One of the essential components of every service-based or product-based business is receiving payments from buyers. Gone are the days when businesses and customers depend on manual payment methods. And even after the internet revolution, payment links (an effective modern way of charging people) replaced the fundamental online payment methods, particularly in the business sector.
So, what is a payment link? And how does that make a difference in the traditional way of receiving payments? Read further
A payment link is a one-time URL or a QR code consisting of the order details of an individual buyer, which you can share via email, text messages, or other efficient ways. When the customer clicks on the link or scans the QR code, it opens a payment portal that contains the purchasing order details, such as the list of products and individual pricing for each purchase.
To perform the transaction, customers can prefer the payment method they are comfortable with, like a credit card, debit card, net banking, or other alternative payment options, before proceeding further. Therefore, this is one of the easiest ways for a business to receive payments while customers can send payments securely and effortlessly.
Payment links are versatile, due to which it is considered to be one of the most effective cash register methods. These payment links are adaptable because,
1. You can specifically create a link to a particular product or service.
2. Similarly and simultaneously, you can personalize a link to an individual customer or make it clickable to everyone.
3. You can also decide on the usage of the link - one-time, time-limited, or make it a permanent link for recurring payments.
The payment links are helpful for people taking subscriptions and paying invoices and quotes. Unlike a shopping cart or other payment forms, your customers can carry a payment link wherever they go since these links can go with text messages, emails, chat boxes, invoices, and quotations. Also, you can include the QR code if you supply physical ad papers.
Like most other internet things, even payment links can sometimes come with insecurity capabilities which can be harmful and leads to online theft. However, most payment links generated connect with a secure payment gateway provided by third-party payment officials. So, these third-party Payment Service Providers (PSP) use tokenization and encryption to protect your user data.
Still, ensure that your customers receive the payment link from the company's official accounts and choose a payment service provider that follows Payment Card Industry Data Security Standards (PCI-DSS). Below are a few things to consider before sending payment links to your customers.
1. Always follow an HTTPS URL
2. Use fraud prevention methods.
3. Guide your customers on how essential it is not to provide any financial information using the public WiFi networks
4. Finally, send payment links only using the official communication channels.
Like accepting payments via credit cards and ACH (Automated Clearing House) payments, to generate payment links, you first have to find PSP (Payment Service Provider). From then, the procedure varies from one provider to another. However, it is the same in most cases, which is,
First, you must create an account, which may involve a credit check and underwriting process. So, it is better to undergo these procedures before starting the payment process for a seamless experience.
Once you have opened an account, create a payment or product page. It is because some payment service providers require the connection between a link and a product or service, while others ask you for a dollar value.
A payment is where you will add all the crucial information, such as the billing terms, link access, and payment options.
There you go. You have generated the payment link and can share it with anyone.
Yes, payment links are safe, but it is not the only condition with every link and QR code. Most payment service providers follow PCI-DSS, which means their servers cannot and should not store user information. So, to avoid such fraudulent activities, send links from official channels only.
It depends on the platform you choose and how intense your business is. Some applications are free for some time, while few ask for a premium account to begin.
Yes, every payment link comes with a year of validity. You can change it according to your business needs.
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