We are in the age where any next big thing is related to social media one way or another. With no exception, traditional marketing and shopping have also started exploring social media to their benefits and without a doubt, it is fruitful.
Social media on the other hand came a long way since being introduced, as the internet is becoming a daily necessity, things are starting to get virtual. Social media has started integrating any and every field that came its way. With AI and social media, people are finding a personal touch, a customized way to do everything.
Soon, connecting customers through social media has transformed into a business tool. Today, a merchant looks at social media as a business tool for ads, promotion of services and solutions, a platform for showcasing them, a marketing tool, and an online payment accepting the solution. Customers are indeed happy with that as they have a kind of one-stop-shop solution.
As per statistics, people spend the most browsing time on social media.
As you have seen in the graph, the numbers speak for themselves.
So while browsing through it, if something catches their eyes, the first intuition is to save it for shopping so that it would not get lost in the feed. Saving the things to purchase later or surf through the showcase was easy for customers. But if the business gives an opportunity to make a purchase and accept digital payments it will undoubtedly increase the sales. Keeping this in mind, many social media businesses started receiving online payments.
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Benefits of Accepting Online Payments for Social Media Businesses:
1) Expanding customer outreach:
One of the obvious advantages is increasing your customer outreach. As it deals on a personal level, it can give a great opportunity to increase brand and customer loyalty as well as can help attract new customers.
2) Access to data insights:
AI integrated with social media can do wonders for business. Social media businesses have an impeccable advantage and access to more precise data on customer behavior and analysis. And the payment history can make this more customized and personal.
3) Making shopping experience simple:
Digital payment solutions have proved that they are easily accustomed to and convenient. So, receiving payments online along with online shopping gives customers a unique feeling.
4) More business opportunities:
Social media businesses make customer shop on a personal level. With the 24/7 help desk and chatbots, customers can shop and pay for goods whenever and wherever. Social media businesses involve direct sales, it is more streamlined and easier to maintain. This gives businesses more time to expand business opportunities.
The problem arose during collecting payments online. Online payment acceptance means sharing personal and bank information to make a deposit. So, customers start to shy away from such online payment services due to obvious security reasons. App developers all around the world have developed and are still developing different techniques/ solutions so that social media businesses can accept online payment securely and swiftly.
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Here are some Most Popular Methods:
1) Payment Link
Be it any social media application, a messaging facility is a non-separable thing. Keeping this in mind, accepting online payments via payment links enables merchants to share the link via messaging facility. The link contains information about payment and redirects the customer to the payment page after clicking on it.
These links are customized and as you can guess, the customer doesn’t need to share bank or personal information like IFSC code, card number, etc in order to make an online payment.
How does payment link work?
STEP 1: Merchant generates a payment link
STEP 2: Merchant shares the payment link
STEP 3: The customer gets the link
STEP 4: Customer clicks on the link
STEP 5: The link then redirects the customer to the secure payment page
STEP 6: Customers make an online payment with offered methods(wallet, UPI, cards, net banking, etc)
STEP 7: Merchant gets notification after successful payment.
Advantages of Using Payment Links for Collecting Online Payments for Unregistered Businesses or Social Media Businesses
- Easy and convenient online payment acceptance
- A secure way for accepting online payment
- No need for customers to share bank and personal details
- Customized messages
- Bulk orders
- Better customer experience
- Reduce overhead costs
- Multiple payment options
- Flexible omnichannel experience
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2) Whatsapp Payment Solution:
Generally, how do social media businesses work? Usually, customers browse through social media business pages and contacts or send a personal message to the admin for the solution/ service they are interested in. The deal is settled through messages or personal phone calls. The next step is crucial, that is accepting payments.
WhatsApp not only gives merchants an ability to text, but merchants can also provide photos, invoices, and other business-related documents.
For example, the merchant can share detailed images of their product, price, or any additional services they provide along with the product. Combining with online payment acceptance, WhatsApp gives a very personal experience to the customer.
Using WhatsApp, merchants can directly be in contact with their customers and share product-related information very easily.
Another benefit is that the customer does not have to install any other application to pay or simply be in touch with you.
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How does WhatsApp Payment Solution work?
STEP 1: The merchant sends a message with minimal input i.e, currency, amount to be paid, and customer’s mobile number.
STEP 2: The customer gets a payment link on his mentioned WhatsApp number for the said amount.
STEP 3: The customer clicks on the link.
STEP 4: The customer gets redirected to the payment page where he/she initiates and completes the payment.
STEP 5: Merchant gets notification after the transaction is completed.
Advantages of WhatsApp Payment Solution:
- Multiple payment options
- Customization of the payment messages
- Send bulk payment orders via specially designed API
- Dashboard for a clear overview of all transactions.
- Day to day auto-generated reports for transactions
- Fraud detection and Chargeback handling
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