Today more and more businesses understand the virtue of going digital and are enabling online sales. So it’s high time to reflect on the customer experience with purchasing your products or services online. The payment process is one of the cornerstones of successful sales, and you need to approach it wisely to ensure your customers have good experience with your payment process.
So choosing how to handle online payments, you need to keep in mind a range of criteria and pick the payment method that satisfies them to the fullest extent, and thus, works in favor of not only your customers but your business as well.
I believe a payment link is the best fit.
Basically, a payment link is a payment method that allows requesting and accepting online payments from customers outside the traditional online store. It is usually powered by one of the popular payment systems, which ensures the security of payments for both merchants and customers. Besides, it offers the flexibility of the ways of using it. Those can be an email invoice, social media business page, simple checkout pages on a website, even channels in messengers – wherever you sell online.
Though many businesses often overlook this option, below, I’ll give some arguments for it. So keep reading to know how a payment link can benefit your business.
Criteria for approaching the payment process
But before getting to the payment link option, let’s take a closer look at the criteria you need to consider when deciding on building up your payment process.
- Is the payment process that you provide customer-friendly?
Lengthy checkouts or inconvenient payment methods can make customers quit without making a purchase.
- Do your chosen payment methods fit for your customers?
According to Statista, payments with credit cards have long become the most preferred method for online shoppers. And there’s no surprise, as cards provide the simplicity of payments combined with solid security.
- Does it fit to where you sell online?
Today, a full-scale online store is not the only way to sell your products or services online. There are plenty of other options that allow enabling online sales faster and easier (especially when you need to transform your business online as fast as possible) and won’t require a command of technical skills from you. Social media is booming for brands today. They give better and faster access to the audience, which, combined with the inbuilt shopping features, can be a better choice to sell your products or services online.
- How are you going to manage your online transactions?
Selling products or services online, you need to provide for efficiently managing your online payments. It’s a significant part of managing your business, so you need to ensure that you’re having a clear view of your finances and control your cash flow. It means that you will have to ensure your online payment data is correctly reflected in your accounting books, no transactions are missed, and each part of a transaction belongs to the right category in the books.
Done with criteria, let’s take a look at the payment link as a payment method that matches all of them.
5 ways a payment link benefits your business
Now, let’s directly drill into how a payment link can play in favor of your business.
- Fast and easy enabling of online sales
A payment link allows launching online sales almost immediately, using your existing online presence.
For businesses that look at moving sales online, the effort needed for transformation can often be the key factor that influences the decision greatly. It’s especially true for small businesses that might lack the in-house technical resources needed to launch a full-body online store and implement a payment gateway there. Either the expenses on additional technical staff or the implementation time can scare out many small business owners.
So why not use what you already have? You might have a simple one-page website or a Google My Business page. And definitely, you have a business page on social media. And even if you don’t, it can cost you a couple of hours of your time to register a business page on Facebook or Instagram and start promoting and selling your products or services there.
You can easily add a payment link to any product or service description, or provide a payment link in your profile or Stories. The only investment needed is your time (bet it won’t take you longer than a day).
- Flexibility in choosing sales channels
You can insert a payment link right in a promo message on WhatsApp (or whatever messenger you use in your marketing activities).
Though social media is a great sales channel, you may not limit yourself with them. The business power of messengers is often underestimated. However, many businesses use messengers to sell their products and services. Messenger-based sales are an actionable strategy that is worth trying. Especially now, when the use of messengers rocketed.
- Better sales with the customer-friendly purchasing process
A payment link can drastically simplify the checkout and thus prevent abandoning purchases.
The long checkout process is one of the major reasons for purchase abandonment in retail. 21% of shoppers are likely to quit purchasing due to the lengthy and daunting payment process. On the contrary, a simpler checkout can increase sales by up to 35%.
No matter where you sell online, giving your customer the most convenient and simple way to pay for your products or services can increase the likelihood of a sale. With a payment link, you allow them to pay in a couple of clicks and by a credit card ( that is the most preferred way of online payment in the US).
- Highly secure payments
With a payment link that is powered by an online payment processor, you can ensure the highest level of security for both you and your customers. Today, online payment systems implement multi-layer security measures to protect the financial data of merchants and their customers. Besides, credit cards also come with solid security measures, such as #-D security and more. At the same time, a payment link doesn’t require much time and technical skills to implement than a classic payment gateway.
- A comprehensive view on finances
A payment link is a payment method that may come with a finance management system behind. Some of such systems can integrate with online accounting solutions. It allows you to not only see all your transaction data in detail but also bring it instantly into your books, which frees loads of time eliminating a great deal of manual work.
How to easily enable a payment link with Synder
Recently, Synder implemented a functionality that allows you to set up a simple checkout page (powered by Stripe) right in the app and generate a payment link for it (and a code that you can use to embed the checkout to your website). The link can be used to receive online payments with credit cards on any sales channel that you might be using. These include social media platforms, messenger apps, emails, and definitely, on websites.
A setup is simple and literally takes a couple of clicks. Here’s the video that explains the process:
Moreover, as Synder easily integrates with both online payment systems and accounting solutions, you will have all your transaction management automated. In a nutshell, the flow looks as follows. A customer pays for your service or product via the payment link. The transaction immediately appears at your Stripe account. Synder takes this transaction with all the details and imports it into your QuickBooks automatically placing all the bits of the transaction (such as processor fees, taxes, etc.) in the right categories. All this goes on in the background, with no need for any further manual action from you.
To sum up
Today, online sales is not just an option for small businesses, but one of the best practices and a means of diversification of sales channels. A payment link can help you enable online sales really fast and in the most efficient way.
Have you tried using a payment link? What do you think? Feel free to share your opinion in the comments.