What is a payment request and why it is important for businesses to use it?
Tips / 28.10.2016
It’s entirely possible that at some point in time you, as a customer, have received a payment request email from a seller you’ve just purchased something from. Or perhaps you’ve simply browsed through the many features myPOS offers, happened upon the Payment Request and wondered what form this service takes in our solution. Well, let’s dive right in.
What is the definition of a payment request?
A payment request is a hyperlink, sent to a buyer by a seller. The hyperlink redirects the buyer to a secure checkout, where he or she makes the requested payment. The customer fills in their card details in the checkout and pays for the desired service or product.
The better payment solution providers offer this service, us included.
Payment Request links can be sent via email, SMS or any chat applications that are used these days! You want to buy something or book an appointment? Contact your seller, and you can receive a payment link that makes making payments easier and more convenient for both parties. Sellers can enjoy instant settlement of funds anytime, anywhere, while the convenience for buyers is that they’re not limited to a physical location to make a purchase that they desire.
So, looking at it from two perspectives, the Payment Request forms the ideal marketing symbiosis between the seller and the customer.
|Receives payment instantly
|Doesn’t have to be physically present at the store
|Conducts sales more efficiently by saving time and efforts
|Can be reached by a seller at any point, desired by the customer
|Is thoroughly protected, even if the request was not completed
|Can pay with their debit/credit card via a secure payment gateway
|Business are no longer restricted in terms of receiving payments
So you see, the need to use this service for your clients is something no business should go without. Businesses are thriving and competing in an environment that dictates not only constant availability but also the need to be close to one another, even though the seller and the buyer are thousands of kilometres away.
myPOS delivers a remarkable solution to service industries, needing distant payments, and it does much more to help them grow. With our innovative platform, myPOS allows for a new connection between a buyer and a seller, which was not available a few years ago.
Our online payment solution can be initiated from different devices and sent via multiple channels
From your card payment device – Payment Requests can be generated only for the terminal’s transaction currency (BGN, EUR, USD, GBP, CHF, RON, HRK, NOK, SEK, CZK, HUF, PLN and DKK), via SMS.
From the myPOS online merchant account – Payment Requests can be sent in the form of an email or SMS in the following currencies: EUR, USD, GBP, CHF, RON, HRK and BGN.
Merchants can check the Request’s status at any time:
- Pending – the link has been sent, but has not been opened yet
- Seen – the link has been opened at least once, but no payment has taken place
- Failed attempts – the client failed to pay
- Paid – the payment has been completed
- Expired – a payment was not made on time. The link or button has an expiration date of 30 days. Therefore, a payment must be completed within that time frame. However, the merchant can send a reminder to the client before the link expires.
Requesting payments from myPOS mobile app!
Gone are the days when you have to be at your desk or computer to run your business operations. Now you can send requests for payments from virtually anywhere, and a great example of this is from the palm of your hand through the myPOS mobile app!
Taking payments acceptance to the next level, you can now harness all the opportunities technology offers and use your smartphone to get paid instantly.
What are some of the functions you can perform from the mobile app?
- Send the requests via email, SMS or chat apps
- See the request’s history – pending, paid or expired
- Get push notifications about important movements in your account
Sending Payment Requests online is an opportunity that a serious business should definitely take advantage of.
Visit our website to find out more about our other value-added payment services.