How eCommerce Businesses Can Use Payment Links and Payment Forms

Payment links and payment forms have been quite the buzz lately. In this blog, we detail their use cases in the eCommerce industry.

What are Payment Links and Payment Forms?

Payment links and payment forms are instruments that allow businesses to accept payments. Any business can create them through a payment aggregator and share it with their customer within minutes.

Now, a payment link or form can be created for 

1. Collecting payments for online sales
2. Converting Cash on delivery payments to online transactions
3. Accepting payments for ad-hoc services like shipping charges and custom orders
4.  Recovering abandoned cart transactions 

.. and much more.

 All the merchant has to do is:

1. Head to the payment gateway dashboard
2. Start creating payment forms and links
3. Share it with the customer through SMS, email, Whatsapp, etc.

Yes, there really is no fourth step!

But how are eCommerce merchants using payment links and forms?

Let’s find out. 

(By the way, you can choose to take this quick quiz to test your knowledge, just sayin’!)

How Ecommerce Businesses Use Payment Links and Forms

India is on its way to becoming the second-largest eCommerce market by 2034. In fact, it is expected to touch US$ 111.40 billion just by 2025.

Needless to say, as the world moves online, the need for the right payment solutions increases as well. 

This is where payment links and forms come into the picture.

They are user-friendly, customizable and can be used for multiple use cases.

In fact, here are some examples showcasing eCommerce businesses that use payment links and forms to scale their businesses. 

Edtech Businesses 

Edtech businesses have witnessed an unexpected boom in 2020. In fact, the market is valued at 2.8 billion USD. Pandemic facilitated this growth and the changing work and education culture is propelling it. 

What’s more, the market is expected to touch 10.4 billion USD by 2025. So, how exactly can this eCommerce segment leverage payment links and forms?

Here are some use cases:

1. Edtech businesses can create payment links to accept payments from customers
2. They can add auto-reminders after sending payment links to ensure timely payments
3. Payment links and forms can be sent monthly (in the case of most coaching institutes) or per-class bases (for private tutors)
4. ERP users (schools and coaching institutes) can also embed the payment form on their websites. This way, they can direct all customers to pay through that single form
5. Online learning platforms like Udemy and Coursera can send (or enable their sales agents with) payment links to customers once they sign up for a course

P.s Have a look at this free demo to understand how payment forms can be used for fee collection.  

Gaming Industry

The global gaming market is set to touch 268.8 billion USD in 2025.

It is sufficient to state that the global gaming industry has come a long way. But then, so has its payment needs. 

Here are some ways that payment links and forms can fulfil those needs:

1. A lot of online games offer in-app purchases. Here, the customer needs to pay in order to access premium game features or upgrades of the game. Payment links and forms can be a means of payment facilitation. 
2. The e-sport industry also includes streaming services. Apart from monetization through the number of views, players can also accept payment through donation. Here, payment links and embedded website forms can be a big help.

Utility Industry

The recurring billing model is all the rage when it comes to utility bills nowadays. 

However, not all payment needs are met through e-mandates or UPI Autopay. 

1.A lot of times customers might need to do untimely or one-off payments.

Here are some use cases for better understanding:

1. Customers might book CNG cylinders on the basis of their own needs and consumption. They might not require a strictly monthly or bi-weekly refill.
2. With the emergence of Work from Home, customers might need to book gym appointments on a per-workout basis instead of a monthly subscription.
3. Small and regional providers of utility bills like cable, telephone and internet can also make use of payment links and forms. 

On the other hand, there is also a chance of subscription payments failing. A customer’s UPI autopay or e-mandate payment may not come through.

In such a situation, the merchant can send over links/forms to accept payments

Small and Medium Business 

The emergence of online platforms and marketplaces has given a much-needed boost to SMEs in India. 

Payment links and forms are the perfect payment acceptance solution. This offers them a no-code alternative. Here are some relevant use cases:

1. Instagram and Marketplace based-businesses can sell products directly through these platforms. They do not require a website or app payment gateway integration. Payment links and forms can be shared through WhatsApp, email or SMS. 
2. Businesses can also choose to convert Cash on Delivery orders into online orders. Delivery executives can generate payment links and share them with customers at Point of Sale.
3. Moreover, companies of all sizes can follow up with abandoned cart customers with these payment links. This can lead to improved conversion rates.

NBFCs and Insurance Companies

Non-banking financial companies and the insurance industries have a lot to gain through these payment instruments.

Let’s have a look at some examples:

1. NBFCs can collect repayments of short-term loans through payment links and forms
2. Similarly, companies can collect SIP instalments and credit card payments
3. Businesses providing Forex services or International Money Transfer  can use Links to collect payments from customers

After all this information, it is only right to understand how businesses can create payment links and forms.

How To Create a Payment Link or Payment Form?

Payment gateway integration has often been considered a developer’s game. 

However, creating payment instruments should be a smooth sailing road. Even for folks from a non-developer background. 

This is the exact pain point that payment links and payment forms solve. They do not require any coding knowledge whatsoever to collect payments.

In fact, here are 5 simple steps on how Cashfree Payments allow you to build links and forms within minutes!

1. Head to Payment Gateway Dashboard, then click on Payment Form or Payment Link. Then, click on Create.
2. Explain the purpose of payment in the Payment For field. Thereafter, enter the payment amount. You can enable payments through international currencies as well.
3. In the case of payment forms, personalize the URL to fit your brand name. You can enable auto-reminders to your customers after sending payment links as well. After that, select the expiry date for your link or set it to No Expiry.

OR

5. Enter customer details. Add additional details by adding Custom Fields. Finally, click Create. 

Now, you can share with customers through Whatsapp, SMS or email. Moreover, all your previously-created payment links and forms are accessible through your dashboard. Read here to know more about reconciling your payment.

To understand how you can create payment links and payment forms in detail, head over to our docs. 

Have any questions? Feel free to contact our team!