Offering your customers the most convenient and seamless payment experience is one of the most important aspects of any eCommerce business. With consumers getting comfortable with digital payments and the advantages digital payments offer, embedding online payments with your business can be of tremendous advantage. And a mix of payment options will help accelerate the success of your business. Collecting online payments via payment links is one option that will make your business extra attractive to potential clients or customers. A payment link is a digital payment collection method where a request for online payment is generated and shared by the merchant with the customer, to make instant online payments.
Payment links offer a simple and frictionless payment experience and for eCommerce businesses, it is extremely easy to set up. Payment links are flexible and streamlined as they make it easy to confirm and accept online payments from customers. They can also help reduce the cart abandonment rates earning more customers and sales! With the availability of payment links and the need for card machines, POS terminals become redundant reducing overhead costs. The link acts as a gateway where a customer can choose a payment option at their convenience and proceed with the transaction.
How do payment links work?
As aforementioned, the simplicity of the working of the payment link is an advantage in itself. The payment links work on four basic steps,
- A merchant/business creates a payment link and shares it with the customer.
- Sharing of the payment link can be done via various methods, eg. via messaging application on a mobile device, via a Custom-designed landing page, via mail, via QR code, etc.
- Once the customer receives the link, with a simple click, the link redirects the customer to the payment page. On the payment page, customers can choose the preferred payment method, eg. UPI, card, net banking, etc., and proceed with the payment.
- Once the customer finishes with the payment, the merchant will get the notification after successful payment.
The availability of options to share the payment link is another plus point. As payment links can be shared via messaging platforms, businesses can attach a customized message while creating a payment link to attract customers, to promote other products and it offers an opportunity for connection and engagement with the customers.
Offer your customers a seamless online payment collection method:
As the payment link redirects the customer to the payment page, customers don’t need an additional application to complete the payment. Payment link service providers offer a wide variety of payment modes. Customers can choose any mode they are comfortable with. These modes include payment via net banking, credit cards, debit cards, UPI, mobile wallets, etc. Payment links are a secure means of digital payment. If the customer is using mobile payment, it just adds an extra layer of security like 2FA, biometric, and PIN to make payments via sharing links secure. With payment links, customers can make payments from anywhere. It doesn’t need to be on-the-spot payments, via payment link, customers can pay from their homes, offices, anywhere they want and at any time they want.
Payment links for your business:
With payment links, eCommerce businesses can scrap out complicated checkouts. Which can result in reduced cart abandonment and chances for incomplete payments. For home delivery or payment on delivery options, a payment link can be beneficial for both merchants as well as a customer as the money will get directly deposited in the merchant’s account eliminating any third-party interference.
Payment link can be used for bulk payments and they can be shared via social media channels.
Get started with Lyra’s payment links
Want to start collecting online payments with the payment link?
Follow this procedure:
- Install Lyra’s EPOS application from an online store (Google Store, App Store) OR get Lyra Whatsapp Payment Collection Solution
- Get on board with us (you have to submit the required documents)
- Start accepting payments via the payment link