In an increasingly cashless society, how can sellers easily and cost-effectively receive payment? One answer is using Pay Invoice By Link (PIBL) technology.
The COVID-19 pandemic has undoubtedly altered the way consumers engage with businesses. There is more online shopping than ever before and hygiene concerns have triggered a dramatic shift to contactless payments as the world sought new technologies to meet the global challenge.
What are contactless payments?
The term contactless payments captures any system that uses radio-frequency identification or near field communication to make a secure payment without the need to hand over a physical card during the payment process. Most people use contactless payments in their daily life, think tap and wave credit card and debit cards, smart cards and smartphones with digital wallets like Apple Pay, Google Pay or Samsung Pay.
Why are no-touch payments on the rise?
There is little doubt that the surge in contactless payments can be attributed to health and safety concerns brought about by COVID-19. The AFR reported that “cash-out” transactions with EFTPOS had dropped 70% as of mid-April 2020 compared to pre-COVID numbers. And MasterCard reported 91% of customers in Asia were now using contactless payment, citing safety and cleanliness as the driving factor.
The response to the pandemic may have pushed contactless payments to the forefront, but behind the trend are core benefits and software capabilities that provide convenience, security and a number of other benefits to both consumers and retailers.
PIBL is a powerful payment tool enabling businesses to take contactless payments from customers without the need for a credit card to be exchanged or even for the customer to be physically present. Other benefits include:
How does it work?
- Once an invoice has been raised, the customer is sent an email with a unique, secure link for payment.
- The customer clicks the link on their phone or computer, views the invoice and enters their preferred payment method, either credit card or bank account. These details are tokenised and saved to make future payments quick and easy.
- Once the customer processes a payment, the business is informed and the payment is sent to their nominated bank account. A transaction is then automatically posted to their accounting system.
Interested in using Pay Invoice By Link technology in your business?
PIBL has applications across many business segments, but is particularly relevant to: