Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

How Delayed Payments Notifications Hurt Your Business

Published

on

Kindly share this post

What’s a surefire way of frustrating your customers, hindering business efficiency and losing massive revenue?

Delayed payment notifications.

With technological advancement, customers expect real-time payment processing. However, delays in payment notifications can significantly damage the customer experience and further strain your business’s operational efficiency.

The importance of efficient payment processing has further increased with the rise of digital payments, making it critical for businesses to prioritise real-time payment updates.  Payment solutions like SeerBit’s Virtual Accounts offer a way for businesses to overcome these challenges, ensuring smooth, prompt transactions.

In this blog post, we discuss the various ways in which our virtual accounts solution can help your business deal with delayed payment notifications once and for all.

Why Delayed Payment Notifications Frustrate Your Customers?

Delayed payment notifications are more than just technical issues; they cause significant frustration for customers. When customers make a payment, they expect confirmation almost immediately. Any delay can lead to confusion. Was this a successful transaction or was there an unfortunate glitch? What are the consequences for your business?

  • Customer dissatisfaction: Studies show that 41% of customers abandon a business after a poor payment experience, with delayed notifications often a key contributor to this frustration.
  • Reduced customer loyalty: Customers may seek alternatives if they consistently encounter delayed notifications, as they prefer businesses that offer seamless and transparent transactions.

The ripple effect of the uncertainty due to delayed payment notification is that frustrated customers may never return to your business. Nearly 70% of consumers report that real-time transaction updates significantly influence their decision to remain loyal to a business.

Delayed Payment Notifications and Their Impact on Business Efficiency

Beyond the immediate customer frustration, delayed payment notifications can have a ripple effect on overall business efficiency. These delays can disrupt internal operations in several ways:

  1. Cash flow management disruption: Businesses rely on accurate and timely payment data for cash flow management. Delays in notifications can complicate the ability to track revenue in real-time, making financial planning challenging.
  2. Increased operational burden: Delayed notifications force businesses to allocate more resources to manual reconciliation, leading to increased labour costs. A recent report highlights that businesses spend up to 40% more time managing payment discrepancies when notifications are delayed.
  3. Delayed fulfilment and customer service: Without immediate confirmation, businesses may delay product or service fulfilment, causing further frustration. The resulting slowdown in operations can severely impact customer retention and brand reputation.

For businesses that rely on seamless operations, delayed payment notifications also hurt operational efficiency. Any lag in financial data can result in missed opportunities, delayed orders, or failure to meet service level agreements (SLAs). When these inefficiencies become habitual, businesses risk damaging their reputation and ultimately losing customers to competitors who offer smoother, faster payment experiences.

So How Can Businesses Stop Losing Customers & Revenue to Delayed Payment Notifications?

Businesses must implement payment systems that guarantee real-time notifications. With SeerBit Virtual Accounts, businesses can leverage this solution to track transactions with real-time insights, thereby eliminating issues caused by delayed payment notifications.  This ensures that you have:

  • Instant Reconciliation: Virtual Accounts offer automated real-time reconciliation, which reduces the need for manual intervention and prevents delays in verifying transactions.
  • Enhanced Transparency and Control: With prompt notifications, businesses can keep track of their incoming payments more efficiently, allowing them to make quicker financial decisions and avoid operational bottlenecks.
  • Seamless Integration: SeerBit’s Virtual Accounts integrate smoothly into existing financial systems, minimising the technical hurdles businesses face when upgrading their payment infrastructure.

Benefits of Prompt Payment Notifications

SeerBit’s Virtual Accounts provide businesses with a solution designed to streamline payment processes and enhance overall operational efficiency. Key benefits include:

  • Improved customer satisfaction: With real-time payment notifications, businesses can ensure that customers receive immediate confirmations, improving their experience and loyalty.
  • Optimised business operations: Eliminating delays in payment processing, businesses can improve cash flow management, reduce reconciliation times, and streamline order fulfillment processes.
  • Cost efficiency: A SeerBit Virtual Account reduces the need for manual reconciliation and prevents revenue loss due to customer churn, ultimately saving businesses time and money.

In an era where real-time efficiency defines competitive advantage, SeerBit’s Virtual Accounts help businesses stay ahead by delivering the timely payment notifications that both customers and businesses need.

Conclusion

Delayed payment notifications pose a serious threat to business efficiency and customer satisfaction. With the risk of lost revenue, disrupted operations, and frustrated customers, businesses cannot afford to overlook the importance of real-time payment solutions. SeerBit’s Virtual Accounts provide a seamless solution, empowering businesses with instant payment updates, improving financial transparency and enhancing operational efficiency.
By adopting Virtual Accounts, businesses can ensure they remain efficient, competitive and trusted by their customers.

 


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Expert Urges FG to Leverage Digital Assets to Drive Diversification Goal

Published

on

Kindly share this post

The need to maximise local digital assets, amid dwindling Oil revenues and a struggling economy, has been reiterated by the Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, who maintained this measure remains the path to prosperity.

Asalu, while addressing the press in Lagos, recently asserted that global shift towards digital economies, presents a pivotal opportunity for Nigeria at this time to mobilise sufficient resources towards effective governance.

He emphasised harnessing the burgeoning local digital economy to expedite national diversification goals, while break away from overdependence on oil output.

