What is Pay by Link: Meaning, key steps and benefits

In recent years, as customers seek safer, faster and more convenient payment methods, alternative cashless options have been on the rise. With the increasing number of people who shop online, businesses recognise the need to streamline their payment processing and boost their sales. In addition, many are turning to online payments to easily reach more customers globally. 

One simple method to do this is to use it without integrating complex online checkout solutions or even building a website.

But what is Pay by Link, how does it work, and what are its benefits? The sections below will address these questions and more.

What does Pay by Link mean?

Pay by Link, also known as a payment request link, is an online service that enables merchants to request payments from customers through a provided URL link.

This method offers a secure and uncomplicated way of receiving remote payments. Businesses can simply generate it through their payment service provider and distribute it to customers through emails, SMS, or other communication channels.

When customers click the secure link, they are directed to a secure checkout page where they simply need to enter their card payment details. They can choose to pay with a credit or debit card or a digital wallet.

However, the best part of this service is its ability to speed up the payment process by eliminating the need for customers to input their card details manually. This not only simplifies the purchase experience for buyers but also minimises the need for significant development or integration efforts on the merchant’s part.

With its focus on convenience, security and simplified user experience, Pay by Link is increasingly gaining popularity as a preferred option for e-commerce and remote payments.

How payment links work?

Pay by Link is among the most straightforward payment methods out there. It doesn’t require any special installation or integration.

To use those payment links, a merchant simply needs to sign up with a payment service provider that offers this method.

To help you understand exactly how Pay by Link works, here is a breakdown of the steps involved:

1. The merchant generates the link through their payment provider’s back office.
2. They share it with customers via the most suitable communication channel (SMS, email or chat app).
3. The customer opens the link and is directed to a secure payment portal.
4. They enter their card details to complete the purchase and receive a digital receipt.
5. The merchant receives a notification confirming the completion of the transaction.

As seen above, the pay-by-link method is easy to use for both businesses and clients, as it allows purchases to be completed within seconds.

Is Pay by Link safe?

It is secure for both customers and businesses. It operates with the backing of a robust and secured payment gateway, ensuring that transactions are protected against unauthorised access. Pay-by-link platforms typically offer comprehensive fraud protection measures and are equipped to handle chargebacks effectively.

The provider manages the technical aspects of payment processing, including security measures. They are required to adhere strictly to industry standards and relevant legislation governing customer data security. 

As a result, pay-by-link solutions often integrate advanced protocols such as 3DS2 (Three-Domain Secure 2.0) and maintain compliance with PCI DSS (Payment Card Industry Data Security Standard). These built-in security features add an extra layer of protection and enhance trust and peace of mind in the process.

What are the benefits of Pay by Link?

Besides the ease of use and security we’ve already discussed, payment request links offer numerous additional advantages for merchants.

The most significant benefits are as follows:

• Cost-effectiveness: Utilizing payment links can reduce overhead costs, as there’s no need to invest in a card machine, website creation, or an additional system.
• Different payment methods accepted: Payment request links support all common digital payment methods, including credit and debit cards and mobile wallets, such as Apple Pay, Google Pay and Samsung Pay.
• Enhanced customer satisfaction: The payment links facilitates instantaneous payments and a smooth experience that is likely to improve customer loyalty.
• Global payment acceptance: With Pay by Link, customers can make payments from anywhere rather than being restricted to a specific location or device.
• Customisation options: Depending on your payment provider, you may be able to personalise the link, such as changing its name, to align with your brand identity.
• Versatile delivery channels: Payment links can be sent through various channels, such as SMS, email and social media. It can also be incorporated into web pages or videos. 
• Cart abandonment solution: If you have a website but encounter abandoned carts, you can encourage your customers to complete their purchases hassle-free by sending them a convenient payment link via email.

When you incorporate Pay by Link into your business strategy, you can simplify transactions, enhance customer satisfaction, and reduce operational costs. This makes it a valuable asset for merchants seeking to optimise their payment processes.

Which is the best pay-by-link service provider?

When considering the best pay-by-link service provider for your business, it’s essential to evaluate your specific needs. When you conduct thorough research and compare terms, conditions, and pricing options, you can make an informed decision.

myPOS is one of the payment providers offering this method, presenting a range of pay-by-link solutions, such as Payment Request, Payment Tag, PayLink and PayButton.

Payment Request is a personalised, single-use link that leads to a secure payment page. It can be shared via SMS, email and messaging apps. Additionally, in the presence of a customer, it facilitates QR code payments through the myPOS app, card machine or myPOS Glass app.

Payment Tag functions in a similar way but is designed for multiple uses, which means you can send the same link to various clients.

Alternatively, myPOS merchants can also generate multiple-use payment links or buttons with fixed amounts that can be integrated into social media posts, websites, blogs and videos.

In summary, myPOS provides a comprehensive platform with versatile pay-by-link solutions tailored to merchants’ diverse needs. These solutions simplify businesses’ payment acceptance. Moreover, merchants receive an instant payout of their funds, which enables them to access their money immediately and cover business expenses promptly.

Key takeaways 

Pay by Link is a simple yet effective method that is revolutionising online transactions. It allows businesses to request payments from customers globally through easily shareable URLs. This eliminates the need for complex integrations or website development. 

Payment links are very easy to generate. You can do that through your chosen payment service provider as long as they offer the service. Simply create the link through your account with them and share it via your preferred communication channel. When the customer opens the link, they are directed to a payment portal where they only need to enter their card details to finalise the purchase.

With its ease of use, global accessibility, and customisation options, Pay by Link is a convenient tool for businesses seeking to streamline their payment acceptance, broaden their customer base, and drive more sales.

Frequently asked questions

What is the difference between myPOS Payment Request and Payment Tag?

Payment Request is a single-use link with a predetermined payment amount, uniquely created for each transaction. In contrast, Payment Tag is engineered for multiple uses. Once generated, it can be reused with various clients. Additionally, you have the flexibility to designate a specific payment amount or leave the decision to your clients.

What should I include in a payment link?

When generating a payment link with myPOS, you should include the following information:

• Payment amount
• Reference
• Validity period
• Customer’s details (email address or phone number)

How can I generate a payment link with myPOS?

You can create a link easily through your myPOS account. For a Payment Request, all you have to do is enter the payment amount and your customer’s details, review the entered payment information and send it via your chosen communication channel. For Payment Tag, the process is similar. The only difference is that you can pre-select the payment amount or leave it empty for the customer to choose.