Virtual accounts have come to stay and businesses that desire to drive growth and profitability must leverage virtual accounts to scale.
Have you noticed that these days, there are a lot of businesses running ads, sales and promos across the different online channels? Another thing you may have seen is customer complaints in the comment sections of these business pages, about delayed responses about confirmed payments and not getting their orders on time? Exactly!
As a business owner, it is not enough to run ads to enable large volume of sales, the expected volume of sale must be commensurate with business capabilities back end so that your customers won’t have bad customer and brand experiences.
Having a virtual account is one of the ways that businesses can avoid negative customer experiences complaints and delays in payments confirmation. Each customer is able to get a unique account number to pay into, making it easier for you to track payments automatically, reduce errors, and process orders faster. So, if you are a business owner, or service provider, this is for you
Here are some reasons why your business needs a virtual account.
When You’re Running Large-Scale Sales Across the Country
If you are running a micro or small medium enterprise, and you are having discount sales online and having a lot of patronage, engaging a virtual account service provider is a must have. Orders come in from different parts of the country every day, customers are sending transfers at different times, and your business lines are flooded with messages like, “I’ve paid,” “Please confirm my payment,” and “I’ve sent the receipt.” etc.
With virtual accounts, you can have it easier with reconciling payments, tracking payments manually, checking screenshots, comparing account names with order details, and trying to figure out which customer paid for which order, so as to avoid delayed deliveries and unhappy customers.
Virtual accounts avails each of your customer, a unique account number for making payments. The moment money enters the virtual account, you can instantly identify who paid and update your records automatically. No more searching through hundreds of WhatsApp messages, no more payment mix-ups, and no more delays in processing orders.
When You Want Better Cash Flow Visibility and Growth
If you run a business with customers in Lagos, Abuja, Port Harcourt, and Kano, money is entering your account daily. However, not knowing where most of the money is coming from, may mean not channeling appropriately, your marketing efforts to the right audiences or not geotargeting correctly.
Is Lagos generating the highest sales? Is your Abuja branch outperforming expectations? Which product line is bringing in the most revenue? Without clear visibility, you are left making decisions based on assumptions instead of what the data says.
These data can give you insights into consumer spending patterns and behavior, help you engage your customers better and consequently help your business grow.
When You Need Faster Payment Reconciliation
It’s month-end and your business has received hundreds of transfers. Some customers forgot to use their names as payment references; others sent money from a friend’s account, and a few are already calling to ask why their orders haven’t been delivered.
Meanwhile, your finance team is spending hours buried in bank statements, screenshots, and spreadsheets, trying to reconcile payments and match transactions to the right customers. Time that could have been spent on productive activities and supporting business growth is now being spent manually tracking and verifying payments.
Virtual accounts help your finance team(s) work smarter. With real-time payment tracking and accurate transaction records, finance teams can reconcile faster, improve efficiency, and focus on more strategic financial activities.
Using a virtual account will help you enjoy improved cash flow management, faster transaction times, simplified reconciliation, cost effectiveness, better control and visibility, and most importantly, easy and secure transactions.
You should also know that there are Static Virtual Accounts and Dynamic Virtual Accounts. A static virtual account is a permanent account number assigned to a customer or business for recurring transactions, making it ideal for long-term payment relationships. A dynamic virtual account, on the other hand, is generated for a specific transaction and expires once the payment is completed, making it suitable for one-time payments. Both types help your business track payments more accurately and efficiently.
If your business is looking to adopt virtual account solutions, you need a reliable partner that can help you simplify payment collection, improve transaction visibility, and streamline your operations. At 9 Payment Service Bank (9PSB), we provide innovative and seamless payment solutions that help Nigerian businesses drive growth and improve customer satisfaction.
9PSB Virtual account will help your business provide instant Virtual Account generation, Instant Settlement of funds to collection account, support for automated instant settlement to any Bank, Configurable expiry time for dynamic Virtual Accounts (up to 24 hours), 9PSB’s Virtual Account also provides for Payment refund (to the sending account) when there is the need to, and a robust dashboard for transaction monitoring among other custom-made solutions.
Virtual accounts have come to stay and businesses that desire to drive growth and profitability must leverage virtual accounts to scale.
For more enquiries and to get business support, kindly contact fintechsupport@9psb.com.ng ask@9psb.com.ng