Asalu, boasted further that Nigeria’s tech-savvy, youthful population and increasing recognition from global tech giants already position its digital sector as a driver of inclusive growth and job creation.

“Nigeria’s overreliance on oil is no longer tenable. As global markets shift towards renewable energy, the urgency to diversify has never been greater. Technology stands out as the most promising avenue, not merely as a sector, but as an enabler of growth across all facets of the economy,” he explained.

According to him, Nigeria’s tech talent remains the new oil, a renewable resource with the potential for significant returns, if strategically harnessed.

Like India’s successes in information technology services, Asalu want Nigeria to tap into lucrative outsourcing industry to draw foreign investment.

“Foreign investment in Nigeria’s tech sector is rising. Programmes like Digital Explorers have led European firms such as Telesoft to establish operations in Nigeria. Tech giants like Microsoft and Facebook have followed suit, injecting capital and creating jobs,” he stated.

He again pointed to the emergence of three unicorns within Nigeria’s tech ecosystem as a breakthrough and sign of maturity.

“Nigeria’s tech ecosystem is already showing signs of maturity, with three unicorns emerging from its soil. These success stories, powered by local innovation, underscore the viability of a home-grown, world-class tech sector,” he affirmed.

He however emphasized urgent need to close existing gap in skills and infrastructure, in addition to embracing governance and collaboration to fully harness digital potential cum future.

 


Kindly share this post
Continue Reading

E-Business

MRA Flags AI Concerns ahead of Press Freedom Day Today

Published

on

Kindly share this post

Media Rights Agenda (MRA), has unveiled a visual brief emphasizing the critical need for responsible and ethical use of Artificial Intelligence (AI) in journalism, particularly within Nigeria’s evolving media environment.

MRA Flags AI Concerns ahead of Press Freedom Day Today

This is coming ahead of World Press Freedom Day today.

The visual brief, developed under this year’s global theme, “Reporting in the Brave New World – The Impact of Artificial Intelligence on Press Freedom and the Media,” explores the opportunities and dangers AI poses to media freedom in Nigeria and across the world.

In a statement released in Lagos by John Gbadamosi, its programme officer,MRA noted that AI is quickly changing the way news is produced and consumed, adding that it offers powerful tools that can assist journalists in analysing data, translating stories into local languages, and extend the reach of vital information, especially to underserved areas with limited media infrastructure.

Gbadamosi added that AI can help to ensure that essential news and information are also disseminated to local communities.

However, Gbadamosi warned that the same technology is being weaponised to undermine truth and press freedom, saying: “While AI can be used to advance journalism, it can just as easily be exploited to spread disinformation, create deepfakes, and drown out independent voices with algorithmically generated propaganda.”

According to him, “In Nigeria, journalists face threats that go beyond just physical dangers; such threats now also encompass digital, algorithmic, and systemic harms and challenges, which requires media professionals to ensure that AI enhances, rather than undermines, media freedom and that technology is used to promote the truth, not distort it.”

“The visual brief breaks down key concepts like misinformation, disinformation, mal-information, and information overload, which are increasingly shaping Nigeria’s digital media ecosystem. It also raises concerns about AI-enabled surveillance, political manipulation, and the marginalisation of community-based journalists.”

Gbadamosi stated that the visual brief also advocates support for independent media, transparent AI regulations aligned with Nigeria’s context, increased digital literacy, and stronger accountability from tech companies regarding platform content and influence.

He therefore urged all stakeholders to advocate for responsible AI usage and a free, independent, professional and vibrant media environment in Nigeria, stressing that “when media freedom thrives, democracy lives.”


Kindly share this post
Continue Reading

E-Business

Nigerians to Pay More for IDs as NIMC Raises Service Fees

Published

on

Kindly share this post

The National Identity Management Commission (NIMC) has raised the fees for all its products and services, including charges related to data modification on the National Identification Number (NIN) database.

In a statement issued in Abuja, Kayode Adegoke, NIMC’s Head of Corporate Communications, announced that the updated service fees are published on the commission’s official website.

Adegoke noted that the new pricing structure for NIMC’s services and products marks the first comprehensive review of its fees in over a decade.

The statement stated that the revised pricing is designed to align with prevailing operational costs and industry standards, while continuing to ensure that services remain accessible and affordable for all Nigerians.

The statement warned its Front-End Partners (FEPs) to comply with the newly approved rates, stating that any failure to do so could attract strict sanctions, including possible license revocation.

“The new structure ensures that the quality and integrity of our services remain uncompromised. We are committed to protecting the interests of Nigerians through fair and transparent pricing,” the statement read.

NIMC urged the public to report any Front-End Partners (FEPs) found charging beyond the approved rates. Reports can be directed to the Commission’s Inspectorate and Enforcement Unit via email at ieu@nimc.gov.ng

It further reaffirmed its commitment to delivering secure and dependable identity services. A complete list of the revised service fees can be accessed on its official website at www.nimc.gov.ng.

In a related development, Abisoye Coker-Odusote, Director General of the National Identity Management Commission (NIMC), expressed sincere appreciation to President Bola Ahmed Tinubu for his unwavering support in enhancing the National Identity Database (NIDB).

She also extended her gratitude to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, and other key partners for their pivotal roles in advancing a sustainable and effective identity management system.

 


Kindly share this post
Continue Reading

Trending