set up one? Well, read on to find out as we detail a step-by-step guide.
What are Payment Links?
Also known as a payment button, pay link or pay button, it is a QR code or a URL that begins an online transaction. Companies or individuals usually send out the link to the recipients.
Upon receiving the link, the recipient clicks on the payment link or scans it; this will lead the recipient to a portal or platform preloaded with details of the purchase to make. Once the recipient input payment details, payment is made.
Types of Payment Links
Generally, there are various types, including:
- Email invoice link: This is not a direct payment link but rather a link redirecting the recipient to the full invoice page, where the recipient will be required to input name, address, organization details, and VAT.
- One-time payment links: These are sent via email, SMS, chat, or social media.
- E-commerce website: This typically features a buy button. The customer is redirected to the e-commerce web page upon clicking on it.
Benefits of Payment Links
They are gaining more popularity and acceptability because of their many benefits. To start with, they have a wide range of use.
A pay link can be specific to a one-off transaction or always created for a specific product or service. Also, they can be personalized to meet a customer’s needs or be made available for everyone to click on.
Furthermore, the checkout method allows you to determine if it’s a one-time use, a permanent link for a recurring payment, or limited for some time.
All these make links for a payment suitable for quotations, invoices, and subscriptions.
Besides, unlike shopping carts, customers can carry a pay link anywhere, as you can add URLs to emails, text messages, or chats. You can also embed them in your quotations.
Also, QR codes can be included in print ads, menus, product displays, and so on.
How Safe are Payment Links?
Typically, they are backed by secure payment gateways run by end-to-end encrypted pay- processors, including Square and PayPal.
These payment service providers not only use encryption to ensure the safety and security of your data but also use tokenization.
However, a payment link is only as secure as the organization providing it. Hence, it’s important always to double-check and be sure before clicking a link.
As customers, only transact with trusted businesses that adhere to the Payment Card Industry Data Security Standards (PCI DSS).
How to ensure the safety of a Payment Link
- Only click on the pay buttons you are expecting to receive
- Ensure the link starts with “HTTPS”
- Be sure the company uses fraud prevention
- Never use public Wi-Fi for financial transactions
How to Create a Payment Link
They aren’t difficult to set up but involve similar processes regardless of the platform. Much like accepting ACH or credit cards, you will need first to discover a payment service provider (PSP), after which the next steps will involve the following:
1. Account Opening
This will typically involve an underwriting or credit check process. Hence, it’s best to open an account before receiving some sum.
2. Create a New Payment or Product Page
While some payment service providers will require linking to your business’s product or services, others will only require assigning a dollar value.
3. Create a Payment Link
To add a payment link, navigate to its creation page and click the relevant payment link window.
4. Fill out The Payment Link Form
Upon opening the payment link, fill in the required fields, including the billing terms and those to access the link. You can select one of the currencies in which you want to receive your sum; there are over 160 such currencies.
Next, offer the reference you want to provide to your client and the message displayed on the Paying page. You can now provide the URL of the page you want your customers to be redirected to after paying.
5. Export the Link
Now that you have successfully created a payment link and are ready to receive a sum, you can share it with desired recipients. To do this, copy the URL automatically generated at the bottom of the page and send it to your customers.
You can share the link via email, SMS, chat box, messenger, and so on. When the pay-off is made, it will come directly to your account through your payment gateway.
Do More with Pay Buttons
While some tasks will require developmental resources and coding, some do not. Some of the other tasks that can perform include:
- Create a QR code
- Deactivate pay link
- Handle fulfillment automatically
- Monitor guest clients
- Gather customers’ address
- Create more pay-off methods
- Collect taxes on the link
- Set up contact information and business policies
- Cross-sell and upsell
- Store payment detail for future use
- Enable customers to manage their subscriptions
- Allow customization of the checkout process
- Embed the link on your eCommerce website
Creating a payment link is necessary for an efficient pay-off system that will provide a great customer experience and, by extension, keep your customers coming back. Haven provided a detailed step to creating a payment link, it should not be so hard anymore.