The payments landscape continues to evolve rapidly, and there are now more and more ways to accept secure payments, from in-person card payments on a device to traditional bank transfers and secure online checkouts.
Payment Links (also known as ‘Pay by Link’) offer a simple and convenient way to create and share a payment request via a link sent to your customer on email, SMS or WhatsApp etc so that you can get paid easily, quickly and securely. By using open banking connections, Payment Links can save you as much as 80% on transaction fees. That’s huge! In addition to this, Pay by Bank uses bank-grade biometric security plus you receive the funds immediately, unlike card payments which can take several days to arrive in your bank account.
So what are Payment Links?
Payment Links, often referred to as "checkout links", "pay links" or “Pay by Link” are a seamless way for customers to pay. They serve as a bridge between businesses and their customers whether their customers are other businesses (B2B) or end consumers (B2C). Pay by Link eliminates the need for complex payment gateways or card terminals. A payment link is essentially a simple URL (web link) which, when clicked, directs the buyer to a secure payment page where they can enter their payment details or use their banking app to pay and complete the transaction. This process is particularly beneficial for remote payments, invoicing, and scenarios where a physical point-of-sale isn't available.
Who are Payment Links for?
Payment links (Pay by Link) are designed to be simple and easy to use. They offer businesses an easy, secure, and fast way to send a payment request and allow their customers to complete the purchase by clicking the link they receive via email, social media (e.g WhatsApp and Messenger), SMS and more.
Pay by Link is particularly useful for:
Businesses that don’t have easy online payment infrastructure i.e a website or an online checkout page: Small business, entrepreneurs or larger businesses that typically work offline and don’t yet have an e-commerce website, or integration with a third party payments provider, and are new to taking payments online.
B2B business services who want to offer alternative payment options to their customers: Pay by Link can be added to an invoice, to an email or sent via WhatsApp alongside other payment options. Even if you already have credit card Payment Links. You can add Pay by Bank Payment Links and save a huge amount on transaction fees.
Businesses that sell via specific channels: services, retailers and independent traders that sell via email, chat, SMS, social media, chatbots and even over the phone.
Businesses that don’t have card processing hardware, but want to take payments. For example bespoke professional services, Pop-up shops, specialist traders, builders’ merchants, charities, personal trainers, therapists and other entrepreneurs.
The Benefits of Payment Links
Simplicity: Payment Links with Pay by Bank simplify the payment process by condensing payments into a few easy steps. No longer do customers need to navigate through multiple pages or fill out their card details in forms at the checkout. A straightforward click on the link or by scanning a QR code then simply paying by bank, completes the transaction there and then.
Accessibility: These links can be shared via various communication channels such as email, SMS, social media (WhatsApp / Messenger etc), or even embedded on a button on a website. This accessibility eliminates geographical barriers, making it possible for businesses to accept payments from customers across the globe.
Speed and efficiency: traditional payment methods often involve time-consuming processes, including issuing invoices, waiting for checks, or manually keying payments. Payment Links expedite the entire process, enabling businesses to receive funds quickly and efficiently.
Reduced Costs: Payment links can come with lower processing fees compared to certain traditional payment methods or credit card terminals and this saving is dramatically enhanced when Pay by Bank is used as the designated payment method. This cost-effectiveness is very appealing to businesses of all sizes.
Enhanced Customer Experience: The user-friendly nature of Payment Links enhances the overall customer experience. It removes all friction during the payment process, leading to higher customer satisfaction and repeat business.
Flexibility: Payment Links accommodate various payment methods, including credit & debit cards, digital wallets, Pay by Bank and more. This flexibility caters to the increasingly diverse preferences of customers.
In an era where the speed, accessibility, security and simplicity of payments are all increasingly important, Payment Links have emerged as a powerful payment solution for businesses of all sizes. The ability of Pay by Link to transform a complex transaction into a straightforward click/tap to check out has not only made it easier for businesses to receive payments, but has also elevated the overall customer experience to a whole new level.