How to Set Up a Payment Link

What Is a Payment Link?

Payment links are a new approach for you to request online payments from your consumers. They can utilise the link to view your request and pay you immediately, with all of your payment information already filled in (such as the payment amount, a description, and your bank account information). You may prefer to use these over an invoice because they are less formal and easier to create. Customers can pay by easy bank transfer or card when you establish and distribute a payment link.

The Benefits of Using a Payment Link

Sending payment links has a lot of benefits, especially if you don’t want to take cash from your consumers.

• E-wallets, credit cards, and Direct Debit are just a few of the payment options available through links.

• Customers and businesses benefit from the links since the entire transaction may be performed on a smartphone without downloading additional apps.

• You can save clients’ information to facilitate repeat or recurring transactions, making the payment process faster and easier.

How to Create a Payment Link

Setting up your payment connection is easy, and the process is the same regardless of which platform you’re using.

Step 1: Go to the payment creation page on the platform and select the appropriate payment link option. You can click on the ‘Paylinks’ button if you’re using GoCardless.

Step 2: Fill in all essential data in the payment link window. The form will have vacant spaces for payment information, such as the recipient’s name, currency, and due amount.

Step 3: Add advanced information to your payment URL. You can, for example, specify whether you want your consumer to approve future payments or if they want automatic approval. You can also specify where clients should be redirected after they’ve clicked through to authorise payment.

Step 4: Save your modifications and send your final payment link by your preferred methods, such as an SMS message or email.

Should You Go for Payment Links?

Sending payment links has a lot of advantages, which is why so many various sorts of businesses use them. Listed below are a few examples:

• Businesses that do not have an internet store or a physical point of sale system require a simple payment option.
• Users can send payment links for one-time requests to freelancers or consultants who offer professional services. Buyers can receive links from social media stores on Facebook or Instagram via a secure channel.
• On the other hand, an email invoice is better if you need to include information like VAT and recipient information. In addition, unlike an invoice, payment links do not contain a due date. This may not be the ideal solution if you need on-time, regular payments from your clients to maintain a constant cash flow. As a result, payment connections should be incorporated into a larger payment strategy.

Bottom Line

Payment links can be used for almost anything. Are you taking payments for an upcoming event? Share the payment link with your friends on Facebook, Twitter, Instagram, or WhatsApp. Do you want to get paid once, or over and over again? Send an email or SMS with a payment link (no cost attached).