What is a Payment Request? Everything you should know (2024)

These days, getting paid on time every time is quickly becoming more of a luxury than most businesses would like to admit. But, when tiptoeing the line between gentle reminder and urgent notice, what is a payment request, and how can it change how your cash flows? 

Emerging as a champion for real-time payments, payment requests are quickly becoming an invaluable channel for organisations, merchants, banks, and financial institutions.  

Although requests for payment aren’t a new concept, with recent innovations, adaptations, and applications, there’s a lot to be said and gained. But there’s even more at risk for businesses that fail to keep up with the evolving world of payment requests.  

So, stick around to learn everything you need to know about payment requests without having to engage in a never-ending Google search cycle. 

Read next: How to set up online payments for small businesses  

Seeing the world through the eyes of payment requests 

It’s important to know that within the payments ecosystem, requests for payment have been around for some time. Not untouched by the digital revolution, our modern economy and business landscape are teeming with unique payment methods, means to make requests and ways to get paid. 

These cutting-edge solutions and strategies aren’t hidden out of sight, either.  

Shopping malls, events, and markets in South Africa are no strangers to pop-up retailers, with many moving from one to the next throughout the year. At the top of their packing lists aren’t cumbersome, expensive POS systems.  

Instead, these entrepreneurs champion their mobile devices. By sending a request to pay, they can make sales on the spot from their phones by sending customers a simple, instant SMS. 

Or, consider a far more personable experience, paying a skilled labourer (electrician, plumber, painter, etc.) for their services. Based simply on the scope of work within these fields, these services can be expensive, often requiring immediate payment. 

Very rarely will clients have large sums of cash at hand or the time to complete an electronic fund transfer (EFT). Don’t forget EFTs can take several days to reflect, and human error is easy in these situations. Instead, a payment request link shared via WhatsApp ensures on-the-spot payment. 

Why stop there? Picture a business of any size that relies on a seamless debit order collections system to keep its cash flow consistent. Without beating around the bush, thanks to the cost-of-living crisis, businesses are not unfamiliar with unpaid or returned debit orders. 

A gentle payment request email, with the outstanding amount already loaded for convenience, proves beyond reproach. Better yet, this all happens in real-time, as the payment remittance is instant, fast-tracking service resumption. 

Proving the expansive scope of payment requests in the world of start-ups, they have become commonplace. Whether trialing an MVP (minimum viable product) or pre-orders for a new product, the aim remains to keep operational costs as low as possible.  

Until they have a decent market fit, payment requests allow them to complete transactions instantly while offering their customers an array of ways to do so. There are countless similar stories out there, cementing the usage of payment links to streamline, innovate, and evolve business transactions. 

What are the benefits of payment links? 

As great as all of that sounds, what are the benefits that make embracing payment links worth it? Needless to say, there are many, but let’s highlight a few that showcase exactly what all the hype is about: 

Get paid faster  

Payment links require fewer steps to pay and take customers straight to the gateway, where they can choose their preferred payment method, ensuring you get paid faster. By offering various payment options, payment request links remove the need for lengthy checkouts or traditional invoicing. 

Seamless process 

The payment process is quick and easy. Once the merchant sends the payment request, the customer can click on the link and make a payment. It is easy to follow and efficient for both parties, creating a sense of convenience that can foster customer and brand loyalty. 

Safe and secure  

Payment links ensure a secure and intuitive payment process that is easy for all users. They allow customers to make simple, instant payments. Each unique payment link enables a quick, real-time transaction, promoting convenience. 

Offer more payment methods 

You can offer customers multiple payment options and easily receive payment by SMS, Whatsapp, Email, or QR. This furthers customer satisfaction and expands your payment-receiving potential in a win-win situation. 

Pay on the go 

If you have a mobile business and need immediate payment, you can log in on your mobile phone and send a payment request. Payment links are a powerful tool that can improve cash flow by making it easier than ever for customers to pay with a simple click or a scan. 

Behind the scenes of a Netcash payment request 

So, what actually happens behind the scenes of a successful transaction via payment request? We’re glad you asked.  

At its core, a payment request is a service that facilitates online payment via our eCommerce payment gateway. A URL (or payment request link) is sent to your customer via email, WhatsApp, QR code, or SMS.  

This payment request message will contain a link that allows the customer to pay you via our payment gateway. Directed via this gateway, your customers can select from the following:  

• Ozow Instant EFT 

• Card Payments 

• Scan to Pay (QR Payment) 

• Bank EFT 

• Capitec Pay 

• Scode Retail Payment 

• VISA Checkout (Click to Pay) 

• PayFlex 

• 1Voucher 

Your customers complete the transaction by making their preferred choice, and payment is made within seconds. Our mobile app allows users to send and receive payments on the go without coding skills, keeping businesses that need immediate payments up and running. 

You can quickly and easily create Payment Request links and send one to a customer immediately upon completing a job or receipt of goods. These can also be used for invoicing or debit orders that have been returned unpaid.  

Sending a friendly and quick reminder message while providing your clients with alternative payment methods increases the likelihood of success. Using a mobile-friendly app is also simple; integration of payment request solutions into your existing billing, accounting, or CRM software streamlines your workflow.  

Additionally, our payment request solution enables seamless reconciliation into a single statement for easy record-keeping. Although straightforward, payment requests still handle sensitive information, emphasising the need for a secure payment gateway. 

A sneak peek at payment requesting 

Not quite sold? Here’s a look at how efficiently a payment request makes a transaction. 

From your dashboard, you will now be on the ‘create request’ page and will need to insert the below details: 

• Your reference: This would be for your internal identifying purposes 

• Amount: The amount you are requesting your client to pay 

• Description: This will be on the link of the SMS or email you send your client, so perhaps your company name or description of what they want to purchase 

• Generate QR code: If your client is present, you could generate a QR for your client to pay immediately. 

• Send SMS/email/WhatsApp: You can send a message with the payment link 

Embracing payment requests | Wrapped up

When all is said and done, businesses of any scale benefit from the effective, efficient, and innovative use of payment requests. The result calls for convenience, variety, accuracy, and future-forward thinking, these middlemen are changing the way money moves. 

Keeping up is hard enough these days, which is why it’s better to stay ahead. Alongside this guide, integrate Netcash into your business, where payment requests are the tip of the iceberg.   

We are a payment solutions provider delivering debit orders, salary, and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations.