It is perfect for social commerce, the type of e-commerce that is slowly beginning to displace the now-traditional model. With social commerce, businesses use social media platforms and messaging apps like WhatsApp, Twitter, Facebook, Instagram, etc., to sell and market their products.
This type of commerce differs from traditional e-commerce, which requires businesses to market their products on a website.
With roughly 4.6 billion people on social media, the potential for social commerce is vast, with Deloitte Global predicting that the market will surpass $1 trillion globally this year.
The potential of social commerce is why payment links will remain an important tool.
Social commerce is, however, not the only use case for payment links; businesses with websites can also embed a payment link on their website to collect payment.
Payment links are easy to create and share and have versatility as they can be sent through various communication channels, including email, SMS, or social media. This makes them suitable for businesses of all sizes.
It’s simple to create with no code and integration required and very suitable for one-time payments.
What is embedded checkout?
On the other hand, Embedded Checkout involves integrating a payment gateway directly into your website. This approach offers a seamless, in-house payment experience for your customers.
Unlike the payment links, embedded checkout is more complicated; it offers a more seamless user experience, enabling customers to complete their entire transaction without leaving your website. This provides a consistent and branded experience.
While payment links redirect users to a third-party page, embedded checkout allows you to maintain more control over security, which can be critical for specific industries and customer trust.
Payment link or embedded checkout
The choice between payment links and embedded checkout largely depends on your business needs and goals:
Payment Links: Ideal for small businesses, freelancers, or those looking for a quick and easy way to receive one-time payments. It is useful when sending invoices via email or sharing payment links on social media. Payment links also require minimal technical integration.
Embedded Checkout: Embedded-Checkout is best suited for businesses prioritising a seamless, branded customer experience. They are essential for e-commerce stores with complex product catalogues and recurring billing. Unlike payment links, embedded checkout requires more technical expertise and investment in web development.
Fincra has a complete stack of payment solutions that help businesses to send and receive local and international payments via online and offline channels. Sign up with Fincra and start exploring these solutions.