TrueLayer has introduced payment links to make getting paid easier and more convenient.
Payment links are URLs, buttons or QR codes that enable businesses to accept payments from customers via almost any channel, including SMS, social media, email and in-person, the open banking firm said in a Monday (July 24) blog post.
“Payment links can be used by any business that wants to facilitate easy, fast purchases online,” TrueLayer said in the post.
This payment option is especially useful for small businesses that don’t have a payment infrastructure, B2B businesses that want to get paid faster by embedding payment links in invoicing emails, businesses with a focus on channel-specific marketing, and businesses that want to process in-person payments without additional hardware, according to the announcement.
The setup requires minimal developer resources, and the application programming interface (API) integration can be completed in as little as 48 hours, the company said. Businesses create the payment link, add it to existing systems such as customer relationship management (CRM) or point of sale (POS), and instantly grant customers the ability to pay from any device.
Payment links from TrueLayer offer coverage of up to 99% in the United Kingdom and 96% across key European markets, per the release. In the coming months, TrueLayer will continue to add new features to payments links such as customizable URLs and the ability to re-share links.
Luke Crooks, director at Solent Wholesale Carpets, a company that has integrated payment links, said in the blog post: “With TrueLayer’s payment links, we can automatically send invoice payment requests from our CRM, and the payments settle in real time. We’ve been able to save on payment processing costs vs cards. Plus, the end-to-end integration time took less than 48 hours.”
In another recent deployment of payment links, GoDaddy announced in February that it has bundled payment technology and domains to create branded pay links. With these Payable Domains, businesses with a newly registered or existing domain can start accepting payments even if they don’t have a website or an online store or publish content.
Two months earlier, in December 2022, Swedish FinTech Zimpler launched its Paylink solution that allows businesses to send electronic invoices with a payment link attached that enables clients to make payments directly from their bank accounts.
