Payment links, also known as payment URLs, Pay by Link or checkout links, are web links that enable businesses and individuals to request payments from customers or clients. These links are typically used in online and mobile payment systems to simplify the process of collecting payments. Payment links are a convenient way to receive payments without the need for a traditional point-of-sale terminal or an e-commerce website.

The payments landscape continues to evolve rapidly, and there are now more and more ways to accept secure payments, from in-person card payments on a device to traditional bank transfers and secure online checkouts.

Here are 5 steps to creating a payment link:

1. Create: A business or individual can create a payment link using a payment processing service or platform like Rvvup. This link is associated with a specific payment request, such as a product purchase, a service fee, a donation, or any other form of payment.
2. Customisation: As the payment creator there is an option to customise the payment link with specific information, such as the payment amount, a description of the payment, a reference or PO, adding Tax and sometimes even images (like a logo) or attachments.
3. Sharing: Once the payment link is created and customised, it can be shared with the intended recipient(s) in various ways, including email, on an invoice, via text message, instant messaging apps, on a website or social media.
4. Payment: When the recipient clicks on the payment link, they are directed to a secure web page hosted by a payment processing service like Rvvup. On this page the buyer can review the payment details, enter their payment information (e.g. credit card details or bank account information) or in the case of Pay by Bank open a banking app and authorise the payment.
5. Confirmation: After the payment is successfully processed, both the sender and the recipient receive confirmation of the transaction. The sender is notified that the payment has been received, and the recipient is notified that the payment has been made.

There are a number of benefits with Payment Links which include:

• Convenience: Payment Links are an easy way for businesses to collect payments without the need for customers to visit a physical location or navigate an e-commerce website.
• Flexibility: Payment links can be customised to an order amount, used for one-time payments, multiple-payments, recurring payments, or even for requesting a payment immediately after providing a service.
• Reduced Security Risks: Payment processing services like Rvvup implement strong security measures to protect sensitive financial data.  In addition, using Pay by Bank via Open Banking means safe secure payments using bank grade security.
• Cost-Effective: Setting up payment links is often more cost-effective than building and maintaining a full e-commerce website or setting up Point of Sale (POS) payments.

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Who are Payment Links for?

Payment links (Pay by Link) are designed to be simple and easy to use. They offer businesses of all types and sizes an easy, secure, and fast way to send a payment request and allow customers to complete the purchase by clicking the link they receive on an invoice, via email, social media (e.g WhatsApp and Messenger), SMS and more.

Pay by Link is particularly useful for:

Businesses that don’t have easy online payment infrastructure i.e a website or an online checkout page: Small business, entrepreneurs or larger businesses that typically work offline and don’t yet have an e-commerce website, or integration with a third party payments provider, and are new to taking payments online.

B2B business services who want to offer alternative payment options to their customers: Pay by Link can be added to an invoice, to an email or sent via WhatsApp alongside other payment options. Even if you already have credit card Payment Links. You can add Pay by Bank Payment Links and save a huge amount on transaction fees.

Businesses that sell via specific channels: services, retailers and independent traders that sell via email, chat, SMS, social media, chatbots and even over the phone.

Businesses that don’t have card processing hardware, but want to take payments. For example bespoke professional services, Pop-up shops, specialist traders, builders’ merchants, charities, personal trainers, therapists and other entrepreneurs.

Many payment processing companies and financial institutions offer payment link services, and they may come with different features and pricing structures. Rvvup offers Pay by Link for cards as well as Pay by Bank which can save customers as much as 80% on transaction fees.

It’s important to note that specific features and capabilities of payment links may vary depending on the service provider and the country or region in which they are used.