The world’s move towards a more cashless society accelerated during the COVID-19 pandemic, when handling cash was seen as unhygienic and inefficient. It was a move that many deemed inevitable given just how many consumers were shifting to online transactions. Recent statistics from the World Bank reveal that two-thirds of adults globally now send and receive digital payments. In developing economies, the share of digital payments also increased significantly, from just 35 percent in 2014 to up to 57 percent in 2021. Even after the height of the pandemic, consumers in countries like the Philippines have continued to use digital payments for online and offline transactions.
If you’re a budding entrepreneur, numbers like these should be considered in your decision to provide more digital payment solutions to your customers. The ability to accept a wide variety of digital payments can significantly streamline your operations and boost your earning potential. One such digital payment method you can offer is a free payment link, which can be sent to any customer in the form of a URL or QR code. Once your customer clicks the link, it opens up a payment portal where their order details and payment options are clearly presented. The same payment link can also facilitate various cashless payment options via payment card, digital wallet, or QR code.
Startups and small- and medium-sized enterprises (SMEs) in the Philippines can turn to fintech or financial technology company Maya Business for such a service. With Maya Business, entrepreneurs can send a secure online payment link to their customers where their order details and payment options are presented to them in a straightforward and reputable-looking manner. The link for payment can be sent to customers or clients via different messaging apps, such as Messenger and Viber.
In terms of versatility, payment links are great options for cashless transactions. For entrepreneurs wondering where they can use their payment links, here are just a few use-case scenarios:
1. Online Sales without Websites
Large online marketplaces and e-commerce websites are equipped with payment gateways where customers can immediately make payments for their purchases. However, if you don’t have your own e-commerce website just yet and use only social media marketplaces such as Facebook Marketplace and Instagram Shop, you typically won’t have access to these built-in payment gateways.
That’s where payment links can come in handy. Using payment link services like that of Maya Business, you can simply send your customers a special URL using whichever messaging app you prefer. Then, customers can simply click the link, enter their payment details, and complete their payments in a matter of minutes. This simplicity will reduce incidents of customers not following through with their purchases, which can ultimately improve your sales.
2. Professional Service Payments
Professionals in different service industries, whether they’re consultants or freelancers, can relate to the challenge of chasing down clients for payment. For cases like these, payment links offer a solution that makes it easier and faster for clients to pay, and therefore helps professionals get compensated on time. This not only improves cash flow but also strengthens client relationships, as the payment process will be smoother and more professional.
3. Fundraising for Organizations
For startups and non-profit organizations, fundraising is a lifeline. That’s why payment links have transformed the way these entities collect donations. Embed payment links into your company website or emails to make it even easier for your supporters to contribute. With such a convenient way to send donations and investments, you can significantly boost fundraising efforts and help reach your organization’s goals more efficiently.
4. Event Registrations
Event management can be a logistical nightmare for entrepreneurs, more so when there are registration fees involved. However, payment links can definitely simplify such a process. It’s possible for you to create customized registration forms for your events, and to also include payment links. This will allow attendees to register and pay in one go, not only saving time but also minimizing registration payment errors and enhancing the attendee experience even before the event begins.
5. Subscription-Based Businesses
Subscription-based businesses, such as those in the software as a service (SaaS) industry, rely on recurring payments. For subscription renewals, payment links are game-changers. You can simply send automated payment links to your subscribers to collect payments quickly and get them processed on time. Moreover, the payment links may be able to minimize churn and help sustain a steady revenue stream for the company.
6. Global Market Transactions
Expanding into an international market can no doubt be an anxiety-ridden experience for new entrepreneurs. However, payment links may jumpstart a company’s ability to transact with global customers. If you’re able to accept payments in various currencies using your payment links, you can confidently tap into new international markets, thereby opening up new revenue streams for your business and seizing opportunities for growth.
Your success in business depends on your ability to adapt and innovate. Payment links have emerged as a transformative tool in the arsenal of modern business, and their role in streamlining transactions and improving cash flow is undeniable. Consider incorporating payment links into your business strategy, just like in any one of the use cases detailed above, to modernize your company and capitalize on new growth opportunities that will inevitably come your way.
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