Pay invoices faster – with a payment link

Sep 27, 2021

payment-link-faster-payment

Estimated reading time: 4 minutes

When we send an invoice or payment reminder, we of course want customers to make a payment quickly. But that does not always happen; sometimes payment takes a little longer. Bank transfers take a few working days, depending on the time and the bank. Or maybe the person paying can no longer find the exact bank details and payment reference. In which case, offering a payment link is the best solution.

Key takeaways

Adding a payment link to your invoice or payment reminder has many advantages.

  • Customers pay much faster
  • It’s a secure payment method
  • It is convenient to use for the customer

Let’s find out more in this article.

A payment link is simply a link (or URL) that processes a payment request. When customers click on this link, they will be taken to a secure payment page or payment environment. Customers can then choose a suitable payment method and proceed with the payment.

A payment link has several purposes: the most important is to ensure that invoices are paid faster. Research (link in Dutch) shows that an invoice with a digital payment link is paid up to three times faster. And getting paid faster has positive results for your company’s cash flow.

Ease of use for the customer

A payment link makes it as easy as possible for the customer to pay the outstanding amount immediately. Paying via a payment link is very convenient in this way.

Typically, the customer no longer has to copy or fill in additional data, as it is already automatically processed in the link. The amount, payment reference and account number are ready.

More successful payments

It goes without saying that a payment link immediately raises the number of successful payments as it eliminates manual data entry errors.

Payment method chosen by the customer

Customers can choose the payment method that suits them best. Depending on the provider (Adyen, Mollie, …) and the options you wish to offer as a company, this includes payment methods such as iDeal, Bancontact, PayPal, Apple Pay and credit cards such as Visa and Mastercard.

Flexibility in communication

Because a payment link is nothing more than a link to a payment page, it can be used very flexibly in the communication process for various channels:

  • Payment link in e-mails
    Sending an invoice or payment reminder via email is the method most often used in business (or at least it is moving quickly in that direction). Including a payment link – which is processed behind a payment button – is an appropriate way to get paid quickly in this case.
  • Via SMS or WhatsApp
    For some customers, a payment link via SMS or WhatsApp is the best way to reach them and encourage them to pay quickly. The mobile phone is almost always within easy reach.
  • In a letter by means of a QR code
    Even if the communication is with a paper letter, you can still provide a payment link. It then takes the form of a QR code. The customer can simply scan it with a mobile phone and will be redirected to the payment page.

Maintaining your corporate identity

Another advantage is that the payment link – or the button behind the payment link – can be customised with your corporate identity in mind.

Transaction costs per payment

Of course, the offer of a payment link via payment partners is not free. A small transaction or processing fee applies per payment, possibly with a surcharge for the payment method chosen. In addition, subscription costs or set-up costs may be added.

Before you start working with a particular partner, it is therefore best first to check out all the rates. When many payment links are offered, the amount can add up.

Fraudsters are getting more and more inventive in finding ways to get at your money: the payment link or QR codes can also be forged.

Therefore, if you make a payment online, you cannot be too careful. Check very carefully to see what link is opened when a payment button is clicked. Trusted, secure senders use a unique link that starts with https where the s stands for secure. They also have a recognisable domain name. As a company, you can safely report the structure of the payment link URL to the debtors, so that they know it is a trusted and safe link.

The connection to the payment page is always secured with an SSL certificate. This means that a secure layer is placed between the internet browser and the server of the payment platform. You can see this at the top of the browser with the well-known padlock icon.

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