Small Business which do not have any online presence but want to sell online can market their product or service through social media platforms like Facebook, WhatsApp, Instagram, Pinterest, and TikTok and send payment links through SMS or email.
What is a Payment Link?
A Payment Link is a URL (Uniform Resource Locator) or QR code (Quick Response Code) which can be shared through multiple channels like SMS, Email, WhatsApp, or other social media messenger applications.
When a user clicks on the URL or scans the QR code, it will open the payment portal (webpage) with pre-filled merchant and order information. The user then needs to select the payment mode and enter the payment mode details (like card no. or wallet login ID).
Payment link provides easy-to-use and affordable methods to accept/collect payment from customers. It can be specific to one transaction, order, product, or service and can be customized to individual customers or group levels.
Additionally, payment links offer many security features such as time limit(the URL will expire after a certain period) and one-time use link(a customer can use the link only once). It can be used in recurring or subscription-based payments. Payment Links and QR codes can go with invoices or bills, where customers can directly pay by clicking or scanning.
If you are a merchant and want to accept payment online, it comes with the cost. It requires IT expertise to integrate API’s, software, and a POS (Point of sale) terminal. Therefore, payment links are the best cost-effective solution provided by many Payments Service Provider (Like SafexPay).
Why to use Payment Links:
Easy to Use:
Any small business with zero tech power can use this service through various PSP’s (Payments Service Provider). They need to ask the customers for their mobile no. or email id, add the order description and send the link. It offers convenience to the customer; they require the screen either on mobile or the laptop with internet.
Through Payment links, merchants can avoid third-party costs like POS devices, software maintenance and application integration. Payment links solutions are easy to set up and maintain (do not need a lot of upgrades) which reduces the one-time cost.
Flexibility to the user:
Payment Links provides choices to the customer to select the preferred payment mode. For instance, Safexpay offers multiple payment mode options like credit card, debit card, buy now pay later, easy payment plan, prepaid card, loyalty points etc. It is up to the merchant to decide which payment modes they want to accept.
Safe and Secure:
Many PSPs (Payment Service Providers) provide secure SSL-certified and PCI DSS complaint payment portals. The customer will get an SMS and email after the transaction is a success or failure, which gives them a sense of security.
Sending bulk SMS or email can save a lot of time for the merchant. Also, on subscription-based or recurring payments, the payment link can be automated (system generated) and shared with the customers which can save a lot of time for the merchant.
Also Read: Marketplace payment solutions
Use Cases for Payment Link:
SME through Social Media:
Payment link is very essential to the SME industries who sell on social media (Facebook, Instagram, Twitter, and Pinterest).
If you own a small business and sell online through social media, a payment link is the most cost-effective solution. These businesses do not need the website to sell anymore, they can customize the payment webpage with multiple options and get paid instantly after sharing the payment link.
Small Physical Stores:
This is the ideal solution for POS (Point of Sale) and COD (Cash on Delivery) contactless payment acceptance. Small businesses who deliver packages to clients homes nearby can accept payments from them directly by giving them links to make payments.
Coaching organisations, schools, and higher education institutions can collect payments by providing links to many students and their parents at once. Furthermore, payment links may be utilised for online classes, activities, etc.
Subscription or recurring payments:
Sending a reminder with a payment link allows government entities to collect payments for utility bills or OTT for monthly membership fees.
Insurance and broking:
Insurance companies, stockbroker firms, and mutual funds can all collect premium payments, collect funds for trading, and send SIP reminders with payment links to customers.
Check out these interesting reads as well: Optimizing Payouts for International Businesses Operating in UAE
How does the Safexpay Payment Link work?
- A merchant must onboard through our website and complete the KYC.
- Start Sending the payment link to customers.
- Take the customer details (email and phone)
- Enter the order details in the portal, and send the details with the link.
Payment Links are a cost-effective and easy-to-use way for small businesses to accept online payments. They can be used through multiple channels, such as SMS, email, and social media. Safexpay offers a secure and reliable payment gateway that makes it easy to set up and use payment links.
Read our more blogs:
Navigating the Landscape of Payment Solutions in the UAE: A Comprehensive Guide
The Key Features to Look for in a Payment Gateway for Your UAE Business
Choose the Right Payment Platform in UAE for your business success