Businesses nowadays are looking for various methods and platforms that can help them streamline their payments and enhance customer satisfaction. And there’s no doubt about the evolvement of technology in today’s fast-paced digital world that can help with cross-border transactions.
Two famous methods that have emerged in this regard are Account-to-Account (A2A) payments and payment links. Understanding and choosing the right method for your business is crucial to optimize the business’ payment process. So, let us deep dive into the topic and try to understand the best payment method for your business.
What are A2A payments?
A2A payments or Account-to-Account payments refer to the direct transfer of funds between bank accounts without intermediaries. A2A payments can be made via various methods such as bank account transfer, mobile banking, or digital transfer. This process is more cost-effective as compared to others since there’s no middleman involved.
Advantages of A2A payments
There are certain benefits of using A2A payments instead of traditional card payments and they are:
- Less transaction fees: A2A payments have lower processing fees than traditional card payments. Thus, businesses having high transaction volume can benefit by using A2A payments.
- Faster settlements: A2A is a real-time payment system that offers faster settlement time and improves cash flow management.
How to use it with BRISKPE?
The A2A payment works in two ways with BRISKPE-
- Sharing account details with the payer-
Your virtual account details can be directly shared with the payer. To do so, you need to follow these steps-
- Go to the profile icon on the homepage.
- Select “My Virtual Accounts”.
- Press “Add Virtual Account” on the new page.
- Add the foreign currency of your desire.
- Tap on the “Add” button.
- Now, click on the dropdown arrow next to the currency field.
- Click the share button and provide it via any communication channel you prefer.
Here’s a video to help you understand the process better- (video link)
- Payment requests-
This is another way to request your international payment-
- Press the “Payment Requests” button on the homepage.
- Click on “Request Payment” option.
- Enter the details asked such as payer name, currency, amount, description, etc.
- Upload your invoice and tap on “Create Request”.
- Press “Submit” to submit your payment request.
To understand the process in detail, you may read our blog on (blog link of “how to start transacting with BRISKPE)
What are payment links?
As the name suggests, payment links are URLs that a business can share with their customer to complete a transaction. The links will redirect customers to a secure payment gateway where they can enter their details without any hesitation. This is a straightforward payment process that is widely used in e-commerce and invoicing.
Advantages of payment links
There are various benefits of using payment links for businesses and some of them are as follows:
- Easy to use: Payment links redirect customers to the payment page which makes the process hassle-free and enhances customer experience.
- Flexibility: Customers have the option to pay using either a credit or debit card.
- Successful transactions: Payment links offer a streamlined payment experience for the customers which can result in more successful transactions.
How to use it with BRISKPE?
To receive international payments via BRISKPE, you can also use the payment link option on our app. Follow these steps to create the payment links-
- Log in to our app and click on “Payment Links” on the homepage.
- Press on “Create Link” on the new page.
- Now enter the payment link details such as your invoice and description.
- The link is created. Either copy or share the link according to your preference.
Key difference between A2A payments and payment links
Even though both methods have their own advantages, there are some differences between them. Some of them are:
- Security and prevention from fraud
In terms of security, both A2A payments and payment links employ robust measures. The A2A payment system provides direct bank-level security, minimizing fraud risks. While payment links rely on secure payment gateways to protect transaction data.
- Convenience to users
Payment links are direct and provide a user-friendly experience. They are perfect for scenarios where customers have to take quick decisions and only make one-time payments. On the other hand, A2A payments are cost-effective but customers might require some additional setup that might not be as intuitive as payment links.
When to use A2A payments and payment links?
We have created a table for you to understand the usage of these BRISKPE payment solutions easily and straightforwardly-
| A2A Payments | Payment Links | ||
| High-volume transactions | Since A2A payments cost lower fees and faster settlements, it is ideal for businesses with high-volume transactions. | Small transactions | If you deal with low-value transactions where convenience matters more than the cost of the transaction fee, then opt for small transactions. |
| Subscription-based services | If your business requires recurring billing models, then A2A payment can automate and streamline subscription payments. | Invoicing and donations | Businesses that send invoices or accept donations can also choose payment links for simple and direct payment methods. |
| B2B transactions | Businesses dealing with other businesses often use A2A payments for their direct, secure, and cost-effective nature. | One-time purchases | If you’re providing a one-time purchase product or service, then choosing payment links as a transaction method seems viable. |
Tips for integrating both payment methods
If you want to integrate both the methods for your business model, then-
- Assess your needs: If a transaction has a high value or is recurring, then use A2A payments, while for single purchases, use payment links.
- Use BRISKPE: Take advantage of BRISKPE’s easy-to-use platform for customizable payment links, and real-time analytics.
- Communicate with customers: Inform your customers about available payment options and their benefits.
- Monitor and optimize: Regularly review transaction data to adjust and improve your payment strategy.
Conclusion
Both payment methods have their own benefits, and you should choose them by weighing what works best for your business model. The article provides you with a proper understanding of their key differences and use cases for each method. Assess your transaction volume, and customer preference to make an informed decision about which method to opt for.
