Ask any service provider about the most frustrating part of running a business. We can almost guarantee their answer: overdue invoices.
Cash flow is the lifeblood of any small business. Payment links provide a powerful tool to improve cash flow by making it easier than ever for customers to pay with a click or a tap. And using payment links couldn’t be easier.
Nowadays, so many companies struggle to pay their service providers on time that 49% of small businesses say it’s their most significant challenge (Supply Chain Brain).
In 2020, the number of businesses that couldn’t pay their suppliers due to overdue customer payments increased by 32% (Atradius). Without intervention, late payments can create a domino effect and put pressure on those throughout the supply chain.
Payment links can’t solve all cash flow issues. But the ability to copy and paste a link to an online checkout and to accept a variety of payment methods including cards, bank transfers and cash, makes it easier for your clients to take action when your bill is top-of-mind.
Here’s how you can send a payment link to get paid quickly and help to streamline and automate your payment collection processes.
What is a Payment Link?
A payment request link is a URL or QR code that can be sent from a business to its customer over email, or even via SMS text and chat on Whatsapp. Once the URL is clicked on or the QR code is scanned, the customer is sent to a checkout page where they can enter their card details or pay by other means, such as bank transfers.
Payment links only take a few seconds to create, so you can send one to a customer immediately upon completion of a job or receipt of goods, or even before the job begins.
Receiving payment becomes easier for you, and sending a payment link to customers also makes payment convenient for customers. And payment link providers, like Rapyd, you can also gain access to a client portal that makes it easy to track payments and simplify bookkeeping.
Benefits of Using Payment Link
When companies choose to send a payment request with a digital link, they save on more than just frustration. One of the best ways to prevent late payments (or worse, no payment at all) is to send a payment request that makes it easy for your customers to pay.
- Get paid faster: Less friction for your customer means faster payments for you. Payment links take fewer steps to pay than traditional invoicing and can take customers straight to checkout, where they can choose their preferred payment method. This means money in your pocket even sooner.
- Less friction: Since payment requests can be sent via email or SMS, there is no learning curve or friction added to the process. Making payment seamless for your customers means faster payments and better cash flow for your business too.
- Offer more payment methods: You choose which payment methods to allow, then your customers can choose from your approved options. By honing in on locally-preferred payment methods and making checkout available directly from email or text, your customers get to choose what works best for them.
- No extra fees: The best payment link providers won’t charge any additional fees for their use.
- Let customers pay in their currency of choice: Working with overseas customers? Cut through the complexity of international payments by using payment links that support foreign exchange payments, so your customers can pay in one currency and you can receive it in another one.
How to Send a Payment Link
Looking to make it easy for your customer to pay in a quicker way than invoicing? Payment links exist not only to help suppliers get paid faster but also to make it easier for their customers. Rapyd can help you quickly and easily send payment requests. Start by creating your Rapyd account and you’ll be sending payment links in no time. Here’s how:
- Sign up for a Rapyd Account
- Complete all required documentation to begin transacting with Rapyd
- Log into the Rapyd Client Portal
- From the right-hand menu select “Collect”
- Click the “Request Payment” button, in the top-right corner
- Send the Payment Link to your customer
And if you’re looking for even more guidance on sending payment requests, check out the payment request overview in Rapyd Docs.