Payment gateway integration has become one of the essential components of every eCommerce platform in any sector. It enables money to be collected through the customer’s preferred payment mode in the most secure manner.
During the projected period till 2025, the Indian payment gateway market is estimated to grow at 15% CAGR.
The surge in e-commerce transactions is driving the increased use of payment gateways in India. According to the Indian Brand Equity Foundation, the Indian e-commerce sector is on the rise. It is anticipated to overtake the United States as the world’s second-largest e-commerce market by 2034. The Indian e-commerce market, which scaled $64 billion in 2020, will cross $200 billion by 2026.
However, one of the easier ways to receive payments is to generate payment links. It is secure, doesn’t expose the user’s payment information, keeps the data safe, and can execute the transaction in just a single click.
What is a payment link?
Simply put, a payment link is an online payment method in which a request is created by the merchant and sent to the customer via different communication channels like SMS, email, Whatsapp, and other social media apps.
It is a primary web URL that can be accessed anywhere and at any time, generally hosted by a secure payment gateway, and does not store the customer’s payment details. The customer is then prompted to make the payment after being redirected to the payment gateway.
It is the most convenient and time-efficient method for both customers and retailers that allows processing payments no matter where they are.
For businesses with no website or apps, generating payment links is the easiest way for their customer to make a payment- and that too in a single click! The link can be easily generated via a dashboard hosted by providers like Zaakpay.
Generate payment links with just a click
Creating a payment link on the dashboard is super easy. Small businesses can benefit immensely from this and streamline their payment process without needing additional elements to complete the process.
Moreover, medium-sized enterprises and businesses of scale can generate payment links in bulk to send to customers simultaneously without having to go through the process of developing a separate payment link for each customer. The entire process can also be automated using payment links providers like Zaakpay, who allow merchants to create payment links in bulk and send them off in one go- saving time and resources by leaps and bounds.
- Send a link via a dashboard
Merchants can generate customized payment links within seconds and send the payment request to customers via messaging apps like WhatsApp, Telegram, social media apps, SMS/email and more. Additionally, with a custom URL shortener, businesses can further personalize the payment link for their customers, making it even easier for them to remember and access. This adds a professional touch to the payment process and helps build trust and increase customer satisfaction.
- Bulk payment links via API
Merchants can use the user-friendly Application Programming Interface (API) of service providers and automate bulk payment links from the dashboard with a single tap. The bulk payment links are then shared with the respective customers who can make instant payments. What’s more, automated payment links can also serve as a payment reminders for customers.
How does it benefit businesses?
Payment links that are just a click away have revolutionized the payment landscape. Here is an example of how some business models can make the most out of payment links.
- Online retailers (B2C)
Online sellers can use payment links to receive instant payments and expedite the shipping process instead of waiting for bank transfers and then starting. Payment links make e-invoicing efficient and easy, so merchants don’t have to worry about receiving payments on time.
Businesses can initiate hassle-free bulk order processing after instantly receiving funds via payment links.
- Freelancers (individuals)
Freelancers and those individuals with personal brands can simplify the payment collection process using payment links instead of constantly following up with the clients. Send a payment link and receive payments while on the run.
Benefits of generating secure payment links
Payment links and payment gateways are gaining popularity for a bunch of reasons. They have made the life of retailers and small & medium enterprises easy by reducing the invoicing time, simplifying the payment cycle, and seamlessly digitizing the entire process.
Following are some benefits enjoyed by businesses that use payment links to accept payments from vendors, clients, and customers.
- Faster payment collection
Gone are the days when businesses had to wait at least 3-5 business days for the payment to reflect in their account. With payment links, the transaction processing time has reduced significantly, making the process faster. All a merchant has to do is create a link, enter the payment details (amount), and send it to the customer.
Collecting payments via links is convenient for both the customer and the merchant.
Firstly, the merchant doesn’t have to worry about not having an app or website. Payment links enable sharing to customers via any desired medium, seamless refund issues, and informing dues. Secondly, the customer is given the convenience of paying as and when they want to use one of the many payment options available. They need not step out of the homes or even connect with their bank. A simple click executes the transaction.
- Tracking and managing payments
The robust payment links dashboard hosted by Zaakpay paves the way to track the payment status in real-time. This makes it easy for businesses to stay on top of the funds they are anticipating, funds they have received, and payments that have been pending.
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It’s imperative to note that payment links and payment gateway ensure stakeholders’ security of communications and mechanisms.
Hence businesses have to make the right choice of provider to generate payment links in just a click by considering features of cost, optimization, efficiency, and ease of process driven by their technology.