An SME Guide to Payment Links

By Mahmoud Emad?

Are you a small to medium size business owner struggling with a high abandoned cart rate? Are your customers experiencing too much friction at checkout, leading to a cumbersome payment process? You're not alone. Studies suggest that the e-commerce sector loses nearly $4.6 trillion globally every year due to cart abandonment, with friction at checkout being a significant culprit. Small businesses operating on thin margins are particularly vulnerable to this loss in conversions.?

A fast and convenient way for SMEs to overcome checkout friction is the adoption of payment links.?

Payment links are a seamless and secure payment solution requiring minimal time and tech know-how to set up. They are an ideal payment solution that enables SMEs to increase conversions and fuel growth.?

What is a payment link?

A payment link is either a distinct URL, QR code, or clickable button that you provide to your customer. Once they click or scan, they are directed to a secure checkout page where they enter their details and finalize their purchase. The process is like receiving an invoice but with the advantage of an immediate and hassle-free payment process.??

How Payment Links Work?

These are end-to-end solutions, handling card tokenization, payment requests, and authentication. As a result, the bulk of the payment process is handled by your payment link provider. Once you've requested a link from your provider, it's ready to share with your customer who enters their payment information. The payment link processor takes over handling authentication, processing the payment and notifying you.

No website setup is required on your part as the checkout is securely hosted by the payment link provider. This is a major advantage for smaller businesses or those just starting out.?

Benefits of Using Payment Links?

• Minimal setup time: Time to value is reduced significantly allowing merchants to capitalize on business opportunities swiftly.??
• Frictionless checkout: Helps reduce abandoned cart rates by offering a smooth, instantaneous payment solution.?
• Seamless customer experiences: Streamlined processes enhance customer experiences and build loyalty and trust, positively impacting brand perception.?
• Customization: Merchants can customize payment pages based on audience needs, local market nuances and language preferences, product characteristics, or wider marketing themes.?

Choosing the Right Payment Link Service Provider?

Selecting the right provider is crucial, and here are some points to consider:?

• Supported currencies: Ensure compatibility with local currencies like the UAE dirham, Saudi riyal, etc.?

• Local presence and market knowledge: Providers with a local footprint often have a deeper understanding of regional market dynamics, regulations, and customer preferences. They can offer solutions that are tailor-made for SMEs in specific markets.?
• Customizability of payment pages: The ability to tweak the payment page to resonate with your branding is crucial.?
• Ease of the payment link generation process: A seamless generation process can greatly enhance user experience.?
• Transaction fees: Clarify the associated costs per transaction to avoid hidden surprises.?
• Supported payment methods: Check the variety of payment methods they support for a diverse customer base. More payment methods mean more sales.?
• Quality of customer support: Effective customer support can be a game-changer, especially at critical times in a business's growth. Make sure the provider has a local customer service team on the ground. 24/7 support can make all the difference.?

A Fast, Simple and Secure Path to Increased Revenue?

To increase sales and grow their businesses in today’s digital economy, SMEs in the GCC and throughout MENA need to adopt efficient, region-specific payment solutions. Payment links are a fast, convenient and secure payment method that enables businesses to capture more revenue and scale operations. Choosing providers with robust local knowledge and solid local customer support presence will ensure that you maximize your revenue potential.??