In this article, we will delve into what payment by link is, how it accelerates and simplifies payment processes for users and businesses, and how this method benefits companies.
As the world has evolved with the increasing use of the internet, we’ve come to expect everything in our daily lives to be faster and more convenient. This shift in consumer behaviour has also influenced the fintech industry, where innovation is thriving. We now use bank and credit cards instead of cash for our most straightforward daily needs, and traditional habits like visiting a bank branch have been replaced by mobile banking, significantly accelerated by the pandemic. Contactless payment methods have become prevalent in nearly every aspect of life.
Simultaneously, e-commerce volumes are rapidly growing both globally and in our country. Recent data published by the Ministry of Trade also confirms this trend. As e-commerce expands so quickly, users—today’s term for consumers—expect brands and platforms to provide an easy shopping experience that is fast and practical. One of the most critical factors in simplifying the shopping experience is evident in the payment stage.
In line with this, businesses aim to provide users with a convenient payment experience by integrating services like link or QR code payments into their payment infrastructure.
What Is Payment by Link, and How Is It Used?
Payment by link is a practical tool that allows secure payment with credit and debit cards through a designated link. In the concept of payment by link, the mentioned link is, in its simplest form, a URL link that initiates the online payment process. Users are directed to a previously loaded payment portal or page when clicking the linked URL. After clicking the link, users enter their payment information on the opened page and make the payment.
In the payment by link system, businesses can create a shared link for specific payment transactions or generate separate links for each payment transaction and each user.
Which Businesses Benefit from Receiving Payments by Link?
Payment by link is advantageous for many businesses from different sectors, as it provides convenience for both users and companies. Let’s examine with examples which companies benefit from payment by link based on the model and sector:
Small and Medium-sized Enterprises (SMEs):
Businesses that do not use a separate CRM program for order management can use payment by link. They can receive payments by generating a particular link for each transaction through their websites. Furthermore, small-scale businesses can use payment by link through social media platforms or by sending SMS/email messages with links that are uniquely generated for products or users.
Businesses That Offer Different Pricing for Each Customer:
Businesses that want to offer different pricing to customers frequently prefer payment by link. For companies that want to provide other conditions and pricing for each product and service, receiving payments through separately generated links for each transaction can be practical and advantageous.
Businesses Wishing to Reduce Checkout Queues:
Companies that want to reduce queues at their physical stores can also offer payment by link as an option to their customers. This method is preferred, especially among consumers prioritizing a fast and convenient payment experience. This preference is more common in younger age groups who are more accustomed to today’s technological conditions.
What Are the Advantages of Receiving Payments by Link?
We’ve discussed which businesses can benefit from the payment by link. Now, let’s briefly look at the advantages of this method:
- Payment by link simplifies the payment process: Payment by link not only allows businesses to offer users a practical payment method and increases payment acceptance rates. It enables businesses to increase their sales with a fast method like payment by link.
- Payment by link offers an innovative payment experience: With payment by link, businesses can provide their customers with a creative payment experience that aligns with today’s technological conditions.
- Payment by link provides convenience for one-time transactions: Businesses can save time with payment by link, especially for one-time payments. As mentioned, they can also receive customer payments for different products/services through additional links.
How Can You Start Using Payment by Link?
Businesses can receive payments by links through their affiliated virtual POS terminals provided by Craftgate without any integration process. After entering the product information they want to accept payment for into the Craftgate merchant panel, they can create a unique link for each product they want to sell. After sharing the payment link with their customers, they can quickly receive and offer a convenient payment experience. To learn about the positive effects of payment by link on Craftgate member businesses’ payment processes, click here.
What Is QR Code Payment?
In addition to payment by link, QR code payment, which is similar, is also a payment method that provides convenience for businesses and users.
As the name implies, QR code payment allows payment by creating a connection, just like in the payment by link system. The only difference here is that access is provided through a QR code specifically prepared for the transaction or commonly rather than through a URL link.
In this method, users make payments by filling in the information on the redirected payment page. The advantages of QR code payment and which businesses benefit from it are similar to the payment by link method.
Contact us for information about Craftgate and its value-added services, such as payment by link.
