Instant payment settlement is essential to business growth…
Have you ever been notified by your clients or customers that they have initiated payments to you, but it took hours, days or weeks before the money was credited to your bank account?
Delays in receiving payments due to non-instant settlements are a common but frustrating experience for every party involved. It can lead to delays, disputes, or other issues, making tracking and managing payments difficult.
Several factors, including processing times, technical network issues, bank policies, and transaction fees, can cause non-instant settlement.
As the use of e-payments continues to grow, instant settlement is becoming increasingly critical to ensure smooth and efficient business transactions and operations.
How instant payment settlement can impact your business?
As a business owner, instant settlement of customer payments has numerous advantages to your business growth. Here are some ways instant payment settlement is essential to your business operation:
- Improved Cash Flow: Instant payment settlement will give your business immediate access to funds, enhancing its cash flow. This will enable you to invest more in your operations, pay bills, and expand your businesses.
- Enhanced Customer Experience: Customers expect quick and efficient payment processing. The instant settlement ensures that customers do not have to wait for their payments to be processed, leading to a better customer experience.
- Reduced Risk: Delayed settlement can result in the risk of fraud and chargebacks. Instant payment settlement eliminates this risk by verifying funds and settling immediately. This reduces the number of fraudulent transactions, significantly burdening your business.
- Increased Efficiency: Instant settlement automates the payment process and eliminates the need for manual reconciliation. This saves time, reduces errors, and improves efficiency, allowing you to focus on core business activities.
- Lower Transaction Costs: Instant settlement eliminates intermediaries in the payment process, leading to lower transaction costs. This benefits you and your customers by reducing the overall cost of transactions.
How to achieve instant settlement in your business
Achieving instant settlement when receiving customer payments can be challenging, as it often depends on the payment methods and infrastructure available. However, here are some ways to potentially achieve instant payment settlement:
Use real-time payment methods: Real-time payment methods offer near-instant settlement times, such as instant bank transfers or mobile payment apps. Many banks and payment providers now offer real-time payment options, which can allow funds to be transferred within seconds or minutes.
Use payment providers with faster settlement times: Some payment providers, such as Stripe or Bani, offer faster settlement times than traditional bank transfers. Depending on the provider, settlement times can range from a few seconds to a few minutes.
Set up automatic payments: If you regularly receive payments from the same customers, consider setting up automated payment processes. This can help reduce the time needed to receive payments and streamline payment processes.
Communicate payment expectations clearly: To ensure timely payments, it’s essential to communicate payment expectations clearly with your customers. This includes outlining payment terms, due dates, and any fees or penalties for late payments. Establishing clear expectations ensures that payments are made on time and that any delays or issues are addressed quickly.
Work with a trusted financial institution: To ensure secure and efficient payment processing, working with a trusted financial institution or payment provider is essential. This can help reduce the risk of payment delays or fraud and provide access to faster payment processing options.
Essentially, as a business owner, it is detrimental for your business to experience constant delays in payment settlement.
You can sign up with Bani for fast and easy payment alternatives that allow customer payments to be settled instantly in your bank account, including virtual accounts, payment links, e-wallet, mobile money and more! If you require any further clarification, speak with the sales team today.
