AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Take a deposit only against a written order that states the price, what the deposit covers, the balance and when it is due, the delivery date, and what happens if either side cancels. Record each part-payment against the order with its reference, issue a receipt every time, and keep cancellation charges reasonable: the FCCPA expects a refund of advance payments less reasonable charges in most cases.
Why deposits cause disputes
Made-to-order businesses run on deposits: a tailor needs money for fabric, a caterer for ingredients, a carpenter for wood, an event decorator for hire items. The trouble starts when terms are spoken, not written. The customer remembers 'half now, half on delivery'; the business remembers 'deposit non-refundable'. When the event is cancelled or the outfit is late, both feel cheated.
What the law expects
The Federal Competition and Consumer Protection Act 2018 gives consumers the right to cancel advance bookings or reservations and, in general, to a refund less reasonable cancellation charges. Where a price or promotion limits refunds, the business must disclose that in writing. The Act also expects goods to be delivered on time, with notice of unavoidable delays. So a 'non-refundable deposit' notice does not settle every case; what you can do is set reasonable, written charges that reflect costs you actually incur.
The written order
A short order form, signed or confirmed by message, prevents most disputes. Include:
- Customer and contact
- Name and phone number.
- Description
- What is being made or supplied, with measurements, quantities, colours or menu.
- Total price
- In naira, including any delivery or setup.
- Deposit
- Amount, what it pays for (for example, materials) and when it is due.
- Balance
- Amount and due date, for example on fitting, on delivery or 48 hours before the event.
- Delivery or event date
- And what happens if you will be late.
- Cancellation terms
- What you keep at each stage, tied to costs, and what you refund.
- Payment account
- Your business account only.
Recording part-payments
Part-payments get lost when they arrive from different people: the bride's aunt pays the deposit, the bride pays the balance, a friend sends ₦20,000 on the day. Give each order a number and ask everyone to put it in the transfer narration. For online orders, a bank transfer checkout can tie each payment to its order automatically.
- Record each payment against the order: date, amount, payer name and reference.
- Show the running balance after each payment.
- Issue a receipt for each payment that states the order number and the balance remaining. See what a business receipt should include.
- Release goods or complete the service only when the balance is paid, unless you have agreed otherwise in writing.
Worked example
| Date | Payment (example) | Paid by | Balance |
|---|---|---|---|
| 2 Nov | Order total | ₦850,000 | |
| 2 Nov | Deposit ₦425,000 | Customer | ₦425,000 |
| 20 Nov | Part-payment ₦200,000 | Customer's sister | ₦225,000 |
| 28 Nov | Balance ₦225,000 | Customer | ₦0 |
Example: a caterer takes an order for a 150-guest wedding at ₦850,000. The written terms say the 50% deposit buys ingredients and secures the date; cancellation more than 21 days before the event costs ₦50,000 for planning, between 21 and 7 days costs the ingredients already bought, with receipts, and later than that the deposit is kept. Each payment gets a receipt showing the balance. If the couple cancel 30 days ahead, they receive ₦375,000 of the deposit back, and nobody needs to argue about it.
Group orders and aso ebi
Fabric and outfit orders for weddings and celebrations often involve dozens of people paying separately. Keep a list per group with each person's name, phone, item, price and payments, and give each person their own receipt. Agree with the celebrant or coordinator, in writing, who is responsible for unpaid balances and what happens to fabric reserved for people who never pay. Do not cut or sew for anyone whose payment has not reached your account. When the coordinator collects money on your behalf, ask them to pay it into your business account with each name in the narration, so your list stays accurate.
Cancellations, delays and refunds
- If the customer cancels: apply the written terms, show the costs you are keeping and refund the rest to the account that paid. See refunds in Nigeria.
- If you will be late: tell the customer as soon as you know, offer a new date or a refund, and put it in writing.
- If you cannot deliver at all: refund the deposit in full, less nothing, unless the customer agrees otherwise.
- If the customer does not collect: your order form should say how long you will hold finished goods and what happens after.
Keep deposits in your business account, not a personal one, and do not spend a customer's deposit on another customer's order. If you need to know at any moment how much of your balance is customer money, the order list with running balances tells you. Review that list weekly so no balance is forgotten.
Where Pryme fits
With a Pryme Business Account you can send customers an invoice through invoicing, collect by transfer, and issue a regular or verifiable receipt for each payment through our partnership with VerifyDoc.ai, so a customer, or the relative who paid, can check it is genuine. The Sales agent can prepare balance reminders before due dates, for a person to approve.
Questions people ask
Is a non-refundable deposit legal in Nigeria?
The FCCPA generally entitles consumers who cancel an advance booking to a refund less reasonable cancellation charges, and limits on refunds must be disclosed in writing. Set charges that reflect your actual costs rather than keeping everything by default.
How much deposit should I collect for an order?
Enough to cover the costs you incur before delivery, such as materials, and to secure the date. Many businesses use around half, but state the amount and what it covers in writing.
How do I track part-payments from different people?
Give each order a number, ask every payer to include it in the transfer narration, record each payment against the order with its reference, and issue a receipt showing the balance.
What if I cannot deliver on the agreed date?
Tell the customer as soon as you know, offer a new date or a refund, and confirm it in writing. If you cannot deliver at all, refund the deposit.
Sources
- FCCPC: Consumer rights and responsibilities · accessed Oct 2026
- Olaniwun Ajayi: Examining the no-refund policy under contractual terms in Nigerian law · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.