Hello Traders:
This message mostly concerns sellers of Neteller.
We just felt like giving more explanation for a few instant
cash transfer failures we’ve experienced while paying our customers in Naira.
There are basically two types of transfers: National
Electronic Funds Transfer (NEFT), and Nigeria Inter-Bank Settlement System (NIBSS)
Instant Payment (NIP). The latter we’ll call Instant Transfer.
NEFT allows you to be paid within 24 hours. You get your
money on the same day, provided it’s initiated before 12.00 P.M. If it’s
initiated after 12.00 P.M., you won’t get your money until the following day,
weekends excluded.
NIBSS Instant Transfer allows you to get paid within
minutes. That’s the only option we use at Ituglobalfx.com.ng, in spite of the
fact that the cost of using it is higher when compared to NEFT.
When most exchangers tell you to wait for 24 hours to get
your money, or they tell you that you’d get paid on the following day, that
means they’re using NEFT to pay you. These exchangers set extremely high spreads
already (far higher than what we offer), and yet they want to avoid costs by
paying their customers through NEFT, whose costs is cheaper than Instant
Transfer. This is willful delay of customers.
It looks like NEFT has a higher success rate than Instant
Transfer. Based on our experience, about 98% of instant cash transfers we make
are successful, which means customers get their money quickly. But roughly 2% of the time, some wouldn’t get
their money quickly – they get it later.
Now FAQs:
Q: You said about 2%
of the time, some customers don’t get their money instantly. Why? What causes
that?
A: Yes, 98% of
the time, our customers get paid instantly. But when an Instant Transfer fails,
the cause is due to the fact that the recipient’s bank is having a downtime or
network problem at the time of transfer, and therefore the bank account can’t
receive money at that time. It’s a kind of downtime that doesn’t allow even
those in the banking hall to cash any money as long as it lasts. This is
usually not a problem from our bank, which is Access Bank, because if there’s a
downtime or a network problem at Access Bank, we’d simply not be able to
transfer money to you. If we’re able to transfer and you can’t get it within 1
hour that means your bank couldn’t receive the money at the time it was sent.
Q: What would then
happen after an Instant Transfer fails?
A: If a customer doesn’t receive her/his money in
an hour’s time, following a transfer from us, then we begin to contact Access
Bank to know what the issue is and how it can be solved. This is
time-consuming; but we can’t be happy until a customer gets their money. We
keep on contacting Access Bank, pestering them, as they work to resolve the
issue, and we keep the affected customer updated on every step taken. As it was
said earlier, the issue is often with the recipient’s bank, and they may want
to help us by contacting their own bank as well.
If you fail to get your money after an Instant Transfer, it
doesn’t mean the money is lost, it simply means there would be an inevitable
delay in delivery. Access Bank would usually re-initiate the payment, often
using NEFT for the re-initiation. That means the customer would get paid within
24 - 48 business hours, following the re-initiation of the money transfer.
Once again, if an Instant Transfer fails, Access Bank would
usually re-initiate the transfer, using NEFT. You get paid within 24 hours (or
48 hours in extremely rare cases).
Q: Why do you prefer Instant
Transfer?
A: As said
before, we use only Instant Transfer to
pay our customers. We don’t use NEFT, because we feel it’s unfair and wicked to
deliberately delay customers’ payment till the following day. Certain
customers have critical and urgent needs for their money, and the best way to
put smiles on their faces is to pay them instantly. Even if they don’t need the
money urgently, it’s still rational to pay them instantly, so that they can
concentrate on something else.
We prefer not to buy Neteller, to delaying customers
unnecessarily. The only condition that causes delays of few to several hours from
our end, is when the manager is not on seat at the time of Neteller sales to
us.
Instant Transfer failures are rare; but it happens once
in a while because there’s no perfect technology. There’s no perfect bank,
and there’s no bank that can’t have a downtime at any time. However, with good
banks, downtimes ought to be very rare.
Q: Should I change my
bank and account number and give you a new one?
A: Like we said
before, there’s not perfect bank. A downtime may occur at any bank, but it’s
more frequent with some banks. Downtimes and network problems should be very
rare with a good bank. Unless downtimes and network failures are too common
with your bank (which often leads to frustration), you mayn’t need to change
your bank and account. Unless otherwise indicated, we use only our corporate
account for this business.
Access Bank has the best online customer support system
we’ve ever experienced, and that’s why we decided to remain with them.
A: When an Instant
Transfer fails, why don’t you transfer another money?
Q: We transfer
money to an account only once. If we transfer two times, then we’d end up
paying you two times. That’s because the first transfer would eventually reach
you, no matter how long it’s delayed, we hope you understand this, and we
appreciate your patience
A: If an Instant
Transfer is successful why hasn’t an alert arrived from my bank?
Q: SMS alert is sometimes
not a reliable way of verifying payment. We often send email and SMS alerts to
our customers. But if you fail to get an alert from your bank, then you’ll need
to use other means to check your account, like login into your Internet banking
portal, SMS balance enquiry, ATM balance enquiry, etc.
Conclusion:
We fund our customers as fast as they can imagine, like less
than 20 minutes (unless the manager isn’t on seat, which can cause a delay for
a few hours). Most of our Instant Transfers of cash are successful – like 98%
of the time. Some regular customers haven’t had this kind of experience, while
a few have had it. The purpose of this article is to shed more light on the
issue and the causes, so that customers can understand better.
Don’t forget we transfer cash to customers’ accounts
anytime, any day, whether day or night – 24/7.
For our current rates and more info, please visit: www.ituglobalfx.com.ng
Super Trading Strategies: Super Strategies
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