Payment links are used across numerous industries to help speed up online payments
There are many uses for a simple payment link, but to help illustrate the power and flexibility of the pay by link method, I have dug into five specific use cases. Read on to learn how your business can also benefit from the Rapyd Payment Link.
USE CASE #2 Donations & Fundraising
USE CASE #3 Event Deposits i.e. Partial Payments and Installments
How payment links work
A payment link is a URL that directs the end user to a payment page.
Step 1, create your custom link:
- Each unique payment link can have an expiration date or the same link can be reused indefinitely.
- Select the country of the recipient, the amount and currency you are requesting and the currency of the end user.
Step 2, share the link:
- Copy and paste the URL link anywhere.
- Payment links can be used over support chats, emails, electronic invoices, SMS messages and more.
Step 3, Complete the payment
- The end user selects the payment method they wish to use, enters the details and completes the payment.
- Once the payment has been completed, you will see the status in the client portal.
USE CASE #1 Online Travel
Last year saw a record number of people traveling, travelers from the US reached all-time high with 15.9 million Americans traveling internationally surpassing pre-pandemic thresholds. Payment links are also experiencing a resurgence within the online travel industry. As many travelers seek more adventurous and immersive experiences, global tour operators are utilizing payment links with built-in FX to help them easily collect payments from travelers across the globe. Once received, the traveler can choose their preferred payment method and currency to help them track just how much they are spending on that bucket list vacation. And, the online travel agency receives the requested funds in their account in their preferred, operating, or settlement currency.
USE CASE #2 Donations & Fundraising
When it comes to fundraising and donating to causes, social media is one of the most commonly used channels, accounting for 32% of donations. Many donors are more compelled to give when they see imagery or read stories posted on social media platforms. Organizations can streamline fundraising efforts by adding a reusable payment link to their social posts and other digital communications.
USE CASE #3 Event Deposits i.e. Partial Payments and Installments
The global events economy has fully recovered with corporate events, conferences and trade shows experiencing the fastest growth. This growth is anticipated to continue as organizations recognize the importance and value of in-person education and opportunities for face-to-face collaboration. Large ticket items such as early bird event registrations is the perfect use case for Rapyd Payment Links. Many large events and trade shows have global attendees and when event organizers provide a pay-by-link at the time of registration, or when attendees would like to secure their spot, the event organizers can provide a better service to their attendees by allowing them to pay in their local currency, while improving the overall process for event payment collections.
USE CASE #4 Supplier Payables and Invoicing
Invoice management for global suppliers is often a complex process relying on manual procedures and disparate systems. When payables are not received in a timely manner, this can negatively affect cash flow and limit access to working capital. In fact, 49% of suppliers frequently work for new customers without formal approval meaning most suppliers are sending goods before receiving payment. Payment links can significantly speed up account receivables for suppliers, particularly for those working with companies based in other countries. A pay-by link can be dynamically created requesting the exact amount, due date and then shared through email, text or embedded into an online invoicing system. Using a Rapyd Payment Link that supports 120+ currencies ensures that suppliers receive the exact amount they are requesting. The convenience of a simple payment link speeds up payments and improves cash flow.
USE CASE #5 Professional Services
For businesses that provide professional services locally and internationally, automating payables with payment links can drastically decrease manual errors and reduce time spent chasing down customers for payment, matching invoices with paper checks and overall reconciliation processes – 66% of account payable team members report spending five days or more on processing invoices. Because payments are digital and consolidated in a single system, using payment links improves overall cash flow and forecasting. Plus, most customers find payment links easier to use as they can choose how they want to pay, are mobile friendly and usually support single click payment methods like Apple Pay and Google Pay. Secure and PCI compliant when cards are used, pay by links is a safer way to collect payments from local and international customers.
Optimize Cross-Border Payments with Rapyd Payment Links
Using Rapyd Payment links makes it easy for businesses of all types to collect cross-border payments more efficiently from over 190 countries and 120+ currencies. With built-in foreign exchange, a variety of payment methods, and support for multiple languages, pay by link with Rapyd is your answer for payment automation.
