What Are Payment Links? And How Can Retailers Use Them to Grow Revenue & Loyalty?

Enhancing customer experiences and driving revenue growth should be the top priorities for any retailer committed to elevating their business.

As consumer preferences shift towards prioritising seamless omnichannel experiences, offering frictionless purchasing journeys across all touchpoints has become crucial for success. In this landscape, payment links (URLs) emerge as a valuable tool for retailers to streamline transactions, foster customer loyalty, and unlock new revenue streams. 

Let’s dive into how payment links work and why they can be a boon for retailers: 

• What are payment links?
• How do payment links work?
• How do payment links drive loyalty and revenue?
• Are payment links secure?

What are payment links?

Payment links, also referred to as pay-by-link or payment request links, offer a convenient alternative to traditional checkout processes. These links are URLs generated by merchants to facilitate transactions outside of the typical shopping cart framework. By providing a direct pathway for customers to complete purchases, payment links eliminate friction points that can hinder conversion rates.

This versatility allows retailers to meet customers wherever they are, providing a seamless purchasing experience across multiple touchpoints. 

How do payment links work?

The functionality of payment links is relatively straightforward, yet their impact on the customer journey is profound. When a customer expresses interest in a product or service, the retailer generates a unique payment link associated with the specific transaction. This link directs the customer to a secure payment page where they can input their payment details and finalise the purchase.

Setting up payment links with Lightspeed 

Retailers using Lightspeed Payments can email a receipt for an on-account purchase with a payment link included. This allows you to offer greater flexibility to your customers to pay their account balances conveniently online. 

In a few simple steps, you can email customers a payment link, accept payments from your customers, and manage your active payment links within the unified Lightspeed POS and Payments platform. 

How do payment links drive loyalty and revenue?

Payment links serve as a catalyst for both customer loyalty and revenue generation. By simplifying the purchasing process, retailers create a frictionless experience that encourages repeat purchases and fosters brand loyalty. Customers appreciate the convenience of payment links, which can lead to increased satisfaction and engagement with the retailer’s brand.

With just a few clicks, customers can complete transactions seamlessly, making it easier for retailers to capture spur-of-the-moment purchases. This ability to capitalise on consumer impulses can significantly impact revenue generation, particularly in competitive market environments.

Furthermore, payment links enable retailers to personalise their interactions with customers, enhancing the overall shopping experience. By tailoring payment links to specific products or promotions, retailers can deliver targeted offers that resonate with individual preferences. This personalised approach not only increases customer engagement but also drives higher conversion rates and average order values.

Are payment links secure?

It’s the million dollar question; can I trust payment links to keep my and my customer’s information safe? 

The short answer is yes; payment links are sent via secure channels, making them as safe as any other online payment method. 

Payment links offer robust security measures, ensuring the safety of both customer data and transaction integrity. These links utilise industry-standard encryption protocols to protect sensitive information transmitted during the payment process. 

This encryption ensures that customer payment details, including credit card numbers and personal information, remain confidential and shielded from unauthorised access. Moreover, payment links are hosted on secure servers, minimising the risk of data breaches or cyberattacks. 

By prioritising data security, retailers can instil trust and confidence in their customers, reassuring them that their information is safeguarded throughout the transaction journey. As a result, customers can complete purchases with peace of mind, knowing that their sensitive data is protected, ultimately fostering greater loyalty and satisfaction with the retailer’s brand.

Securing payments and loyalty

Payment links represent a transformative solution for retailers seeking to enhance customer loyalty and drive revenue growth. By leveraging the convenience, security, and personalisation offered by payment links, retailers can cultivate lasting relationships with their customers while unlocking new avenues for profitability in an increasingly competitive market landscape. 

Lightspeed’s unified POS and Payments platform is powering ambitious retailers globally. Learn how you can leverage Lightspeed Payments to process sales, get paid and streamline your business from one unified platform today.