E-Business
How Delayed Payments Notifications Hurt Your Business
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:
- 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.
- 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.
- 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.
Chinese “threat actors” have hacked Microsoft’s SharePoint document software servers and targeted the data of the businesses using it, the firm has said.
China state-backed Linen Typhoon and Violet Typhoon as well as China-based Storm-2603 were said to have “exploited vulnerabilities” in on-premises SharePoint servers, the kind used by firms, but not in its cloud-based service.
The US tech giant has released security updates in response and has advised all on-premises SharePoint server customers to install them.
“Investigations into other actors also using these exploits are still ongoing,” Microsoft said in a statement.
The firm said it had “high confidence” the hackers would continue to target systems which have not installed its security updates.
It added that it would update its website blog with more information as its investigation continues.
Microsoft said it had observed attacks in which hackers had sent a request to a SharePoint server “enabling the theft of the key material by threat actors”.
Charles Carmakal, chief technology officer at Mandiant Consulting firm, a division of Google Cloud, told reporter, it was “aware of several victims in several different sectors across a number of global geographies”.
Carmakal said it appeared that governments and businesses that use SharePoint on their sites were the primary target.
A number of adversaries who stole material encoded by cryptography were then able to regain ongoing access to the victims’ SharePoint data, he said.
“This was exploited in a very broad way, very opportunistically before a patch was made available. That’s why this is significant,” Carmakal said.
Carmakal said the “China-nexus actor” was deploying techniques similar to previous campaigns associated with Beijing.
Microsoft said Linen Typhoon had “focused on stealing intellectual property, primarily targeting organizations related to government, defence, strategic planning, and human rights” for 13 years.
It added that Violet Typhoon had been “dedicated to espionage”, primarily targeting former government and military staff, non-governmental organizations, think tanks, higher education, the media, the financial sector and the health sector in the US, Europe, and East Asia.
Meanwhile, Storm-2603 was “assessed with medium confidence to be a China-based threat actor”.
National Identity Management Commission (NIMC) has issued a public warning that it is not associated with NINcard.com.
According to the commission, the website has been circulating online to offer services for Nigerians seeking National Identification Number (NIN) services.
NIMC, in a post on its official X account on Wednesday, said, “NINcard.com is not in anyway affiliated to NIMC. Stay vigilant!”
The warning was accompanied by screenshots of fake payment receipts and OTP request pages from the website, both of which were boldly stamped “FAKE” by NIMC to alert the public.
National Information Technology Development Agency (NITDA), in partnership with the Advocacy for Policy and Innovation (API), has convened a one-day workshop in Abuja to advance dialogue on the draft Online Harm Protection (OHP) Bill to confront harmful online content.
The bill, a rights-based, locally rooted, and multi-stakeholder initiative, is aimed at addressing the challenges of the digital age.
The event, which held yesterday, brought together government officials, civil society, academics, digital platforms, and legal experts to shape a policy framework designed to combat online ills such as cyberbullying, disinformation, hate speech, digital exploitation, and gender-based violence, while safeguarding democratic freedoms and digital inclusion.
In his keynote remarks, Kashifu Inuwa, director general, NITDA urged a paradigm shift in the way society engages with digital technologies.
“For almost two decades, we have viewed digital technology through a consumer lens. But these technologies are not just products and services. They are transforming how we live, work, and interact. They shape our politics, our society, and our democracy,” he said.
Warning against unaccountable digital power in the hands of private corporations, the DG likened the digital journey to the tale of Alice in Wonderland, where initial fascination with innovation has given way to deeper concerns about privacy, autonomy, and manipulation by big tech platforms.
“We thought we were using Google, but now we realise Google is using us. Social media, once a tool of expression, has become a tool of surveillance and influence,” Inuwa noted.
He, therefore, emphasised the urgency of developing a democratic and accountable framework. He explained that following the 2021 Twitter ban, NITDA facilitated dialogue between the government and platform operators, leading to a Code of Practice that stressed Nigeria’s sovereignty and legal standards.
According to him, the same process birthed the multi-stakeholder steering committee and the OHP White Paper in December 2024, laying the foundation for the current legislative push.
Earlier in her opening remarks, Victoria Manya, co-founder, API, observed the moral and civic necessity of the bill.
Her words: “The internet did not break society, it merely revealed its unfiltered version. Every day, Nigerians are exposed to harassment, disinformation, exploitation, and even algorithmic violence. The OHP Bill is not a war on the Internet. It is a peace offering to its users, a social contract for a digital future that is safe, inclusive, and democratic.
“We cannot answer the question of algorithmic power with unchecked state control. We must answer it with shared, rights-based governance. This bill must not be written for the people, but with them.”
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