Making a payment online has never been more straightforward. Payment links can be confusing to understand, especially because there are disparate definitions of this term online. In this article, we will define what is a payment link, what it is used for and its advantages for customers and merchants.
A payment link is a payment request that companies send to their customers so they can pay for their order. This payment link can be sent via any digital method, such as email, text, app, internet browsers or social media. Once customers receive the link, all they have to do is click on it and finalise their payment. This payment type is usually used when products or services are ordered outside the traditional physical or e-commerce shop.
The term itself is quite broad and you may find that some people have a different idea of what a payment link entails. For instance, you may see “payment link” referring to a checkout button in any online e-commerce shop. This button takes the customers straight to a checkout page so they can insert their card details and complete the payment. “Payment button”, “Pay by link” or “Buy button” are simply other designations for payment link, and they all mean the same.
There are also invoice payment links, usually sent via email as a request for payment. The email invoice will contain the payment link and the merchant’s name, address and VAT information. By clicking the link, customers will be directed to a payment page where they can complete the payment.
Alternatively, a payment link may be sent via SMS, email or social media, related to an uncompleted payment. Rather than providing the option to pay directly on the website, some ecommerce businesses may send their customers a payment link via SMS, email, social media or apps. Customers then need to click on the link, which leads to a payment page on a browser, and pay to complete the order. Payment links can be time-limited, so this is something to be ware of when purchasing products or services online.
Payment links are an easy and convenient way to pay, especially if you install them on your website. This way, customers can complete their orders directly on the website and avoid going back and forth with browser tabs, or going in and out of apps. Payment buttons are also fairly easy to set up on your website, either through coding or plug-ins.
Invoice payment links are equally convenient and require little work from customers. The easier and more straightforward the payment process is- the better for merchants. A seamless payment experience makes it less likely for customers to leave your website halfway through placing an order, which naturally drives more sales.
There are various payment providers that offer payment links, the most widely known being PayPal. In Q2 of 2021, PayPal had 403 million users (Statista report). With so many users across the globe, PayPal likely is some of your customers’ favourite payment method. If you want to start taking PayPal payments, you first need a PayPal business account. You can then generate payment links and send them via email or social media, or even embed the link on your website.
Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.
In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.
Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.