What are Payment Links and How Do They Work?

Digitization has led to a need for effortless and hassle-free payment methods for all kinds of businesses. From being a cost-centric advantage, online payment methods have now become a key competitive advantage for businesses.

The best way to inculcate an online payment method without needing a heavy investment or a developer is to generate payment links. It is a time-saving payment method that provides increased security, premium facilities, faster payments, and more.

What is a Payment Link?

A payment link is a URL that takes customers to a web page or a checkout page wherein they can complete their transaction. Generally, merchants generate payment links to provide their customers with a hassle-free payment method.

In simple words, a payment link, unlike a normal link, is a payment request through a web link that is generated with safety. As a merchant, you can generate payment links individually for different goods and services that you are selling.

However, one single payment link can only facilitate a transaction for a single intended receipt, up to a vast number of customers. Moreover, it could be shared via various communication channels like email, SMS, WhatsApp, etc. The customers can choose the most convenient method to make the payments, i.e., credit and debit cards, net banking, UPI, and more.

How Does a Payment Link Work? 

A merchant can generate payment links in a few simple steps and start collecting payments almost immediately. Let’s look at the step-by-step process- 

  1. To generate payment links, a merchant or the business can log in to their merchant portal to enter the customer’s reference identifier like the order number, statement number, invoice number, etc.
  2. In the next step, they can enter the payment amount that the customer has to pay in exchange for the goods and services provided. 
  3. Further, add the customer’s contact details like their email or mobile number to send the payment link. 
  4. The customer receives a personalized link immediately via email, SMS, WhatsApp, etc., wherein they can make payments with the method of their choice. 
  5. When the customer clicks on the payment link, it takes them to a personalized payment page, and all they need to do is enter their transaction details.
  6. A merchant can choose to set an expiration date for the payment link if they want to make payment via payment link, a time-limited deal.

What Businesses Can Benefit from Payment Links the Most? 

Payment links are great for small and independent merchants requiring a timely payment either before or right after the product or service is delivered.

  1. Accountants and accounting firms can generate payment links to collect the fees for their services, many of which do not require any personal meetings with clients.
  2. Legal services and firms can also generate payment links to commence time-sensitive work.
  3. Charitable campaigns and more such fundraisers can easily connect with the donors to accept contributions.
  4. Services wherein a payment or a deposit is required in advance can also use payment links without needing to wait for statements or cheques.

Get Paid Instantly with Razorpay Payment Links

 Many customers in today’s time prefer to pay their bills via online medium over traditional modes of payment such as cash and cheques. And payment links do not just offer convenience and security to the customers, but it also allows your organization to compete effectively by following the latest trends as they enter the market.  

Razorpay, a leading brand, offers powerful links and reminders with hassle-free onboarding. This means that you can send reminders to your customers without even lifting a finger with automated payment reminders.  

Accepting payments is now just a link away with Razorpay. Visit their website to learn more.