Digitalization has been a game changer for the Indian economy. Businesses of all sizes and sectors now need easy-to-use digital payment methods. Entities like small businesses, sole proprietors, and home-based enterprises, who take cash payments but do not have websites or online stores, manage and collect payments digitally as easily as any online company.
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In contrast to a regular link, a payment link is a request to collect payment via a securely created URL that users can click to send money online. This link can be distributed to various platforms, including social media, email, and SMS. This helps both the seller and the buyer to collect payments easily.
Continue reading and learn how to create embedded links to collect payment effortlessly and what are their benefits.
What is a payment link?
The URL or QR code of a payment link initiates an online transaction. You can access a page or payment gateway filled with information about your purchase by clicking or scanning the link. Then, all you need to do to make a transaction is enter your payment information.
Since they are so flexible, payment links are one of the most practical ways to collect payments. A link may be unique to a single transaction or consistently associated with particular goods or services. They can be made specifically for one customer or made clickable by anyone. You can choose whether the link is for one-time use, open to everyone, or a permanent one for recurring payments. They are, therefore, particularly beneficial for subscriptions, invoicing, and bids.
Steps to create a payment link
The payment gateway or service you use will determine the steps to establish a payment link. You may follow the steps below:
- Register with a provider or payment gateway to build a payment link
- Create a payment link according to the direction provided by the payment gateway or provider
- It can involve setting up a merchant account and your payment preferences
- Establish the sum amount and currency
- Change the payment link’s parameters, URL, or preferred notification method
- Click on the button to create the payment link or use an API
- Send the payment link to your clients via email or put it on your website
Each payment gateway or provider has distinct guidelines and specifications for producing a payment link.
Benefits of using a payment Link
A company can flourish if its clients are satisfied with its goods, services, or solutions. With UPI payment links, clients can pay using their preferred method. It is a quick, secure, and practical method for businesses to boost their sales.
The requirement for expensive payment acceptance equipment like (Point of Sales) POS terminals to be maintained is reduced by payment links. Furthermore, it eliminates the need for third-party apps and lowers setup and maintenance expenses.
- Supports technology
You might need to gain technical knowledge if you own a small or medium-sized business. Payment links can save you from all the technical integration and work in this situation. Start creating and emailing payment links to collect payment; all you must do is set up a merchant account.
- Multiple payment options
Payment links offer a simple checkout process with all standard payment options. This gives the customers a variety of choices to pay.
- Secure and dependable
Customers typically have difficulties making payments online because they are requested to input their private transactional information. They get a sense of confidence when they use payment links from a trustworthy payment gateway.
- Effective communication
Payment links allow you, as a business, to conduct efficient and smooth communication even when you collect payments online. This maintains the privacy between the company and the customer.
By delivering UPI payment links to your clients, you save a reasonable amount of time and effort. You simply have to enter the details of the purchased item and the required amount into the UPI payment link generator to create links.
Features of an embedded payment link
- Invoices with embedded payment links make it easier to send or collect payments from customers
- On clicking the link, it ensures that the customer has a variety of payment alternatives to select from
- The invoices can be received from anywhere without issues since they are sent via email
- Collect payment via a link that aids in developing a process trail
By now, you should be familiar with payment links, their advantages, and how to make them beneficial for your company. EnKash is a spend platform that enables simple payment link creation and payment collection. They give you access to various fintech solutions and support you in streamlining your payment and company operations. So, go ahead, explore ‘EnKash’s website and make payments online effortless!