Payment links are a vital part of the fintech experience, and allow merchants to quickly collect funds from their customers in a fast and efficient way. The payment and checkout experience is streamlined, and provides for a better customer experience.
What is a Payment Link?
A payment link is a link that directs the customer to a hosted checkout page when the link is tapped or clicked. More specifically, the merchant can generate the payment link either via the Rapyd API, or via the Rapyd Client Portal. The checkout page is used to complete a payment.
Once the link is generated, the merchant can send the payment link to the customer in a variety of methods, which can include an online storefront, SMS message, email, invoice, WhatsApp, or anywhere you can paste a link.
Payment links can be customized to meet your needs. You can make the link a one-time link that expires after a specific time period, or a re-usable payment link that can be used for repeated payments over time. You can also define the country, and currency to be collected for the payment.
You can manage your payment links through the Client Portal, and deactivate payment links that are no longer being used. You can also select a variety of payment methods, including cash, card, and bank payments.
How Do Payment Links Work?
Payment links are generated by the merchant through an API call, or generating a payment link from their Client Portal account. The merchant then sends the payment link to the customer. The customer clicks on the link, and is redirected to a pre-checkout page. In this page, the customer enters the payment amount in the appropriate field. They may also be able to select the currency for the payment. Otherwise, the payment link will display the fixed payment amount as defined by the merchant.
The customer then clicks the Proceed to Payment button before being redirected to the payment page. The customer selects the payment method if multiple payment methods are allowed, and then enters their payment information.
After the required fields are completed, the customer clicks on the Place Your Order button. The customer is then directed to a payment status page stating the payment was successful, and the payment is processed.
Why Payment Links Are Important
Payment links are important because they provide a no-nonsense and smooth checkout experience. Payment links are also the perfect solution for one-time payments. Using a hosted checkout page allows you to plug the ideal payment experience right into your application or website.
Payment links also expand what is possible for your business. You can use Payment Links with FX, allowing you to collect payments in the currency of your choice. This can allow you to have the payment experience you want while utilizing Rapyd’s network. Payment links reduce red tape, and allow you to collect cross-border payments without all of the extensive integrations and regulations. Rapyd handles that for you, allowing you to focus more on your business.
Sign up for the Rapyd Client Portal and create a payment link for yourself. Let us know in a comment below what your experience was like.