Chasing a group for funds as an individual- let alone an enterprise- can be a real bump in the road in terms of your efficiency and revenue collection. This can lead to abandoned checkouts or not receiving the payment at all which creates frustration, operational overhead and lost revenue.
However, Hands In’s payment links not only provide customers with a more flexible way to pay as a group but also streamline a business's ability to collect funds for group transactions, reducing abandoned carts and failed payments, whilst doing all the payment chasing and reconciliation for you. It may sound complex, but it couldn’t be simpler.
How does a payment link work with Hands In?
Hands In makes the process of sending out payment links and collecting the funds totally seamless for both customers and enterprises. It’s so streamlined, in fact, it takes just a few steps:
Connect payment links to your payment provider This takes just a few clicks, with no integration necessary!
Choose how they’ll be splitting the payment You can select at the initial stage whether they will split payments using a fixed amount per person or if the cost will be split equally between members of the group.
They enter payment details They can enter payment details necessary to complete the payment link, such as product details, customer information, group size, and deadline for payment.
Send the link! Send the payment link to the lead buyer and then we will simultaneously send out invites to the other group members.
We do the rest... We will send out automatic payment reminders to group members with outstanding funds during the run-up to the payment deadline, making sure no payments are missed during your allocated timeframe. How often we send these reminders are determined by the length of your checkout process:
Four-to-seven-day checkout process: Four reminders to all group members and two to the merchant and lead buyer.
Two-to-four-day checkout process: Three reminders to all group members and one-two reminders to the merchant and lead buyer.
Two hours to two-day checkout process: One-two reminders to all group members and one to the merchant and lead buyer.
Less than 2-hour checkout process: A maximum of one reminder to all group members and one to the merchant and lead buyer.
We then collect your funds and customer data profiles, all being assembled in one place.
Why would a link for payment for groups be useful for enterprises?
Flexibility and Efficiency
You’re able to dynamically customise payment amounts, as well as deadlines and currencies. This means that the payment process for groups is faster and more streamlined, due to the flexibility of payment. Put simply, everyone pays what they owe and chasing payments is eliminated with automated payment reminders.
Refunds are also made easy through our merchant dashboard and our customer support should you have any additional queries. Payees can be deleted if they drop out of the transaction and the payment allocation adjusted- and payments links can either be collected instantly or over a maximum period of a week. So, whatever happens with the transaction or the circumstances of the payment group, the process is efficient.
The efficiency of payment links doesn't end there though, as we employ a real-time reconciliation platform which collects all funds in the same place- but also, crucially, customer data. This enriches your database with more valuable customer data profiles which would have been previously lost to you without using a link for payment.
User experience
By providing more ways to pay, payees feel empowered to choose- creating a user experience that is synonymous with innovation, boosting your brand image. This increased flexibility will also increase customer retention and conversion rates. GoCardless also came to this conclusion, saying “any ecommerce business not offering as many payment methods as possible risks failing to maximise their conversion rate”.
Reduced failed payments or uncollected payments
Failed payments are also dramatically reduced by providing a split payment solution that accommodates for things like credit limits and tight budgets. This is especially useful for high-ticket industries such as aviation and leisure. Our scheduled reminders serve to reduce the likelihood of payment failure even further, as all members of the group are held accountable for their share.
We’ve done a lot of hyping up our payment link solution, but what we’d rather be talking about is how using our link for payment service will boost your business’ successful checkouts and revenues. If that’s something you’re interested in discussing also, then book a discovery call to make Paytech innovation your organisation’s USP.