Businesses nowadays are trying to reach out to customers wherever they are. By targeting platforms frequented by most of their customers, businesses are streamlining their payment collection processes. Be it WhatsApp, Instagram, Telegram, and even Facebook, these messaging apps can accept payments from customers, thanks to the digital revolution. Messaging application payments is a step forward for businesses to enter the same sphere as the customers, collect payments, and interact with them.
According to messengerpeople.com, 89% of internet users in India use instant messaging applications. This makes such apps the best platform for connecting with customers to collect payments. It eliminates the redundant need for customers to access another website to process the payment or wait for them to open their email and look for payment requests.
Consequently, the customer receives a message from the business with a payment link on either of these messaging applications. These payment links supported by Zaakpay allow customers to complete the payment without logging in to any website instantly.
What is a Payment request?
A payment request is a text message that the customer receives from the merchant’s automated link service. It acts as a reminder for the payment and contains the URL with which the customer can make the payment. Additional details can also be added to this payment request SMS as per the needs of the business. The objective of this service is for customers to pay digitally with an SMS pay link.
Why Use SMS for Payment Reminders?
- Unavoidable
Time-crunch is a common problem across all age groups. Considering that, it is quite understandable that customers forget to make payments. SMS reminders ensure that the customers don’t forget this. Since it is not easy to overlook an SMS, the customer’s chances of missing the reminder will be lower. With people constantly being hooked to their phones, payment reminders on text messages are almost unavoidable.
- Timely payments
Some customers also procrastinate paying. As a result, they usually delay the payments for the businesses. With Zaakpay’s SMS payment link, businesses can expect more timely payments. This can benefit educational sectors, insurance, and financial companies, and subscription-based businesses that accept recurring payments from customers.
- No need for internet connectivity
Individuals can receive an SMS even without connecting to the internet. This makes SMS the best platform among all other instant messaging services for sending reminders. Merchants can create a payment link using Zaakpay’s merchant dashboard to send the reminder via SMS automatically.
What are the benefits of using automated SMS payment links?
- Increased cash flow
Timely cash flow is paramount for businesses’ success, especially the ones in the developing stage. With Zaakpay’s online payment link, customers are more likely to pay on time. This ensures a steady and fluid cash flow for the business. Merchants can better plan the business investment with a more predictable cash flow.
- Convenient
Collecting payments from customers can quickly become an ordeal for the business. It might require multiple follow-ups and calls, not to forget the manual data to be maintained. The merchant has to generate a payment link with the automated system and circulate it with the customers directly from the dashboard. This streamlines the job for the merchant to a great extent.
- Automated transaction statements and tracking
An automated system can replace the manual bookkeeping and data tracking process and make it more robust. From the dashboard of the link service, one can generate a payment link and get their real-time status. The merchant doesn’t have to manually check with the customer if a payment has been processed. It is also possible to download a cumulative statement of all transactions that can be directly fed into the accounting and management software.
- Economical
Businesses can save up on a lot of operational costs by investing in a payment link service. The business won’t have to invest in tele-callers or agents anymore to follow up with payments. Additionally, a huge part of the accounting process also gets automated, reducing the costs spent on accounting and verifying transactions. Owing to its highly reliable nature, errors common in manual processes can also be avoided.
What are the Benefits the customers enjoy?
- Frictionless payment experience
Customers demand a smooth transaction experience to enable them to complete the payment on the very first attempt. To pay digitally with the SMS pay link, they have to click on the URL created with Zaakpay’s payment links. There is no mandatory registration or lengthy and complicated steps involved. They are not restricted by proximity or time. Customers don’t have to visit the business office to pay nor do they have to make the payment during working hours compulsorily.
Thus, customers get the freedom of paying from anywhere, anytime, with an SMS payment link. Such a simple experience is sure to bring customers back to the business time and again.
- Diverse payment modes
Digital payment collection systems, like Zaakpay, have support for diverse payment options in their arsenal. Customers can pay by whatever means suit them. This could be a credit card or debit, UPI, or net banking. No customer is left out looking for a mode that the gateway supports. Instead, the business is flexible as per the customer’s needs.
- High-level security
The online ecosystem is not immune to fraud. Payment link gateways are designed to keep cyber-criminals and malicious entities away. The sensitive information entered in the gateway is encrypted as per the PCI DSS regulation to protect it from several frauds lurking in the online world. Creating a secure and reliable environment is thus essential for the safety of customers.
- High payment success rate
Zaakpay has a payment success rate of 99.9%. With payment links, transaction failure becomes an improbable event. Customers can process the payments without worrying about their money getting stuck or any other technical failure. They also receive instantaneous notifications from the online payment link processor, making the process more transparent and trustworthy. This increases the credibility of the business in the minds of the customers.
Conclusion
Can merchants truly just create a payment link and expect better sales? The answer lies in all the ways the payment process would become streamlined as a result. With Zaakpay’s payment links, merchants can revolutionize the whole payment process to make it more modern and innovative, which would positively impact the sales and revenues figures.
Contact us today for competitive plans that can help overhaul your payment collection process!
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