The payment process for goods and services is one of the foundations of successful sales, and it determines how profitable the business will be. Sometimes, business managers find it hard to stay on top of cash flow and timely payments from their diverse customers. Even if you did everything right but cannot collect timely payments from your customers, your business is likely to fail. Payment technology is gradually growing, demanding for more remarkable customer experience.
A payment link is a payment method that gives the business owner a chance to request payment from clients, and the client accepts the request by clicking on the link. The payment method is used outside the typical online stores. There are different possible methods of sending the link, which are:
Sending payment links through SMS
In this case, the seller sends a payment link request to the customers by simply sending a text message. The seller can copy the payment link on a blank text message or share it from the delivery agent’s app and share it with the client.
Advantages of sending payment links via SMS
For the customer
- The method is fast and easy to use that does not require training
- The method does not require logging into any payment websites that may require remembering passwords and usernames
- It does not require personal sharing details, making it safe
- It is convenient since you can open the message from anywhere, anytime
For the business
- It is easy to use and does not require setup training
- It improves customer experience since it eliminates physical money collection and frequent calls that may be bothersome
- It eliminates the cases of counterfeit money
- It eliminates debt collection costs
Sending a payment link through a QR code.
Through this method, the merchant generates a QR code on the invoice, and the client scans it through their mobile devices and is redirected to a payment link. the link is contained on a payment page, where the client adds products to their prices.
Benefits of using QR codes
They are safe for the customers. Once the customer scans the code, they don’t have to write their personal information anywhere that anyone can retrieve it.
- They are easy ad fast. Your customer does not need to write down the account number or remember to make a payment.
- The method is secure. The customer information is not stored but only links the payment app to the account.
- It also helps to increase customer loyalty. Customers who prefer QR codes for making payments will be glad to have the option, and they will keep doing business with you.
Sending payment link by email
Here, you create a button or link connected to the payment page in an email to your client. Typically, the email will also contain the product details, the price, and the link to the payment.
Benefits of sending an email payment link
- It is accessible to everyone, those with and without websites
- It is easy to include in any business model
- It facilitates easy and quick payment
- It promotes customer loyalty and convenience
- Saves on debts collection and transfer cost
- It accepts a wide range of payment methods such as PayPal and cards
Online sales are the best option for businesses and the best and most convenient way to diversify. Using payment links to request payments can help you track your payments and ensure timeliness.