Making payment after a purchase has become so easy that it can be done at the fingertips and within no time. This has revolutionized the entire e-commerce sector and can be said that these online selling platforms survive at the mercy of these new world payment systems. There are multiple ways to make online payments to a merchant after buying a product or taking a service. Making a payment using UPI ids, mobile numbers, etc., all have their own benefits. However, one of the most unique and to say, the most convenient ways of making online is nothing other than payment links. Let us learn more about the same and how they work.
In layman’s terms, payment links are a special type of link generated by the merchant for the customer to make instant online payments. This is also the fastest way of making payments. The interesting part is that the working of payment links is even much simpler than its definition. The next section deals with the same.
Making payments have never been this easy!
How Payment Links Work
The entire process of making payment through payment links is accomplished in a few simple steps.
- The link is first generated by the merchant from whom the customer is purchasing a product/service.
- The merchant then shares the link with the customer who will be making the payment for his purchase. The link can be shared on SMS, email, browser, social media, or literally anywhere.
- The customer then clicks on the link and is redirected to a secured payment page.
- The customer then makes the required payment with the offered payment methods like UPI apps, UPI ids, e-wallets, Credit/Debit cards, or Net Banking.
- The merchant receives a confirmation of the payment and a confirmation message, or email, or both are sent to the customer as well.
Benefits of Making Payment through Payment Links
Payment links bring a number of benefits for both the customers and the merchants. Let us learn a few in brief.
- Saves times: The first and foremost benefit of making payment using payment links is that it saves a lot of time. The time spent in making such a payment is literally next to nil. No other payment method offers this level of efficiency when it comes to saving time.
- Convenience: The merchant, as well as the customer, have to do zero brainwork in the transaction made through payment links. If the merchant has a well-to-do payment system, the payment links are generated and sent automatically to the customer. The entire process is blazingly fast and smooth.
- Reduced cost: Accepting payment through payment links eliminates the need to have expensive POS terminals and third-party applications.
- Secured: The payment links redirect the customers to a secured payment gateway where all the sensitive information remains safe through robust encryption.
- Multiple payment options: Most payment gateways, where the customers land after clicking on a payment link, offer multiple payment methods. The customer can pay for his purchase through UPI apps, UPI ids, Net banking, Credit/Debit cards, e-wallets, etc.
- Transaction record: Upon making the payment or even if the payment is not successful, both the customer and the merchant get notified with all the transaction details. This serves as a record for future reference in case of any dispute.
Things to Keep in Mind While Making Transactions through Payment Links
- Despite a host of benefits that come with payment links, one should remain cautious and keep a few things in mind before making any payment.
- Only click on payment links that you know are requested from your end. Keep an open eye and go through all the details like the amount, merchant’s name, etc.
- Avoid links that seem confusing. It is better to pay later than lose money.
- For merchants, not all customers are acquainted with using payment links. Hence, they must avail other options as well to the customers.
- Avoid using public Wi-Fi systems while generating a payment link or making payment using the same. Only use a secured network like your network provider’s mobile data to make payments.
- Keep a record of the transaction by downloading the payment receipt or by taking a screenshot. This will help you in any future dispute where the money is at stake.
It is undoubtedly clear that payment links have helped e-commerce businesses to smoothen their payment system and accept a large number of payments in a short span of time. Added to this, the convenience of the payment links, and the security the customer gets have helped merchants to increase sales, provide better service to customers and focus on their core business rather than wasting time in bookkeeping. A good payment system also keeps record of all the transactions and uses the same to generate periodical reports. Merchants worldwide are now readily accepting modern payment solutions and integrating the same to offer their customers the best and hassle-free payment method every time.