The evolving digital innovations have made customers prefer convenient methods of shopping and payment, compelling online businesses to adapt accordingly.
Despite business’s efforts to meet these expectations, cart abandonment continues to be a significant challenge. According to recent research, 69% of E-commerce visitors abandon their shopping carts, with 11% citing a lack of payment methods as the reason for their decision.
To combat this issue of cart abandonment, a new solution called “payment links”, enables online businesses to generate and receive payments instantly.
What are Payment Links?
Payment links simplify the process for online businesses to receive instant payments. These links are available in the form of URLs, QR codes, or buttons, that are shareable with customers via email, SMS, or WhatsApp. These links allow businesses to accept payments without the need for a website or app.
How do Payment Links Work?
There are 3 simple steps to use Payment Links: Create, Share, and Receive.
Step 1: Create a payment link by entering relevant customer information;
Step 2: Share the link with customers on preferred channels.
Step 3: Receive payments.
To create a payment link, enter relevant customer information such as their name, reference ID, phone number, amount, and email address. Once the link is created, share it with customers via SMS, emails, or any other messaging platform.
Upon clicking the link, customers will be redirected to a secure checkout page to complete the payment.
Additionally, these links can be used on websites or social media posts.
When can Payment Links be Useful?
Payment links can be useful in several scenarios:
No dedicated website/app: Payment Links can be used to accept payments if a business doesn’t own a website or an app. PhonePe Payment Gateway’s Payment Links can be created in the PhonePe Merchant Dashboard and shared with customers directly.
Easy configuration: Start accepting payments instantly without complex integration or technical requirements.
Receive payments via social media:Accept payments directly from social media platforms using Payment Links, without redirecting users to the website/app.
Accept payments anytime, anywhere: Share payment links with customers via SMS, email, social media messaging apps, and websites to receive payments immediately from anywhere.
With PhonePe Payment Gateway, payment links remain active for 30 days, giving customers ample time to complete their transactions before expiration.
Benefits of Using Payment Links?
Increase Conversions: By accepting payments through direct messages (DMs) or integrating them into social media posts, online businesses can enhance conversion rates and minimize cart abandonment.
Real-time payment status update: Businesses can track payments in real-time and receive updates on payment status. PhonePe Payment links offer comprehensive features including link status, transaction summaries, details of successful and failed transactions, as well as settlement reports, all accessible through the dashboard.
Convenience put in front: Payment links are hassle-free and require no code, eliminating the need for businesses to have a development team to create them.
Key Features to Look for on Payment Links
Here are some key features that businesses should consider while choosing a payment partner:
Seamless Sharing of Links Across Channels: Upon creation, online businesses should be able to effortlessly share the payment link via email, SMS, and other communication channels.
Easy Tracking: Payment links should provide easy access to insightful data about payments- live transaction updates, transaction reports, and settlement reports.
Secure Checkout: Payment links should redirect customers to a secure checkout page to complete the payments.
(PhonePe Standard Checkout Page is PCI-DSS (Payment Card Industry – Data Security Standards) compliant.)
Why are Payment Links Important Now?
According to PhonePe Pulse, almost 1.11 crores of merchant payments have been processed through PhonePe. The online payment landscape is rapidly evolving, and businesses must offer a variety of payment options to adapt to these changes.
Customers seek a quick and seamless experience. With PhonePe Payment Links, businesses can offer a secure and swift payment solution, ensuring an excellent user experience.
