Most businesses mutually agree on one thing – collecting recurring payments from customers is a painfully long hassle. For companies with a subscription-based revenue model, making sure that the customers pay on time (weekly, monthly, annually) is a mammoth task.
The major reason behind this is the fact customers tend to forget about making recurring payments. Many times, merchants also avoid reminding them about the due payment lest they seem impolite. In the future, this may result in unbeatable losses for the business. A robust payment solution that can solve this issue of collecting on-time payments is a payment link. In addition to being the gateway for collecting payments, these can also act as payment reminders for the customer. Thus, the merchant can create payment links and send automated reminders for faster payment collection.
Follow-ups are also standard with businesses that have to accept recurring payments, like educational and financial industries. They have to regularly collect fees or premiums from their clients, usually in the intervals of one or two months. Payment links come off as one of the most sustainable payment solutions in such industries. Following is a brief account of how this can be achieved with Zaakpay’s payment links.
How to get started with Zaakpay Payment Links?
Zaakpay is one of the best online payment link services in India. Businesses can rely on Zaakpay to collect payments from several clients and customers. The onboarding process of Zaakpay is straightforward and smooth.
All the merchant has to do is sign up for the payment link service to access the merchant dashboard. The dashboard acts as a repository of all payment-related functions, information, and facilities. It takes only a few clicks to generate a payment link from this dashboard, which can also be immediately shared with the intended recipient. This can be used as a reminder feature to collect payments from customers and reduce bad debts.
How do payment link reminders work?
With payment links, businesses can automate the process of reminding customers about impending or upcoming payments. In the rusty-old & conventional approach, the business owner had to hire agents who would manually call the customers, reminding them about their due payments or renewals of subscription. This is no longer an efficient solution. Most customers remain occupied throughout the day such that they might not even listen to the agent correctly. Repeated calling can also annoy the customer. Not to mention the additional cost for the merchant to hire the agents would increase operational expenses.
With a payment reminders system, the merchant can feed in the details of the customers and create payment links for them. These links are automatically sent to the customers when required. For example, a subscription-based company can set up a system to send automatic reminders to its customers one week before the subscription gets over.
The reminder message can prompt the customer to pay immediately. They can do so by clicking on the payment link and choosing the preferred payment mode from the payment gateway. This can lead to a significant number of conversions for the business. Thus, payment links act as a 2-in-1 payment service; they remind the customer about the payment and facilitate the transaction.
Payment link reminders: A key to improving the payment collection
Here’s a quick look into how these payment link reminders can expedite the payment collection process.
Frictionless Payment System
Payment services like Zaakpay are built with the customer’s convenience at heart. It offers an innovative payment solution to the customer which requires minimum effort and takes just a few clicks to generate the payment link. Using subtle reminders like these, merchants ensure that the customer is not harassed with any mandatory registration or slow systems.
Multiple Payment Options
The digital world depends upon several payment modes, and credit cards, debit cards, UPI, net banking, mobile wallets are just a few. With the right payment option available in the payment gateway, they are more likely to make the payment instantly. This is why merchants should optimize their payment link service to support all significant digital payment modes. Zaakpay is a leader in this segment, owing to its support for more than 100 payment methods.
Active round the clock
Payment links are active at all times. Customers are free to make the payment as per their availability. Be it in the early morning or sometime past midnight, the system would still work just like any other time. This benefits the merchants with faster payments as the customer doesn’t have to find time during only the work hours to pay, as would be the case with traditional payments like cash or cheques.
Secure and reliable
Payment links are a highly secure method of transacting. With the right regulatory compliance, customers won’t hesitate to carry out the transaction through the payment gateway of the link. This can adequately fasten the collection process by increasing the customer’s confidence in the system. Gateways with PCI DSS and SSL certifications encrypt the user’s data while sending across the servers. This offers maximum protection to the customers. Payment links can also be custom-made to accept only a fixed amount. This makes it more reliable for payment collections as there is no scope of error, fastening the overall process.
Who can use payment link reminders?
This system is suitable for any business that needs to accept recurring payments. Companies dealing in financial services and insurance sectors have to accept premiums from many customers regularly. Educational institutes have to accept fees from the parents at specific intervals. B2B businesses usually accept payments in bulk at the end of the month and have high chances of running into bad debt. Freelancers have to accept multiple payments from multiple clients. Payment links reminders can streamline the process in all these sectors.
Conclusion
It is not unusual for customers to forget to pay their dues or renew a subscription in this fast-paced lifestyle. The responsibility is on the businesses to remind their customers in time to ensure a steady cash flow. This promotes timely payments, but it also guarantees that the customer has not levied a late charge – a move that can boost customer satisfaction. Businesses can now create payment links using Zaakpay’s dashboard- all in a single click!