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How to Prevent Late Payments from Crippling Your Business

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No matter the size of the business/company you run (whether an SME, a startup, or a multinational company), keeping your cash flow running is one of the most critical things you can do.

Unfortunately, sometimes that’s easier said than done!

Statistics show that 80% of MSME businesses in Africa fail within their first five years of operation due to cash flow issues. So, how can you save time and avoid late fees to keep your business running smoothly?  The answer is recurring payments.

Avoid Late Payments With Recurring Payments

Late payments from customers can create cash flow issues and negatively impact your business operations. By implementing recurring payment options for customers, your business can proactively address this challenge and ensure timely and consistent revenue streams.

The benefits are enormous.

Recurring payments enable you to automate billing processes and collect payments on a predetermined schedule, minimising the risk of late or missed payments. It also provides a predictable cash flow.

How Recurring Payments Prevent Costly Delays

Creating invoices and processing payments manually is an inefficient way to run your business. Apart from consuming most of your time, there’s also the risk of costly errors which can negatively affect your business and customer relationships.

As such, utilising an automated process which efficiently saves time, reduces the risk of human errors and increases the efficiency of your payment process should be your obvious preference.

Enhancing Customer Relationships

A crucial benefit of recurring payments is that it also helps to strengthen customer relationships and loyalty. This payment method reduces friction points and reduces the payment burden on customers, so payment is streamlined and seamless. By offering a convenient and flexible payment option, such as recurring payments, you enhance your customer’s overall payment experience and reaffirm your commitment to their satisfaction and convenience. This ultimately helps to foster goodwill, loyalty, and trust with your customers.

Tips for Maximising the Benefits of Recurring Payments

To optimise the impact of recurring payments, here are a few strategies that you should implement.

  • Offer tiered pricing

A tiered pricing strategy means you’re providing your customers with different product packages with specific benefits at different price points. This is an effective way to cater to the preferences and budgets of your different customers. This allows them to choose a pricing tier within their budget and a payment plan that’s convenient for them. You can also leverage customer data and analytics to personalise payment options and tailor offerings to individual preferences.

  • Introduce proactive management

Taking proactive measures, such as updating customers about the expiry date on their credit card and other potential issues will effectively help avoid errors that can lead to late payment and disturb your cash flow. Proactive actions take away potential issues before they pop up, ensuring that the payment process remains unhindered. Also, ensuring your customer support is proactive in dealing with concerns or questions that customers may have helps to further improve the customer’s trust and confidence.

  • Streamline the payment process

Streamline your payment process and make it seamless for customers. Ensure there are minimal steps in the checkout process and that the experience is as seamless as possible.

Conclusion

Forecast revenue and plan your expenditures easily by establishing regular payment cycles with SeerBit’s recurring payments solution.

The best part?

You significantly enhance your financial stability and business resilience.

 


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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

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First Women Radio Virtual Assistant Makes a Debut in Nigeria

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Women Radio 97.1, in partnership with the Centre for Journalism Innovation and Development (CJID) and the Voice of Women Empowerment Foundation, has made history by unveiling “NIM”, Nigeria’s first Women Radio Intelligent Virtual Assistant.’

First Women Radio Virtual Assistant Makes a Debut in Nigeria

The unveiling took place during the 2024 Women Radio Summit, signalling a transformative era for radio broadcasting in Nigeria.

The initiative, which integrates artificial intelligence into traditional radio broadcasting, represents a paradigm shift in how radio content is created, distributed, and consumed. In her welcome message, Toun Okewale Sonaiya, CEO of Women Radio 97.1, shares her aims to inspire others into AI’s future, expand access to reliable information, and enhance the listener experience by blending advanced technology with human-centred communication.

The event featured some keynote speeches from:

Toyosi Akerele-Ogunsiji, founder of Rise Network, emphasised the role of science and technology in empowering women and reshaping media landscapes.

Adedeji Adekunle, programmes director of the Nigeria Media Innovation Program, discussed the critical intersection of AI, innovation, and media development in Nigeria. As well as

Sam Onigbanjo, managing director of AI Academy for Beginners, enumerates ways to upskill for maximum integration.

The summit featured an insightful panel discussion on how artificial intelligence can enhance journalism and broadcasting while upholding ethics and professionalism. Esteemed panellists included:

Motunrayo Alaka, executive director of the Wole Soyinka Centre for Investigative Journalism, stressed the need for maintaining ethical standards in AI-driven journalism.

