For any individual who already has a business or is looking to start one, the complicated process of sending and receiving the payments is one of the toughest things they have to deal with. Given that most payments are sent online today, every business needs a secure, fast, and reliable way of sending and receiving payments.
With every passing day, digitalization is taking over, and people are swiftly moving towards online shopping, further enhancing the importance of an efficient payment system.
This is where the Pay by link payment method comes in, and it is frequently touted as an essential integration for all businesses today. Pay by link is a smart and quick way of being on top of payments.
If you need to incorporate a better payment method in your business, keep reading to know some of the top benefits of Using Pay by link. It is one of the most effective and convenient payment methods that both companies and customers can benefit from.
What is Pay by Link?
Pay by link, as the name suggests, is an online payment method where customers can send payments via an online link directly to one of their inboxes. Some payment solution providers have this solution where the merchants can send a secure link via SMS, email, or another social platform to the customer.
The customer can click on the link, which will take them to a secure page where all they have to do is fill in the card details, and the payment will be made. There is no need to download any apps or go through a lengthy process of sending money which can delay the payments for the business.
As a merchant, you can customize the link’s page so that the customer knows they are paying the right invoice.
How can you start using Pay by Link?
To start reaping off the benefits of using Pay by Link as a payment method, the process is quite straightforward. You can accomplish this in a few easy steps.
1. Choose the right payment gateway
The first step to start using Pay by Link is to select the Payment Gateway that will allow you to accept payments online. It’s important to keep in mind that not all payment gateways have this payment method as an option, so make sure to carefully study all the features and characteristics.
A good payment gateway, such as MYMOID, allows you to:
- Safely accept online payments with PCI-DSS Level 1
- Store payment data with tokenization for recurring payments
- Accept payments internationally in multiple countries and currencies
- Personalize your payment logic for better user experience
- Easily manage all your payments from a single Control Panel;
For this reason, it is important to do your due diligence because this will be the gateway that will open your business to a whole new audience of online customers. A gateway that can be easily integrated with your online business through API-rest is a must.
2. Choose the payment method
The next step is to choose the payment method that you want to enable for your customers. The exact steps may differ between payment gateways, but with MYMOID, you can easily generate a link or a QR code that you can send to your clients for payment.
Simply select the option, fill out the details – the exact sum, what the payment is for, etc., and you are ready to send it to your customers.
3. Collect the funds
Once the customer has received the link, all they need to do is click on it, make the payment, and they will receive a receipt confirming that the transaction has been completed successfully.
7 Awesome benefits of using Pay by Link
Given its extraordinary nature and attributes of receiving and sending payments, Pay by link has several advantages, not just for business owners but anyone looking to receive payments. This method allows you to take the pressure of following the invoices of your mind.
Here are some of the top benefits of using Pay by link for your payments.
1. Offer convenience to customers
Probably among the most important benefits of using Pay by Link is convenience. This payment method doesn’t require the installation of an app or setting up an account. The user can simply receive the link by the merchant, fill out the necessary details for the payment, and he will receive an instant confirmation.
Pay by Link significantly simplifies the payment process – not only for customers, but also for merchants, since it allows them to close sales much more quickly and effectively. On another hand, because this method doesn’t require to show phone numbers, account numbers and other personal details, it is also quite secure.
In today’s modern world where people are constantly busy and trying to complete all their tasks on time, providing a convenient and simplified payment method will help you bring more customers, which will positively impact your revenue.
2. Reduce your maintenance costs
Using Pay by Link for payments eliminates the need for third-party apps or setting up POS terminals. This saves you the cost of keeping up with and maintaining such applications.
Moreover, some solution providers allow you to get a “pay-as-you-go” system. In this system, you don’t have to pay a subscription or registration fee monthly or yearly. You can pay a small portion of your payments via the link.
In this way, you only pay when using the link, which further saves the overhead costs. So, pay by link is very useful and efficient for small business owners who don’t have a lot of capital to invest upfront.
3. Provide a better customer experience
Among the most important benefits of using Pay by Link is the ability to provide better customer experience.
The Pay by-link payment method is useful for merchants in setting up the business and helps promote their business to the customers and turn them into loyal buyers.
