Businesses have gone beyond the bounds of conventional stores and brightly lit supermarkets owned by a select few and major corporates. The MSMEs have shown incredible growth with increased internet access and penetration. The introduction of online business models has created a niche space for micro businesses to function and scale up based on minimal demand-supply, with limited inventory and resources. How does a small business survive in a virtual marketplace that is currently teeming with major corporates and unicorns offering flashy sales and exciting rewards to reel in the customer's attention?
Do you own a business or a small-scale venture with a diverse product range & dynamic pricing? And your customers are no longer happy with cash transactions? Do you own a website that does not accommodate carts with dynamic pricing? Here is a quick and easy fix for all your business woes. Receive instant payments from your customer with a link that you can share via., SMS, WhatsApp, Messenger, or even a Chatbot. Keep reading to know more about Payment Links and how they can benefit your business.
What are Payment Links?
Payment Link is a simple URL that can be shared with your customer via SMS, email, WhatsApp, messenger, or even a chatbot to instantly receive payments.
When to use Payment Links?
The instant you make a sale. Use Payment Links to collect instant payments with a simple 3-step process.
Step 1 — Generate a Payment Link using the Pay10 dashboard for a specific amount that you need to collect from your customer.
Step 2 — Share the Payment Link via., SMS, email, WhatsApp, or even a Chatbot
Step 3 — Customer receives the Payment Link and pays using their preferred mode of payment. You immediately get notified about the receipt of the payment.
Why use Payment Links?
Ideally, all large-scale businesses and major online businesses have a ‘-Kart’. The customer only needs to place the product/service in the kart. Click purchase, process the payment, and have it delivered.
How can small-scale businesses and resellers with limited resources and inventory survive in the same marketplace?
- Your business can benefit by using Payment Links to receive instant payments.
- Process hassle-free returns and refunds.
- Payment Links cater to dynamic prices and diverse product ranges.
- Monitor your P&L over a specific time period with a fully analytical dashboard to help improve your business.
For example: If you are a home baker delivering personalized birthday cakes to your customers directly without a website or an App. You can generate a customized payment link with a specific amount depending upon each cake that you deliver and share it with the customer to receive instant payment.
Who prefers using the Payment Links?
Although there is no constraint with the industry or business sector, online businesses that primarily use social media platforms to reach their customers show a higher inclination toward using Payment Links.
According to Statista, there is a remarkable growth of innovative D2C businesses in India, the total addressable direct-to-consumer (D2C) market is expected to grow by over 15 times from 2015 to 2025. In 2020, the total addressable D2C market was valued at 33.1 billion U.S. dollars. By 2025, the total addressable D2C market is forecast to grow almost threefold and reach 100 billion U.S. dollars.
Small-scale ventures and online businesses benefit from using instant payment Links that enable them to smoothly process & monitor business transactions. Payment Links empower online businesses to sell more & sell fast.
How is a Payment Link different from a QR code?
Why use a payment link when your customer can scan a QR code and send you instant payments using PSP (Payment Service Provider)? Here are a few pointers to help you understand the difference between using Payment Links and PSP.
- Offers convenience to the merchant & customer — You request the exact amount that you need to receive in exchange for a product/service. The customer does not have to manually enter the amount and verbally confirm with you for every purchase.
- Personal information — You do not need to reveal your personal information like your mobile number or banking details online to complete strangers. Payment Links can be shared via., email, or even a chatbot.
- Multiple Payment Requests — You have the convenience of generating multiple payment requests at once and tracking the receipt of your payments in a hassle-free, fully analytical dashboard.
Now that you know all about Payment Links and how to use them. Pay10 provides secure FinTech Solutions to every business need. Check out our secure digital payment services that enable your business to quickly generate Payment Links and receive instant payments from your customer. Contact us to avail of FinTech Services for your business.