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Virtual Accounts

Q: What are the steps to open a virtual account?

To open a virtual account, you need to connect with a bank or a fintech, depending on your business requirement. You will be required to submit documents for verification and customer onboarding. Once the onboarding process is completed, your virtual account will be set up. Each virtual account will typically have its own account number, and you may receive login credentials or access through the portal.

Harness the power of

virtual accounts for

quicker collections

Streamline your payment collection process by mapping customer payments against respective invoices in real-time

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Repetitive

Follow-up

Invoice

Matching

Payment

Links

Cash Flow

Management

The traditional way of collections require numerous follow-ups and paper trails.

The creation of virtual accounts for various customers ensures that follow-ups are on a need-to-basis.

Improve your

business collections

with

virtual accounts

Simplified Tracking

With a virtual account, the process of tracking customer payments made and due can be checked easily

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Real-Time Updates

Records are updated in real-time as and when payment is received from the customer

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Outstanding Management

With complete insight into payments made by customers, outstanding management becomes easy

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Automated Reconciliation

Virtual accounts make the bank reconciliation process automated, fast, and accurate with source information

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Overall

Visibility

Virtual accounts ensure you have overall visibility into activities like collections and cash flow usage in a few simple clicks

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Easy Payment Collection

The payment collection becomes easy and faster with unique virtual account numbers

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Use virtual accounts to simplify

business collection processes

How does it work?

1/3

Businesses have the flexibility to receive payments through various methods, including debit or credit cards, net banking, and UPI

Learn how virtual accounts can revolutionize the way you work!

Read Blogs

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What Is a Virtual Account, and How Your Business Can Benefit from It?

Jan 27, 2023

Virtual banking has penetrated the large-scale sector, and every small-scale and medium-scale business is also moving towards virtual banking. Virtual bank accounts are trending because of...

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Jan 09, 2023

Virtual account allows businesses to initiate seamless financial transactions and maintain track records. Various large, medium, and small-scale businesses are shifting towards...

Got Questions?

Don't worry! Our FAQs section will help you learn about virtual accounts in detail

What is a virtual account?

Virtual account means a digital account that is designed to streamline the financial processes of businesses. These are similar to bank accounts with various other added benefits. Virtual accounts are commonly used for collecting payments from customers. Each customer is assigned a unique virtual account number. When they make a payment, the funds are automatically routed to the company's actual bank account associated with that virtual account.

Is a virtual account a bank account?

A virtual account is not a traditional bank account, but it is a financial tool used by banks, fintechs, and businesses to manage funds and transactions. Virtual account is used for various purposes, such as receivables and payables, segregating funds, simplifying reconciliation, and improving cash flow management. Under receivables, it lets the account holders and those interacting with it make and receive payments quickly. For instance, if you have several customers who have to make payments to your account, you can create virtual accounts within your business bank account and embed the link in the invoice that you send to customers. When customers remit the payment using the link, it will make it easier to track the payment to the customer and reconcile accounts.

Who can open a virtual account?

Any person who is above legal age, which is 18 years old, can open a virtual account as long as they have access to the internet and have an internet-connectible digital device to support transactions.

What are the steps to open a virtual account?

There are many advantages that virtual accounts offer, including ease of use, the ability to offer better customer service, real-time updating of their accounts with the payments received, prevention of fraud, and, most important of all, how traceable virtual accounts are to specific customer accounts and their payments.

Seeking further understanding of virtual accounts?

Virtual accounts basically function as an electronically usable payment and collection instrument, which can be formed as a subset of your core bank account. A virtual account contains a series of unique sets of codes that in most instances are numerical.

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Why are virtual accounts essential for my business?

With the creation of virtual accounts, you will find it easier to manage payments you receive from your customers. Since the virtual account will be different for different customers, you will know when a customer has delayed their payment, allowing you to intensify your collection efforts. Virtual account management ensures your finance team spends less time on mundane and repetitive tasks. Virtual accounts ease the process of receivables.

Does the virtual account module help improve the finance team’s performance? If yes, how?

Yes, it does. With virtual accounts being tagged to each customer account, the tracking of payments received and the reconciliation process that follows becomes much easier. The finance team spends less time tracing which payments belong to which customer account and can support the sales team.

Why should a business consider virtual accounts?

Virtual accounts are essential for any growing business because they help them with the following aspects:

They provide a better customer experience
They help the finance team function with maximum efficiency
Virtual current accounts ensure that you have a complete overview of your funds
Reduce the follow-up efforts and make the accounts receivable process better
Let the finance team focus on more essential tasks like reducing capital costs and more
Virtual accounts help the business to be more prepared to meet audit requirements
You can use virtual accounts to ensure that transactions are secure and prevent frauds
Creation of reports around DSO and the state of accounts receivables in the company becomes easier

How does the virtual accounts module curb misuse?

With the virtual accounts module, it becomes easier to track which customers are habitual late payers and the ones that often mislead you about the payment status. It also ensures that customers who are habitual defaulters do not continue to avail goods or services on credit terms. It removes the personal bias factor when it comes to deciding on credit terms for customers.