Payment Links vs. Traditional Payment Methods: Which is Right for You?

Traditional payment methods need the use of real money or cheques to make payments, whereas online payment links entail the use of digital platforms to online transfer of cash.

Whenever we think about payment alternatives today, the option that comes to our mind is online payments. Are Online payments or payment links better than traditional payments? What are actually Traditional and online payment methods? How do they work? Which is the most trustable payment gateway in India to get a payment link?

Fortunately, we have addressed all of the above questions in our blog.

Go through the complete blog and know in detail about the Payment Links and Traditional Payment Methods.

Traditional Payment vs Payment Links

Traditional payment methods involve a variety of costs, including transaction fees, point-of-sale system maintenance, and cash handling. 

Payment Links are cost-effective. They minimize the need for costly hardware and lower the overhead expenses associated with transaction processing.

What Are Traditional Payment methods?

A traditional payment method allows transactions to be made between the payer and another party while using manual methods of clearing, payment, or settlement services. 

Traditional payment methods include direct transfers, credit cards, and cash transactions that require quick payments between the consumer and provider.

Also Read: Payment Links Everything You Need to Know

What Is a Payment Link?

Payment links are used for gathering payments from clients or customers. In this method you can either send an individual link or URL or make it available on your website and app to take your client to a payment platform or a payment gateway. 

The link could be delivered via a website, message, app, social media, Email, QR Codes or any other method of communication. You can also place the link on your website or app. 

All of us have observed the “Pay” button on multiple sites and apps. This button is a link to make the payment to that specific business.

Electronic payments are extremely fast as compared to older means such as checks, that need manual processing and approval. 

This rapidity ensures that payments are transferred accurately and promptly, reducing the possibility of payment postponement or errors.

Future of payment links in India

More and more companies and consumers have discovered the benefits of payment links, and they are going to become the most popular way to pay for purchases online. 

E-commerce payment links could continue to improve, with advancements in technology and features that make them quicker, more secure, and more convenient. 

The integration of AI with machine learning is something that may occur in the future. This could further improve the payment process and reduce the risk of fraud and errors.

Payment links are becoming an essential component for organizations running digitally. As e-commerce grows and evolves, payment interactions are projected to become more crucial, allowing businesses to react to changing market conditions.

Payment Link Benefits

Payment links are growing in appeal as more businesses and individuals seek simple and secure payment methods. 

They offer a quick and simple way to initiate transactions, eliminating the need for manual payment information or the sharing of sensitive financial data. Payment links allow you to make one-time or regular payments.

Multiple benefits of payment links are:

-Quick Payment Process.

-Enhanced client experience.

-Greater safety.

-Increased Marketing Opportunity.

-Continuous monitoring and analysis.

-Cost-Effective.

-Convenient for recurring payments.

Payment Links vs. Traditional Payment Methods: Which is Right for You?

Also Read: 5 Reasons Why Payment Links Are Essential for Modern Businesses

By going through all the above given facts and reasons, we have come up to this conclusion that Payment Links are a superior choice in comparison with Traditional Payment Methods.

Letspe Payment Links 

Letspe is a popular payment service provider that offers multiple kinds of payment methods like - Debit card, credit card, phone payment, google payment, net banking, and  payment links. 

The payment links solution, with its modern technology, is meant to be flexible and simple to use, allowing businesses to create payment links that are customized to their specific needs.

How do I create a Letspe payment link?

Generating a payment link is a must for all the businesses today. We have given the solution to all of you who are looking forward to creating a business link for their companies.

Follow these given steps and get your payment link today:

You can visit www.letspe.com and connect with the team.

-Create account 

-Deliver required documents.

-Get yourself onboarded.

Now, you’ll get the login credentials, S2S Integration Document, and API Kit to the Merchant Dashboard.

Paste this S2S Integration Document in your Website or App. Your payment link is generated.

Now you can request your clients/customers to make payments via a button that is generated by this link.

Conclusion

In conclusion, setting up seamless payment links can substantially enhance the user experience and are more safe for e-commerce businesses.

We concluded that Payment Links are a better option than Traditional Payment Methods after considering all of the information and justifications shown above.