The power of payment links in scaling your business in CEE region

The CEE (Central Eastern Europe) region poses its specific challenges when it comes to scaling, and staying ahead of the curve is crucial. Traditional payment methods like cash on delivery and point of sale (POS) are still prevalent, but as businesses scale, they encounter unique challenges that demand innovative solutions. 

Essentially, a payment link is a unique URL that takes the user to a payment page where they can complete a transaction. These links can be customized to accept various payment methods, including credit cards, digital wallets, and even bank transfers. Regardless of the type of business that uses them, payment links bring the following universal benefits:

• Streamline the payment collection process 
• Bridge the gap between traditional & digital payment
• Reduce errors & administrative tasks

Payment links have emerged as a game-changer, offering a versatile and seamless payment solution for CEE businesses.

In this article, we’ll explore the following use cases making payment links via a payment gateway an easy tool to increase business productivity: 

• As an additional option to conventional checkout for any business
• As alternative to POS for physical businesses 
•  As alternative for SaaS companies looking to optimize their invoicing strategy 

Use Case #1: As additional option to conventional ecommerce checkout 

Although there are geographical particularities within each country in the region, and different challenges depending on verticals and business models, some of them still have to do with technological adoption and are lagging behind. This means that, at least partially, these challenges are common. 

Integrating payment links, or pay-by-link solutions, into your business strategy offers a versatile approach to customer engagement. As part of SaaS payment gateway, payment links empower eCommerce and SaaS businesses to leverage various touch points such as SMS, chat, and email, expanding the avenues through which customers can seamlessly complete transactions. 

You can embed it in a chat conversation, share it via email, or deliver it through SMS notifications, which is why payment links provide an efficient, user-friendly method for customers to make purchases. This strategy accelerates the checkout process, while offering a bespoke approach for every customer preference, and it can prove very useful in increasing conversion rates. 

By embracing payment links across multiple touchpoints, businesses create a more accessible and responsive purchasing experience, fostering customer satisfaction and loyalty in the highly competitive retail industry.

Use Case #2: As alternative to POS for physical businesses 

As a physical business looking for alternatives to POS payments, pay-by-link is a solid option for a number of reasons. 

The first one is flexibility -  it allows your business to accept payments from customers through a  variety of channels, including QR code, email or SMS. This serves well when for example there is no POS terminal in place and catering to visitors without cash. 

Secondly, it comes with both reduced infrastructure costs and increased security. Traditional POS systems require significant hardware investments and ongoing maintenance. Pay by link operates in a virtual environment, reducing infrastructure costs and simplifying scalability.

Payment links are typically encrypted, making them a secure payment option. This is crucial when dealing with international transactions, where security and compliance with varying regulations are paramount.

Then, it’s also a matter of convenience - for your customers, making payments through a link scanning a QR code or sent via email or SMS can be more convenient than carrying cash or facing potential language barriers in person.

Whether a customer prefers to pay with their credit card, mobile wallet, or online banking, payment links accommodate all these choices seamlessly.

Use Case #3: As alternative for SaaS companies looking to optimize their invoicing strategy

Payment links introduce a level of operational efficiency that can be a game-changer for CEE businesses. They streamline the payment process, eliminating unnecessary steps and reducing the potential for errors.

For businesses, payment links automate the payment collection process. This efficiency allows businesses to allocate more resources to other critical operations and customer-focused tasks. They can also significantly reduce administrative tasks, freeing up valuable time for businesses to focus on strategic initiatives.

‘Pay by link’ serves as an ideal alternative for SaaS businesses seeking to optimize their invoicing processes. One notable advantage is the ability to include QR codes on both digital and physical invoices. This simplifies the payment experience for customers and enhances the efficiency of the payment process in a user-friendly way. 

For instance, these links can automatically generate and dispatch invoices, sparing businesses the manual intricacies of invoice creation. This automation ensures that invoices are delivered promptly and accurately, contributing to a smoother customer experience. Plus, they can be configured to send payment reminders.  

Additionally, payment links can be configured to send payment reminders, further reducing the administrative burden of chasing overdue payments. They don’t only enhance operational efficiency but also enable strategic growth initiatives, and one of the key advantages is the ability to upsell and cross-sell products and services.

For customers, the streamlined payment process is an advantage allowing them to make payments quickly and securely. From a business perspective, payment links not only streamline payment collection but also automate reconciliation. 

Conclusion

The introduction of payment links could emerge as a transformative solution for CEE businesses, seamlessly bridging the gap between traditional and digital payments. Their universal benefits include streamlining payment collection processes, bridging the divide between traditional and digital payments, and reducing errors and administrative tasks. Our payment gateway supports pay by link integration, providing businesses with the means to optimize their payment processes, enhance customer satisfaction, and stay at the forefront of the evolving payment landscape. 

At CatalystPay, we understand that each business comes with its own set of challenges and opportunities. But addressing commonalities is one of the ways you can leverage a long term partnership to help you focus on areas where you can drive growth with minimal effort. 

Curious to see how we can help? Reach out and let’s chat!