South African consumers and business owners are ready and waiting for a digital payment shift, easier access to checkouts, and a safer way to pay and participate in our local market.
Mastercard research shows us this is true, and that 7.3% of banked consumers are ready to pay with their phones.
It’s with this eagerness in mind that payment links have come onto the market. This new financial technology is making waves in the SME market, allowing business owners to get paid remotely from wherever they are. Payment links keep transactions fast, cashless and virtual.
What is a payment link?
We’re used to contactless payment methods: sending an EFT, tapping your card, and scanning a QR code. Payment links combine all the most convenient aspects of these methods into one easy process.
Technically, a payment link is a URL that leads customers to a single-page website. The link is created via a third-party financial service provider who generates the link on your behalf via a dashboard or app.
A payment link lets your business accept card payments online without building a website or e-commerce store. In fact, you don’t even need a brick-and-mortar shop.
Visit iKhokha.com to find out what iK Pay Link can do for your business
The major perk is that you open up a limitless way to sell. Once the link has been generated and copied, you can paste it into nearly any messaging platform: Instagram, WhatsApp, Facebook, SMS, e-mail and digital invoices.
How does it work?
When you find the right provider, it’s simple:
- Create a unique pay link
- Copy, paste and send it
- Get paid
Once your customer is directed to the webpage, they’ll fill in their own banking details the same way you would if you were buying a product from an online store.
This aids in avoiding payment errors, late payments and waiting for more than a few days for money to be transferred into your account.
What does this mean for South African small businesses?
The short answer is, great things.
Payment links secure your ability to get paid, regardless of what happens in the outside world. The flexible and remote characteristics of this technology allow business owners to navigate uncertain times, while still being able to request and receive payments.
Furthermore, South African SMEs — especially the ones who are just getting started — can expand their audience beyond the boundaries of their location. They can offer their services to customers near and far, without building a website.
The immediate nature of sending a payment link also creates a smoother path between consideration and conversion. You’ll understand this sentiment if you’ve ever been put off buying a product because you couldn’t bare typing in an account number for the third time.
Are payment links safe?
When you’re working with recognised and registered fintech companies, you can be sure that your pay link is secure if you’re partnering with a recognised financial provider.
There are, of course, some key terms to look out for when you’re choosing who to use.
Make sure you’re using payment links with a company that’s compliant with the highest PCI security council standards, which means that business owners and customers are protected with anti-fraud software. This goes hand in hand with advanced 3D secure technology to make sure user transactions are triple secured.
Get started with iK Pay Link
The team at Durban-born fintech company iKhokha have been refining their newest financial asset, iK Pay Link, to be one of the safest ways to get paid online. They’ve had the time to observe the market and come out the gates with the most accurate, most secure version of a payment link.
Their app-based approach is a huge advantage, as everything you need to know about your finances is one secure, personalised place.
While the app is free to use, you will still need to pay a standard transaction rate of 2.85% — one of the lowest transaction rates across the country.
iK Pay Link is available for Android users with version 8 and higher. iOS users will be receiving an update to their app in the not so distant future. In the meantime, you can still log in to your iKhokha profile on your desktop and send links to your customers from there.
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