Do you know, Out of the total B2B sales made in India, 40% happen on credit. This is the flow of business in India for a long time. The real pain is follow-ups after payments are immense. Almost every business has to deal with this ordeal every day. There are two faces of a product, one is you crack a deal with the customer and the other is collection of the payment from him/her. It is very often that the customer hangs up the call leaving incomplete payment request. Payment links can solve this problem. Instant links to collect quick payments. Within a year use of payment links have increased with more than 1 crore links being created.
The problem is not completely solved with the introduction of payment links as the customers do not respond to the messages or emails through which the payment links are shared. Payment links do ease the collection of payment but it is still a task to convince the customer to click on the link to make payment.
Also Read: Payment Links Made Simple.
To overcome the problem, reminders on payment links are introduced. Payment Links are now available with automated reminders which helps in increasing the number of paid invoices and links, reduce the cost involved after the manual effort behind collecting payment & reduce the number of days taken by the customer to make payment.
The reminders can be sent depending on the date of sending the payment link. If you have set an expiry for the payment link then the reminder can be set before expiry so that a payment reminder with the payment link will be sent to the customer before the link expires.
The payment reminder will be sent based on analysis of your payment history, let say, in the past, you have made a frequent payment during the day, a payment reminder will be sent in the day time. The reminder will be sent on both SMS/Email.
Payment reminders prove to be more effective as it has increased the conversion rate, it also helps in identifying whether the customer has received the payment link which they haven’t paid yet. For example, the customer has shown interest in purchasing the product reaches to the payment page but doesn’t make the payment and exit.
Many merchants are switching to online payment for the ease and automation of payment collection. Get a payment gateway for your business at the lowest market rate with Digital Payment Guru. We provide payment gateway integration service of best payment gateways like PayU, PayPal, Instamojo, Atom and Paytm.
Also Read: How does a Payment Gateway Charge?
Benefits of Digital Payment Guru:
- Payment Gateway Integration: Provide payment gateway integration into your existing system thus avoiding your hassle of integrating the payment gateway on your own or hiring a developer.
- Best rates: The transaction rates of payment gateway range from 2.5-4% per transaction but we provide payment gateway at best transaction rates compared to market rates.
- Website audit: You have an existing website and want the payment gateway integrated into it, we provide a full website audit with payment gateway integration service.
- Consultation: If you are confused with which payment gateway to choose from, we provide consultation by analyzing your business needs and suggest the best payment gateway for your business with the payment gateway integration service.
Still, wondering which payment gateway to choose for your event?
Contact Us to receive full consultation in choosing the right payment gateway.