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Lots of small and medium-sized businesses are not capable of managing digital payments with as much ease as any big enterprise that sets foot in e-commerce. This is because small and medium enterprises are not as resourceful in setting up a business online and accepting digital payments.
To avoid these hindrances, merchants can choose to create online payment links without investing in any developer. Now, you must be wondering what payment links are. Let’s find out.
What is an Online Payment Link?
In simple language, an online payment link is a request for payment using a web link that customers can click to pay money online. When a merchant creates an online payment link, it simplifies the process of sending and receiving money in exchange for a product or service. Moreover, these links can be shared across various channels like SMS, Email, etc.
It is a no-code payment solution, which means that there is no integration work involved. Merchants can start accepting payments within a few minutes. Some of the cases wherein an online payment link is useful are-
- EMI collection: Insurance agents and other non-banking financial corporations can bring an online payment link to use. They can use it to collect the installments for systematic investment plans.
- Customized payments: Retailers can use online payment links to offer exclusive discounts to their customers for mass orders. Moreover, an online payment link can be used for services like customized packaging, warranty, and more.
- Trades on social media: With the growing sales on social media platforms like WhatsApp, Twitter, Instagram, and Facebook, merchants can easily send an online payment link to their customers for instant collection of payments.
- Small and medium-sized businesses: For businesses that do not have an online presence through websites or apps can use online payment links to start receiving payments online.
Benefits of Online Payment Links for Retailers
- Reduced Costs: Accepting payments through payment links eliminates the need for any third-party application or an external payment acceptance device. That is how a merchant can save both time and cost for installation and maintenance.
- Security: A payment link that is created through a reputable platform is always backed by a secured payment gateway. These links come with fraud handling and assist customers and retailers with hassle-free transactions.
- Enhanced Customer Experience: Online payment links provide on-the-spot payments, i.e., faster transaction rates. With flexible online payment links, customers can pay with their preferred payment option. This leads to increased customer satisfaction and hence increased revenue.
Benefits of Payment Links for Customers
- Customers do not need to install an additional app: To make payments via payment links, customers do not need to have the same application the merchant is using to collect payments. This means customers don’t need to log in to any additional application because these payment links can be shared via numerous messaging platforms.
- Numerous payment options: Payment link service providers offer a wide variety of payment methods. These methods include payment through net banking, UPI, mobile wallets, debits cards, credit cards, and more. Out of these options, customers can choose any payment method they are most comfortable with.
- Flexible payment experience: Payment flexibility is another benefit of paying through an online payment link. A customer can accept a down payment in-store and pay the rest of the amount through payment links. This gives customers an amazing experience without any interruptions.
Accept Hassle-free Payments with Razorpay
Nowadays, an online footprint is not merely an option for small and medium-sized businesses. Accepting transactions through payment links is a way to increase sales by reducing incomplete payments and cart abandonments.
Razorpay provides a comprehensive and simple solution to all kinds of businesses. While Razorpay Payment Links are easy to use, they are extremely versatile and powerful at the same time. Visit their website to know more.