A staggering number of businesses in Europe do not get paid on time – sixty percent of them, to be precise.
If you are a small business that relies on cash, you know the worry that a late payment causes. You want to avoid it, and focus on your business. You want to protect your cash flows and ensure payments are in on time. 51% of business owners in Europe feel late payments severely impact their liquidity. We agree. Late payments can be a bane to business – one out of every four businesses fail because of it. Payment links can be an effective tool when you want to get paid quickly. They are easy to set up and help your clients pay you quickly.
What is a Payment Link?
A payment request link (also called Pay-by-link) is a URL or QR code that you can send to your customer over email, SMS, or WhatsApp. Once the customer clicks the link (or scans the code), they are redirected to a secure checkout page, where they can make the payment using cards, digital wallets, or bank transfers. Payment links take only a few seconds to create. Thus, you can send one to a client as soon as you complete a job or receive the goods, or even before you start the job. Your customers can easily pay with a click or a tap and you receive your payment on time. A mutual win-win.
How can you send a payment link?
You don’t need a website to collect online payments when you use this method. When you sign up with Novalnet, you can use our merchant dashboard to send a customized payment link to your customer where they can complete the transaction on a secure payment page. This payment page is fully customized for your business, including your branding and logos. You can pre-fill it with all order details such as the product info, amount, and payment methods, based on the buyer’s location. Once you set up the link, you can send it via email or a text message to your client. Once the payment is successful, our platform informs your system about it. You don’t require a PCI DSS certification since the transactions are processed on Novalnet’s secure pages. You don’t have to store or process clients’ sensitive payment info.
How do payment links benefit your business?
Payment links make collecting payments simpler. Here’s how:
- Saves time: Sending a payment link saves you time and frustration of chasing after overdue payments. Even your clients will find it easier to pay via links.
- Faster payouts: Payment links are faster than traditional invoices. They take a customer straight to checkout, where they can pay using their preferred payment method. Your money also comes in sooner.
- Easier to use: Payment links can be sent via email or SMS, hence are much easier to use. This means lesser friction in payouts, faster payments, and better cash flow for your business.
- Offer more payment methods: You can choose which payment methods to support so that clients have ample options to pay. Supporting locally popular methods helps you to offer more choices to your clients.
- Let customers pay in their currency: If you work with international clients, you can use payment links that support foreign exchange payments. This way, your customers can pay in one currency and you can receive it in another one.
How can Novalnet Help?
We can help you set up and send payment links easily and quickly.
As a global payment service provider, we have extensive experience in helping Europe’s leading brands to process payments. Our technology helps you to accept payments globally in 125+ currencies in 150+ automated country-specific payment methods.
Set up your payments within minutes with minimal coding using our instant payment plug-ins. Or use our AI-based risk management solutions and advanced analytics to design the best payment experiences for your customers, all in a fully secure environment.
Reach out to us today to know more!
Jose Augustine is the Chief Business Development Officer at Novalnet with extensive experience in European payment industry and a knowledge powerhouse.