December 10, 2021
paymentlink1 780x470 1 - Collect Payments Online Anywhere, Anytime with A Payment Link

The mention of online payment immediately steers the conversation towards a payment gateway integrated into a business website. While that is the most popular way of collecting payments, it is not the only one. There are various other scenarios wherein receiving payments through payment gateways may not work. What if the business doesn’t have a website? What if the customer selects pay-on-delivery but wishes to make a digital payment? What if the company has to collect bulk payments? Based on the business use case, merchants often need to improvise and develop better solutions constantly.

Considering the immense potential of digital payments and the business cases where a traditional integrated gateway proves challenging, payment links can come as a solution. It is a URL that redirects to a regular gateway, similar to those integrated into websites. However, this is hosted on the service provider’s servers and can be accessed directly from the link rather than from the business website. 

General Features of Payment Links

The features of payment links that are similar to integrated gateways are:

  • Links can accept payments through multiple options like credit cards, debit cards, UPI, net banking, and others.
  • They are secure against online frauds through PCI DSS compliance and other forms of encryptions. 
  • Online payment gets quick and streamlined as customers can pay by entering basic payment information.
  • Links are equipped with a powerful dashboard to track transactions and payments. 
  • They are active 24/7 and are not bound by proximity for the cost.

Business Use Cases for Payment Links

Accept payments without a website

To integrate a gateway, one needs to have a website. For years, this prerequisite has kept small businesses without a website off the radar of online payments. Even those accepting online payments executed this through direct payment modes, like a bank-to-bank transfer or through the customer’s mobile wallet to the merchant’s wallet. However, merchants had to sign up for multiple ways and personally coordinate with customers to do so. Unfortunately, it was never as convenient as an online payment gateway.

The world is changing, though, and accepting online payments is not a luxury but a necessity now. This is especially important when several home-grown businesses only function through social media platforms without an official website. A payment link can be a solution to accept digital payments with all gateway benefits without initially investing in a website. Moreover, even freelancers can use it to receive payments from clients from anywhere and anytime.

Accept cashless payments

Businesses often come across customers who don’t wish to pay in advance and only pay after receiving an order. In India, pay-on-delivery has been considered synonymous with cash-on-delivery for a long time. However, cash transactions come with a set of challenges for the merchants and delay the payment process. Therefore, payment links are a win-win for both the customer and the merchant.

Instead of accepting a cash payment on delivery, the delivery person can now send a payment link to the customer’s registered mobile number to ensure immediate payments to the business owner’s account. This can also be helpful when the customer cannot take a parcel and wants it to be dropped off elsewhere. The customer can still make the payment without needing to be in proximity of the delivery person. This is an anywhere and anytime payment in the true sense.

Payment Reminders through SMS

Financial institutions, insurance companies, subscription-based services, and educational institutions have one thing in common; they all have to collect recurring payments. By using payment links, they can remind their customers when it is time to pay. An SMS or email reminder scheduled from the automated link dashboard can be sent to the customer’s registered mobile number along with a link to make the payment. 

As it is, a report states that India will have 748 million smartphone users in 2020. Thus, businesses can retain more customers and expand revenue by reminding customers through various platforms. In addition, the customers are more likely to pay through a link from the ease of their home. 

Bulk Payments

B2B businesses generally have to collect bulk payments. With a payment link, merchants can create links for all the fees and mail them to their clients along with the invoice. Furthermore, it is possible to set a fixed amount for the links to accept payments hassle-free. This makes collecting and managing bulk payments effortless from anywhere and anytime. Furthermore, from the dashboard, the business owner can track the status of the transaction and keep a check on the payments received

Getting started with Zaakpay Payment Link Service

Zaakpay is one of India’s leading payment link service providers, with a robust online payment gateway. It offers all the innovative features businesses may need from a payment link service at competitive market rates. Follow the below-mentioned steps to get started with Zaakpay’s services:

  • Register with Zaakpay by providing KYC documents and setting up charges. It takes approximately 24 hours to activate the merchant account.
  • Generate links for payment after getting access to the dashboard.
  • Share the payment links with clients.
  • Collect instant payments.

Conclusion

With payment links such as those provided by Zaakpay’s, businesses can collect payments from anywhere and anytime. A merchant can accept payment without having a website, accept cashless payments, get payment reminders through SMS, and receive bulk payments; all this thanks to Zackpays payment link service. This can give the much-required boost and edge over the market to all businesses.

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