Increasingly more businesses are looking to invest in payment solutions that are easier and more convenient for their customers. The payments industry has gone a long way and suffered a tremendous digital transformation to accommodate customers’ needs. Amongst other fast and convenient payment methods is Pay-by-Link. This article discusses what Pay-by-Link is, its benefits for merchants, and how you can start offering this payment method to your customers.
Pay-by-Link is a method that enables customers to pay for their purchases via a link online. Enterprises can generate this link and send it to customers via various channels such as email and SMS. When customers click on that link, they will be directed to a web payment page where they can add their payment details and complete the transaction. The payment amount is predefined and will show up on the payment page. There are different types of Pay-By-Link, which we will explain in the next section.
There are two main types of Pay-By-Link: one-time links and buttons on eCommerce websites. With the one-time link, merchants generate this link and send it across to their customers via email, SMS, social media, or other online platforms. SMS and email are most common, as they are readily available to most customers. The ”Buy Button” is most commonly seen on eCommerce websites, where customers can click on the button and be directed to a payment page to complete the transaction. Though it is not exactly a link you can send your customers via email or SMS, it still directs customers to their checkout page, similar to one-time links.
The most significant benefit of Pay-By-Link is the accessibility and ease for customers, who can quickly click the link and pay for their purchase anywhere, at any time. Customers expect a seamless and straightforward payment journey, and they don’t want to go through a lengthy checkout process to pay for services. Payment links can reduce dropouts by as much as 80%, making them effective for onboard insurance customers.
Pay-By-Link is equally advantageous to enterprises, as it makes it easier and faster to collect payments, which ultimately improves their cash flow. It also doesn’t require a lot of investment in resources and operations, as enterprises don’t need to build their website and payment page.
Imburse supports Pay-By-Link, so our customers can easily set up this functionality as soon as they connect to our platform. This payment method is available for all enterprises, free of charge. Insurers can send the link to their customers via email or SMS and receive a notification once the payment is complete. Our Pay-By-Link functionality supports various languages, including English, German, Portuguese, Spanish, French, Italian, and more on request. Customers can change the predefined language via a dropdown menu.
Our clients can also customise their payments page, including logo, fonts, colour, text, and footer, on their Imburse tenant portal. Pay-By-Link is entirely secure, as the link carries a token instead of data, meaning no sensitive information can be compromised.
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.
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