Benefits of the ‘Pay with Transfer’ method
Let’s delve into the five key advantages of embracing the ‘Pay with Transfer’ method:
1. Convenience: The ‘Pay with Transfer’ method offers unparalleled convenience, particularly in a country like Nigeria, where bank transfers are widely embraced. This popularity is largely attributable to the commendable efforts of the Nigeria Inter-Bank Settlement System (NIBESS), which operates the Nigeria Central Switch (NCS)—the backbone that facilitates instantaneous transfers.
This technology enhances convenience for customer payments, especially in scenarios where customers may not entirely trust digital payments enough to disclose their card details during online transactions. In offline settings, customers without ready cash or cards, prefer the simplicity of making payments via bank transfers.
2. Security and transparency: Bank transfers are generally recognised for their robust security measures, resulting from the deliberate steps they necessitate.
Unlike card payments, breaches and thefts are infrequent with transfers, which require access to login applications for internet/web banking, mobile applications, or mobile phones, as well as the requisite security codes to complete transactions.
3. Reduced chargebacks: Chargebacks, stemming from customer disputes over transactions, are less likely to occur due to the lower risk of unauthorised transactions and the reduced susceptibility to fraud associated with the ‘Pay with Transfer’ method. This increased transparency ensures that customers have a clear record of the transaction and its intended purpose, thereby minimising disputes and chargeback requests.
4. Cost-efficiency: Bank transfers prove to be more cost-effective than card payments, primarily due to the reduced payment processing involved with the former.
5. Global payments: Educational institutions can broaden their horizons by receiving international payments through the ‘Pay with Transfer’ method.
Thanks to Fincra Virtual Accounts, schools can accept payments in currencies such as USD, GBP, and EUR, converting them into their local currency seamlessly.
This opens the door for parents and sponsors in the diaspora to conveniently pay tuition fees for their children through simple bank transfers.