Imagine giving your customers the freedom to pay through any channel with just a link or QR code. Payment links turn this into reality, and are one of the easiest ways for businesses to get paid from almost any channel. They are essentially ‘instant check-outs’ which can boost sales and speed up payments. Given that approximately 70% of global online shoppers abandon their carts, payment links could be an ideal way to get paid faster and help your business thrive.
In this article, discover how payment links work, their diverse applications, and the advantages of Sokin’s payment links for online retailers, non-profits, freelancers, service providers, and more.
What are payment links?
A payment link, sometimes called pay-by-link, is a URL or QR code that businesses can generate to request payments from customers. These links can be one-time or recurring and shared with customers via email, social media, QR code, and embedded in invoices.
How do payment links work?
Simplicity is the payment link’s superpower. You can create and send links and/or QR codes to customers with a few clicks, from your payment provider’s platform. Not a single line of code is required.
When a customer clicks on the link they are directed to a secure payment page where they can complete the transaction using their preferred payment method, such as credit/debit cards and digital wallets.
With Sokin, you have the flexibility to choose between one-time or recurring links, catering to your needs and customer preferences. Plus, you can accept payments in multiple currencies and through various payment methods, ensuring that your customers have a seamless experience, no matter where they are in the world.
The many uses of payment links
Payment links are a game-changer for a wide range of organisations, from online retailers and consultants to freelancers, service providers, and non-profits. They’re especially beneficial for organisations without a website, offering a multitude of opportunities:
- Accept payments without a website or app: No website? No problem! Payment links allow you to accept payments without an ecommerce supporting website, unlocking new growth opportunities.
- Boost sales: Follow-up with customers who abandon their online carts, turning potential losses into sales.
- Simplify billing: Collect advance and follow-up payments by embedding links in invoices, streamlining your billing process.
- Trade tailored products and services: Whether you’re offering bespoke furniture, custom jewelry, or personalised travel, payment links allow you to sell unique products effortlessly.
- Manage recurring payments: Ensure a smooth and consistent payment experience by collecting recurring payments from customers.
- Collect donations: Reach more donors by sharing payment links via email or social media, making it easier for them to contribute.
- Sell event tickets: Collect registration fees effortlessly, especially for virtual events where attendees can pay and register online.
- Tap into Asian markets: Target customers in China and Southeast Asia, where QR code payments dominate, making transactions seamless.
Tips for choosing a payment links provider
Selecting the right payment links provider can make or break your business. Here’s how to ensure you pick the best fit for your needs.
- Integrated multi-currency management: Choose a provider that simplifies currency conversion and management. This allows you to seamlessly handle cross-border transactions and can even reduce your costs.
- Costs: Be mindful of the fees associated with each provider. Look for transparent pricing structures that outline transaction fees, monthly fees, and any hidden costs. This will help you avoid surprises down the line.
- Payment methods and currency support: Look for a provider that offers popular payment methods, including credit cards and digital wallets. Additionally, ensure they support multiple currencies to cater to your global customer base as it grows.
- Real-time payment tracking: Opt for a provider that offers real-time tracking of all payments. This feature helps you monitor transactions as they happen, providing transparency and enabling quick resolution of any issues.
- Ease of use: The user interface should be intuitive and straightforward. A provider that offers a seamless setup process and easy navigation will save you time and frustration.
- Customer service: Reliable customer support is crucial. Choose a provider that offers responsive and human-led customer service.
Why use Sokin Payment links?
Simplicity: With our platform, you can create and share a payment link or QR code with your customers in seconds. Track payments effortlessly without needing a website or any coding skills.
Multi-channel: Embed a link or QR code in practically any customer channel including invoices, social media, SMS messages, and more.
Tailor to your needs: Whether you need one-time or recurring payments, you can set future payment and expiry dates. Plus, receive email notifications for every successful payment, keeping you informed.
Enjoy low transaction fees: Benefit from ultra-low processing fees with no forced foreign exchange conversions or payout fees, keeping more of your hard-earned money.
Boost sales conversions: Our direct-to-checkout experience supports popular payment methods like Visa, Mastercard, Apple Pay, and Google Pay. Accept local currency transactions from over 200 countries, making it easier for your customers to pay.
Speed up your payments: Payment links streamline the payment process, reducing the time it takes for you to receive funds. This can significantly improve your cash flow and overall financial management.
Explore Sokin’s Payment links
Payment links are available with a Sokin account. Alongside payment links, you’ll get access to multi-currency accounts where you can accept, hold, and payout in multiple currencies. Get started or click here to learn more about Sokin Payment links.