Bani blog virtual accounts for payments 2

How Bani’s Unique Virtual Accounts Help
Merchants Easily Collect Payments

Written by Taofik

Bani introduces virtual accounts with unique offerings…

Payment constitutes a critical aspect in achieving seamless transitions in business activity between merchants and consumers in local and international markets.

But, despite that e-payment transactions hit a monthly all-time-high of N33.2 trillion in Nigeria in August 2022 as more citizens are embracing the cashless policy of the Central Bank of Nigeria (CBN), payment processes in the country are still fraught with irregularities that frustrate merchants and consumers alike.

Existing payment drawbacks include:

  • Poor digital infrastructure
  • High failed transaction
  • Slow transaction confirmation
  • High chargeback rate
  • High cost for merchants
  • High fraud rate

These common pitfalls ultimately result in poor customer experience and slow growth for businesses. Indeed, the clogs in payment collections, if solved, would engender business growth and inspire customer satisfaction.

It is, therefore, unsurprising that this frustration about broken payment processes leads businesses to search for alternate payment methods that are simple yet effective.

Here’s how we are providing them with one:

Introducing Our Managed Virtual Accounts

Generating a virtual account represents one alternative and effective channel through which merchants can stay in control of payment collection and reconciliation.

A virtual account is a digital payment method that consists of a unique bank account number generated online for each customer to make payments.

Bani has committed to championing the ease of local payments for merchants and consumers, with our distinctive managed virtual account product that allows instant collection of payments for goods and services.

What It Means For Merchants

By utilising Bani’s virtual account offering as a merchant, you can easily collect and reconcile payments, as well as manage expenses, inventory, and different branches of business in one smooth process.

  • Generate Virtual Accounts

You can generate virtual accounts—dynamic or static—in any Nigerian bank in quick steps to instantly collect payment through transfers from your customers. 

  • Manage Branches

If you have multiple branches, you can generate separate virtual accounts for each branch and group them under a single portal. This allows you to effectively keep track of payments and inventory across various business outlets.

Similarly, you can easily define admin rights and permissions for each of your store members in different branches—whether they can initiate, authorise, or archive payment transactions.

  • Collect Offline Payments

With Bani’s functional QR Code, you can easily collect payments from your customers when they simply scan the code with their devices.

  • Instant Notifications

The dynamic notification channels allow you to confirm payments made in an instant, thereby eliminating long waiting times for you and your customers.

  • Low Cost

You will enjoy the lowest processing charges with Bani’s virtual accounts.

What Is The Customer’s Joy?

Statistically, consumers are constantly looking for easy, effective, and time-saving payment processes when making purchases. This means they are more likely to return to merchants whose payment processes are smooth and fast than those with tedious models.

With Bani’s virtual account payment offerings, customers are guaranteed a reliable, convenient, and time-saving payment process.

  • Multiple Bank Options

As a customer dealing with a merchant utilising Bani’s virtual account, you are in total control of your payment process, as you’d be able to choose any bank of your choice from the available tier 1 banks in Nigeria for your transfers.

This will eliminate a lack of trust in any local bank’s processes or service and reduce the chances of frustration.

  • Pay In An Instant, No Waiting Time

The instant notification mediums mean there is no delay in confirmation of your transfers, thereby saving you time and stress.

I Need To Create Virtual Accounts With Bani For My Business

You can start to enjoy fully managed virtual accounts that simplify payments for your customers’ delight in three quick clicks on

The digital payment landscape in Africa is evolving fast and with great growth potential for businesses. New mediums such as virtual accounts, mobile money, e-wallets, and cryptocurrencies will refine payment and money management for businesses and consumers on the continent in the future.

Maximise your business potential with Bani’s virtual account solution right away!

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Merchants Easily Collect Payments

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