As a merchant, you can customize the payment link by adding your logos, sending thank you messages, adding other notes, and promoting more products. Through this personalized payment experience, customers are more likely to remember you and recommend your business to others. Personalization enhances customer experience and loyalty.
Furthermore, the customers can use the link to pay anywhere they want. They can use their preferred mode of payment instead of facing a payment barrier. Also, pay by link lets the customer pay in a simple process.
Research has shown that several customers quit the shopping process only because of the long and strenuous checkout and payment process. So, pay by link will also help improve the customer’s buying experience, and they are more likely to stay with you after that.
Primary reason for digital shoppers in the United States to abandon their carts as of November 2018. Benefits of using Pay by Link. Image source: statista.com
4. Accept payments internationally
Another key benefit of using Pay by Link as a payment method is that you are not limited to only using it in a specific country or location. You can send it to your clients no matter where they are located, and they can pay it from wherever they want.
Of course, it’s important to keep in mind that there might be restrictions depending on the Payment Gateway. However, if you select a payment gateway that makes it easier for you to accept international payments and currencies, your business will be up to success.
For example, with MYMOID, you can accept payments in +45 countries and +128 currencies.
5. Provide a layer of security
Security is an important consideration when you are setting up a payment gateway, and this is especially true when we are talking about online payments.
Merchants that deal with online transactions and handle payments (both online and offline) have to meet with the PCI-DSS requirements for payment protection, and one way to achieve that is by generating your payments links with a payment gateway that meets all the requirements for you (which can be a costly and lengthy process).
In addition, gateways such as MYMOID use methods like encryption and tokenization to ensure that you are providing a safe and convenient experience for your customers at all steps of the process.
6. Enhance customer loyalty
When talking about the benefits of using Pay by Link, one underestimated benefit is that it can help to enhance customer loyalty. By using this payment method, you will not only keep customers satisfied because of the convenience that you provide for them, but you will also show them that you are up to date with the latest technologies.
Often times, it can be frustrating for customers to see that companies are not using the latest and most convenient tech solutions, no matter in what industry your business is operating in. However, offering an innovating payment experience will help to enhance customer loyalty and keep your customers satisfied.
7. Offer a variety of payment methods
Another important consideration to keep in mind when discussing the benefits of using Pay by Link is that it allows you to offer a wide variety of payment methods, which is important for customer experience and making it as simple and easier for them to complete the purchase.
Studies have shown that 1 in 4 customers may abandon a transaction if their preferred payment method isn’t available. According to eCommerce News, online retailers lose up to 2.13 billion euros per year due to the lack of available payment methods. By not giving customers options, you risk:
- Losing on a lot of revenue for your business
- Repelling customers because they feel frustrated
- Not getting paid on time, or delaying the purchase
- Missing opportunities for upsells;
- Having a lower referral rate;
And more. By adding Pay by Link as an additional payment option, you provide customers with more opportunities to complete the purchase, and you are more likely to close a sale – instead of losing it.
Why should you take advantage of the benefits of using Pay by Link?
There are multiple benefits when it comes to using Pay by Link as a payment option for your customers. On one hand, it’s convenience and a simplified payment process. The merchant can send this link to the customer through various chat, email, and SMS channels.
This mode of payment can be used by any business owner with any size of the company, from a big corporation to a small business and all in between. Some companies only pay by link, while others incorporate it with other payment methods.
On another hand, it helps to improve user experience, reduce customer frustration, and even enhance customer loyalty by ensuring that you are using innovative payment experience, and you are up to date with the latest technologies.
People are leading immensely busy lives, and as such, their attention span is very limited even when they are shopping. It would help if you optimized your business to be as efficient and smooth for the customers as possible.
Pay by link lets the customers send the payment quickly without a long checkout process. You can set up the payment link in a few easy steps as a merchant. This allows you to run your business from anywhere and use any channel you want while making the customer’s purchase journey seamless.
With all of that, it is also important to keep in mind that generating payment links is easy when you are using the right Payment Gateway. If you are not doing that yet, or you are looking to upgrade to a better Payment Gateway, do not hesitate to contact us and we will be happy to answer all of your questions. Learn more about MYMOID.