A Payment Link is a URL businesses use to collect payments without a website. The URL directs a customer to a hosted payment page where they can make payment.
Payment Links make sense for businesses to meet their targeted customers where they are without having to direct them to a website. After reaching customers where they are and successfully pushing them through the sales funnel to complete a purchase, merchants or businesses can create a Payment Link and share it with the customers to make payments.
This process can happen in several channels, including email, social media, instant messaging apps, text messages, barcodes etc.
How does Payment Link work?
Payment Link takes customers to a hosted payment page where they can make payments.
To create a Payment Link, the business or merchant has to partner with a payment platform like Fincra. With Fincra, merchants can generate a Payment Link from a dashboard and share it with customers.
The Payment Link will include the amount of the transaction, a description and other details as demanded by the merchant.
Once a business has a Payment Link, it can share it with the customer, who then makes payment through the URL.
The URL takes the customer to a Checkout flow, allowing them to pay with their cards, a bank transfer, Mobile Money, or PayAttitude.
Types of Payment Links
Payment Links can serve several purposes, and Fincra can customise them to suit any business’s different use cases and preferences.
We also have two types of Payment Links;
These are Payment Links designed for single payments. These Payment Links are customised to have the transaction amount and even the customer’s name.
These links are suitable for big purchases and are usually used by big retailers and distributors.
These are Payment Links which can be used for recurring payments and shared with more than one customer.
Benefits of Using Payment Links
Payment Links have become increasingly popular as businesses and merchants want to simplify their payment processes and offer a better payment experience.
Providing convenience in the payment process is vital for businesses to close a sale and sell quickly. Customers are likely to come back and make repeated purchases with a merchant if the payment process is seamless.
One way to do this is by providing convenience, which merchants can achieve with Payment Links. Payment Links reduce the processing time during payments. Once the merchant has shared the link, customers can make payments with just a few clicks.
Fincra’s Payment Links also provide convenience with the different payment channels available. Fincra’s Payment Links take customers to our Checkout page, where they can pay with their cards, bank transfers, Mobile Money, and Pay Attitude.
With Payment Links, merchants can also provide convenience to their customers by closing sales at their most convenient channel. Customers can get the links anywhere they prefer; via mail, social media channels, SMS, barcodes etc.
With the convenience that Payment Links bring, the merchant and customer finish a transaction faster, improving the whole process for both parties. For the merchant, it helps improve cash flow, and for the customer, it helps improve the payment experience.
Payment Links are a secure way to make online payments. With the high rate of chargeback fraud in e-commerce, Payment Links offer an opportunity for merchants to reduce it. With payments through a link, the conversation trail that led to the merchant sharing the link shows intent from the customer. This evidence makes it easier for merchants to dispute chargeback claims.
With Payment Links, merchants can customise their pages with their logo and branding for a better user experience. Creating Payment Links in different forms also allow merchants to sell on any platform.
The ability to customise Payment Links also makes them versatile for several payment scenarios. For e-commerce, donations, subscription services etc.
- Reduce cart abandonment and improve conversion rates
Merchants can use Payment Links to reduce cart abandonment and improve conversion rate. With Payment Links, businesses that sell on their websites can share their Checkout flow with customers on other channels to encourage them to make payments and clear their carts.
Step-by-step process to create, share and use Payment Links