June 18, 2024 - 3 min read

Pay by Link: Send a link to SMS and boost your sales

Introduction

Simplify your transactions by using a secure payment link inserted directly into your campaigns. Today we're going to explain what Pay by Link is, the benefits of this link-based payment system for your business, and how it complements the SMS channel. With Pay by Link, you'll never miss another opportunity to convert!

What is "Pay by Link"?

Pay by Link is an innovative payment solution that simplifies transaction management for businesses and consumers. This new payment method enables a company to send a payment link directly to the customer via SMS, e-mail or a messaging application (social networks). Customers can then settle an invoice or make a payment in just a few clicks, without having to connect to a specific website or banking application.

Why choose SMS as your communications channel?

As a reminder, the deliverability of SMS is far superior to that of its competitors, such as e-mail or social networks. For example, the average delivery rate of an e-mail is 85%, while the organic reach of Facebook publications is 5.5%. The SMS website, with an open rate of 98% and a response rate of 45%, offers an undeniable competitive advantage for effectively reaching your target. And these aren 't the only KPIs in which SMS stands out.

What's more, this communication medium is universal: compatible with all operators, regardless of subscription, phone model or installed applications. This makes it the most reliable way of reaching your customers when it comes to delivering crucial information, or substituting for a card, as with payment by links. The conclusion is simple:

Create links to expand your payment options. This new service also seems to be a solution for the future, as 62% of consumers under the age of 35 would like to be able to make their payments via SMS (source: getweave). A boon confirmed by the state of the SMS payment market. Boosted by the popularity of mobile use, e-commerce and consumers' growing expectations in terms of security, it looks set to have a bright future ahead of it.

GOING FURTHER

Examples of SMS notification

Discover the many applications of SMS in notification and get inspired right from your first messages.

How does payment work? SMS

This new link-based payment technology works simply, quickly and efficiently.

1- When a customer needs to make a payment, the company generates a unique, secure link via its banking platform.

2- This link is then sent directly to the customer via the chosen means of communication (with the SMS smsmode API, for example).

3- On receiving the message, the customer simply clicks on it, and is redirected to a secure online payment link. They can check the transaction details, choose the service they wish to use to pay (credit card, e-wallet - Apple Pay or Google Pay, for example) and complete payment in just a few steps.

Once the action has been completed, the customer receives instant confirmation, as does the company.

Coupled with SMS, this payment management system reduces the risk of non-payment, cuts your costs and encourages your customers to pay via a simple, secure channel, with a read rate approaching 100%.

There are several payment initiation methods:

- Through a website and a code

The user is directed to a web page, where he or she is given a code to send back to the number indicated. They will then receive a message confirming their purchase, as well as access to their receipt (for show tickets, for example).

- By entering a telephone number directly on a web page

Users are encouraged to enter their telephone number on a web page. They then receive a code that they can use on the page in question (e.g., to purchase content online).

- Send an e-mail to SMS

The store invites the user to send a message to a specific number, which will send back the link to their receipt (donations, for example).

What are the advantages?

Pay by link offers a host of advantages that make it an attractive payment system for a company and its customers. Firstly, its simplicity and accessibility reduce friction in the payment process. Customers simply click on the link sent to them to access a secure payment page, eliminating the time-consuming need to navigate through complex websites or download specific applications. This convenience enhances the user experience, increasing customer satisfaction and loyalty. What's more, Pay by link allows greater flexibility for businesses, who can use it in a variety of contexts, such as invoice reminders, online sales, or service payments.

In terms of security, these payment links are often protected by advanced encryption protocols, ensuring that transactions are secure.

Finally, this method can speed up the sales and payment collection cycle, as it enables customers to pay instantly upon receipt of the link. In short, Pay by link represents an efficient and secure solution that facilitates transactions while offering an optimized user experience.

Use cases

From unclogging queues in your store and physical points of sale to streamlining collection processes, there are many real-life applications for this payment diversification technology:

Conclusion

In conclusion, Pay by link by SMS is positioned as a modern, efficient payment solution that meets the needs of a constantly evolving market. Companies adopting this technology will not only be able to optimize their payment processes, but also offer an enhanced customer experience, propelling their competitiveness and growth in an increasingly digitalized business environment.

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