Kayode Okikiolu, a Channels TV anchor, discussed the integration of AI in traditional media formats to engage broader audiences and highlighted AI’s potential in diversifying content delivery and improving inclusivity in media.

A highly recommended fact-checking resource was the Dubawa.ai chatbot, an app that was showcased at the summit to verify and debunk misinformation, analyse, transcribe, and document files in archives. It is the radio monitoring feature, an initiative of the Centre for Investigative Journalism Innovation and Development (CJID).

‘NIMI’, the Women Radio Intelligent Virtual Assistant, is the brainchild of technical engineer Tayo Kalejaiye.

This revolutionary AI radio host is designed to provide seamless interactions with listeners, offering valuable resources, news updates, and support for both on-air and online delivery. By combining AI with traditional broadcasting, ‘NIMI’ aims to enhance accessibility, ensuring that diverse voices are amplified and underserved communities are reached.


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51-Year-Old QNET User Breaks World Record with 20 Back Handsprings

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QNET, a global wellness and lifestyle company, proudly celebrates the remarkable achievement of Anup Debnath, a 51-year-old fitness enthusiast, ardent user of QNET products, and resident of New Jersey, USA, who recently attempted to set a Guinness World Record as the oldest person to perform continuous back handsprings.

Debnath’s feat underscores the power of balanced health and wellness to maintain peak physical performance at any stage of life.

On October 19th, at the Marlboro Township Recreation Center, Debnath completed 20 continuous back handsprings, a remarkable testament to his strength, stamina, and unwavering discipline.

His journey back into gymnastics after nearly 27 years highlights the potential of a balanced lifestyle supported by QNET’s wellness products, demonstrating that age is no barrier to achieving extraordinary physical goals.

“To accomplish something like this at my age takes intense dedication, a consistent fitness regimen, and harmony of mind, body, and spirit,” Debnath shared.

“For the past two years, I’ve relied on the Amezcua Chi Pendant 4 with Amezcua Resonance Technology (ART) to keep me centered and energized.

Paired with other Amezcua products, like the Bio Disc 3, which energizes my food and structures the water I consume, giving me mental and physical balance, and the Bio Light 3, which aids in recovery by alleviating pain and discomfort after intense training, these products enhance my overall well-being and empower me to push my limits.”

QNET’s Chief Marketing Officer, Trevor Kuna, extended his heartfelt congratulations: “Anup’s achievement is extraordinary, and we are incredibly proud to have played a part in his journey.

“His belief in QNET’s Amezcua products reflects our mission—helping people achieve balance and wellness in every aspect of their lives.

“Anup’s story is a testament to discipline, resilience, and holistic well-being. We celebrate his inspiring feat and his commitment to greatness.”

QNET’s Amezcua Chi Pendant 4, which utilizes ART, is designed to support wearers in achieving holistic well-being by harmonizing physical, emotional, and mental energies.

Through Debnath’s achievement, QNET encourages individuals to explore how Amezcua technology can support their wellness journey at any stage in life, empowering them to achieve their own physical and mental potential.


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House of Reps Calls for N500bn Recapitalization of DisCos

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House of Representatives has called on the Federal Government to enforce a minimum capital base of N500 billion for electricity distribution companies (DisCos) to continue operations.

The lawmakers argue that only financially robust DisCos can ensure efficient service delivery and maximum consumer satisfaction.

This resolution was passed during Wednesday’s plenary following a motion by Ibrahim Isiaka, a representative from Ogun State.

Isiaka criticized the current operations of DisCos, describing their actions as a threat to the economic stability and welfare of Nigerians.

He highlighted consumer complaints regarding the replacement of electricity meters, noting that DisCos often demand additional payments despite consumers already financing the installation of meters.

Isiaka expressed concern over the financial burden this places on households and businesses struggling with economic challenges.

The motion also raised issues of consumer trust, alleging that DisCos operate with impunity and disregard for consumer rights, despite oversight from the regulatory authorities and the House Committee on Power.

The lawmakers unanimously adopted the motion through a voice vote conducted by Speaker Tajudeen Abbas.

They urged the Ministry of Power to take immediate steps to address the “reckless actions” of DisCos, labeling them as non-state actors threatening Nigeria’s economy.

The House further mandated the recapitalization of DisCos to a minimum of N500 billion, insisting that only financially capable operators should be allowed to continue providing electricity services.

Additionally, the House Committee on Power was directed to investigate the activities of DisCos to ensure accountability and protect consumer rights.


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