How to tag along and ride the wave of social media payments

Social media has taken the world into a new era. Every moment our smartphone, smart watches and smart devices share updates from our online profiles on Facebook, Instagram, Messenger and WhatsApp. We browse, chat, connect and shop on social media. Not surprisingly, social commerce and social payments are becoming the next big thing. Data suggests that retailers brought in nearly $6.5 billion from social shopping in 2017 and around 85 percent of all ecommerce purchases on a social media site comes from Facebook.

Technology the glittering tool

The mind-blowing impact of social shopping has pushed businesses to now have full-fledged strategies for social media platforms. Peer-to-peer payments are already making progress (think Venmo, and various regional online bank apps and even Facebook’s Libra in future), but what about business payments? The shopping journey via these platforms is becoming increasingly important and so is the ease of payments. Instagram recently started in-app payments so that shoppers don’t have to leave the platform to make a payment. WeChat Pay and AliPay have far surpassed expectation and setting the bar higher for the ease and convenience of payments via social media and QR code. Some tech companies are now working on chatbot payments. The race is on to make payments on social media platforms easy.

But the catch is, that not all this technology is ready to be used. People who create this new-age tech create it with the future in mind, but sometimes the need is clear and present. So, while these amazing things are being done, what is it that the merchants and businesses can do today? That’s the million-dollar question.

Adding a twist to the tech

Cool new technology for payments and overall bringing your business on social media is great but setting up these things take time, effort and lots of money. So how to get your business on social and give your customers a better payment experience and increase conversion rates? The answer is simpler than you think.

Use a solution ingeniously and you can see the positive and far-reaching effects. Email payment link has been around for some time now. ePayments as it is often called, is taking card payments via an email. Used majorly for invoice tracking across industries, SafeCharge revamped this technology making it fit for modern usage.

Payment page anywhere, anytime.

SafeCharge Paylink enables businesses to easily accept payments from customers via an online payment page accessed through a link or a QR code. Using Paylink, businesses can send a payment link to their customers not only via e-mail but also via any of the social media platforms including Facebook messenger and Whatsapp. This link redirects them to a secure payments page hosted by SafeCharge and allows customers to easily make payments. SafeCharge Paylink is extremely easy to set up and it is available for merchants to use.

The future is QR

A unique feature added to SafeCharge Paylink is its QR code abilities. Payment methods across the world are warming up to the ease of payments via QR codes. Keeping up with the times, SafeCharge Paylink offers a QR code option for the payment link. Businesses can send the QR code to access the link and make a payment.

Managing security concerns

Compliance and security requirements are the main that new-age Social payments must surpass. Ensuring the transaction security and concerns about the payment data is something that still needs to perfected. In the meanwhile, solutions such as SafeCharge Paylink are ready and available to be used on Social Media.

For the big and the small

There is potential in Paylink and the use-cases for are endless SafeCharge Paylink is now being used by various enterprise businesses. A ride-sharing company uses it to collect incomplete payments due to soft declines such as insufficient funds, some airlines are using it for payments for add-on services such as upgrades, extra services on board and more.  What’s more, the Paylink page mirrors all the features and the payment methods on existing ecommerce checkout page ensuring conversions.

But that’s not all, the ease and convenience of using SafeCharge Paylink via social media makes it an irresistible and effective solution for smaller businesses. For businesses that don’t have or need a website can use this secure online payment solution via all the social channels.

While social media payments are still a work in progress, by creatively leveraging solutions such as Paylink, businesses can connect with their consumers and continue to build a good social experience. Payment conversions are where your business happens, so using every solution available in the payment arsenal to achieve conversions is not a bad idea, is it?

To learn more on using Paylink for your business payments get in touch with our team today.

 

SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of MasterCard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.