Pay-By-Link : All You Need to Know
The ultimate goal of payments is to provide customers with a secure and frictionless checkout experience, while also increasing the merchant’s conversion rates. Pay-by-Link accomplishes this by providing shoppers with an alternative, quick payment option. Thus, it is essential to understand how Pay-by-Link works as it can provide immense benefits to merchants in any industry.
What is Pay-by-Link and how does it work?
Essentially, Pay-by-Link entails generating a payment link and sending it to a customer via text message, email, social media app or any other channel.
In other words, this payment tool allows merchants to generate a unique payment link through which the customers can later pay their purchase amount.
How does Pay-by-Link work?
After receiving a payment link, the customer can click on it and get redirected to a payment page which includes a prespecified payment amount. At that point, the only thing a customer is required to do in order to checkout, is to fill out the payment details and complete the transaction. Overall, the whole process is quick and simple – the customer can checkout with a few clicks and little effort required.
Is Pay-by-Link secure?
Pay-by-Link is certainly a secure way to pay, contributing to the appeal of this payment option. While the payment link is sent to the customer via any channel, like SMS, the customer is subsequently redirected to a secure payments page. Therefore, the customer eventually pays at the same checkout page as with any other payment method, ensuring security. Moreover, the same security standards and protocols are applied as with regular transactions; for example, PCI DSS and 3DS. This ensures that the transaction is secure from a customer viewpoint, while also reducing fraud for merchants.
What are the benefits of Pay-by-Link?
Besides security, Pay-by-Link also provides many additional benefits to both shoppers and merchants. Firstly, Pay-by-Link allows customers to pay at a convenient later time, providing flexibility and an omnichannel experience. Simultaneously, Pay-by-Link reduces cart abandonment rates and boosts revenues for merchants as they can follow up with a payment link after failed or abandoned transactions. Additionally, the simplicity of this feature is appealing to both the shoppers and the merchants; while the customer can pay with ease, merchants are only required to indicate the payment amount with no need to specify the recipient, contrary to traditional invoices. Finally, with a reliable payment gateway partner, implementing Pay-by-Link requires little effort from the merchant’s side whilst contributing all of the aforementioned benefits.
Pay-by-Link and MOTO payments
Another noteworthy advantage of Pay-by-Link is that it compliments MOTO (mail order/telephone order) payments. Conventionally, customers would have to provide the merchant with their card details over the phone in order to complete a MOTO payment. Nevertheless, Pay-by-Link enables merchants to enhance their MOTO payments; instead of asking for sensitive information, merchants can simply send out a payment link via SMS, email, WhatsApp etc. This allows the customer to pay instantly and securely, without sharing any sensitive information and consequently reducing the possibility of fraud. You can read more about the combination of Pay-by-Link and MOTO payments here.
To summarize, Pay-by-Link is a useful payment functionality that provides numerous benefits to shoppers and merchants alike. It encompasses a payment link that is sent to a customer with a predetermined amount, allowing the customer to pay with a few clicks on a secure payments page. Altogether, Pay-by-Link offers full payment flexibility and a convenient checkout experience.
At WLPayments we offer Pay-by-Link to all of our merchants with a quick and simple integration. Interested to learn more about how Pay-by-Link can benefit your business? Contact us at email@example.com.
To schedule a demo, click here. We would be happy to address any questions you might have about how we could potentially help your business.
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