Accept payments from multiple users toward a single invoice using payment links

In an era when capital is at a premium and customers are juggling an increasingly heavy load of competing priorities, it is more important than ever that your invoices are paid on time and in full. 

Payment links give you the ability to obtain the funds you are owed accurately and efficiently even in cases when more than one user is contributing to the same bill.

What are payment links?

Not so long ago, clients waited to receive a cumbersome paper invoice before they even considered resolving their bill. 

However, payment links (also known as checkout links or pay-by-link) provide a fast and secure way for invoices to be resolved instantaneously from anywhere. 

These unique URLs, furnished by payment processing companies and generated by the businesses themselves, give customers a way to make payments just by clicking on a link or “buy now” button that is connected to an integrated checkout page. 

This innovative funding strategy enables businesses to take payments via a single direct route without the need to set up a complicated checkout gateway or to design and code a website.

How do payment links work?

Bringing payment links into your checkout structure involves a few steps. First, you must work with your payment processing company’s dashboard to generate a payment link. 

To do so, you input necessary details into the provided fields, including payment amount, description, and any other important details.

Next, the link is distributed to your customers. This can occur via several different channels: email, social media, SMS, apps, or even on your own website. 

Whichever vehicle you use, you can eliminate the need for manual invoicing and make the checkout process secure and seamless for your clients.

Finally comes the payment itself. As soon as the customer receives the link via one of the above methods, they can click on it or press the button graphic. They are immediately sent to a secure page that is hosted by the payment provider. 

At this point, they can choose the payment method they want to use (credit or debit card, bank transfer, digital wallet, etc.) and are then able to insert the requested details. 

Once this is done, both you and your customer will receive confirmation that the payment has been sent and received successfully.

Benefits of payment links.

This new invoicing strategy furnishes businesses and their customers with a host of benefits. For one thing, anyone with a computer and a payment processor can request or receive payments with no need to have a merchant account or to set up a complex website.

Moreover, payment links are convenient. Customers can resolve their debts with just a few clicks from virtually anywhere. 

At the same time, this effortless checkout process increases the chances that bills will be resolved quickly, also reducing cart abandonment rates and helping to bolster cash flow.

Additionally, payment links are protected with strong security measures that minimize the chances of data breach. Secure payment gateways help to screen out unwanted interlopers, while encryption technologies ensure that data is unintelligible and un-usable to anyone other than the authorized parties.

Payment links also assist merchants when it comes to reconciling accounts, monitoring transactions, and drilling into sales data for forecasting purposes. 

With this added visibility, businesses are able to make better predictions that lead to intelligent decisions about future marketing strategies.

An added benefit of payment flexibility.

Flexibility is one of the trademarks of payment links that set them apart from older strategies. On one level, merchants can use them to accept payments from various sources that go far beyond traditional debit and credit cards. 

Today’s customers also expect to be able to use multiple payment options and appreciate it when they find these options available at checkout.

Payment flexibility even extends to multiple users who need to contribute funds toward the same invoice. Thanks to the customizability of these links, you can configure your system to send one out to each of the involved parties that shows their individual balance and provides them with an easy way to resolve their part of the debt. 

Your point of sale system can then easily keep track of each contribution, only sending out future bills to those who remain in arrears.

No matter what type of business you own, payment links can become one of your most effective invoicing tools. 

These links can be seamlessly embedded into ecommerce payment platforms, included on social media sites to transform casual viewers into buyers, and provided to customers to facilitate payment for goods or services rendered. 

Splitting payments among groups of friends or businesses is a simple process that enables you to receive what you are owed quickly and securely with maximum convenience for everyone involved. 

Now that you have been introduced to the flexibility and multiple features that payment links offer, isn’t it time to integrate them into your payment platform today?