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 an incomplete payment request. Payment links can solve this problem. Instant links to collect quick payments. Within a year of use of the 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 a payment.
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, reducing 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 the 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 an analysis of your payment history, let’s say, in the past, you have made a frequent payments during the day, and Payment Links will be sent in the daytime. The reminder will be sent by 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 and reaches the payment page but doesn’t make the payment and exits.
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 services of the best payment gateways like PayU, PayPal, Instamojo, Atom, and Paytm.
Benefits of Digital Payment Guru:
Payment Gateway Integration:
Provide payment gateway integration into your existing system thus avoiding the hassle of integrating the payment gateway on your own or hiring a developer.
The transaction rates of payment gateway range from 2.5-4% per transaction but we provide payment gateway at the best transaction rates compared to market rates.
If you have an existing website and want the payment gateway integrated into it, we provide a full website audit with a payment gateway integration service.
You can also build a new website. To know more about the website building service click here.
If you are confused about which payment gateway to choose from, we provide consultation by analyzing your business needs and suggesting the best payment gateway for your business with the payment gateway integration service.