Virtual Accounts
Virtual Accounts for Merchants
Virtual accounts function as "digital sub-accounts" within the payment system, allowing businesses to organize their receivables in a structured way. It's like having multiple digital bank accounts within a single business account.
What Are They For?
Financial organization: Separate receivables by department, product, or transaction type
Balance control: Monitor specific amounts for each purpose
Automation: Facilitate payment reconciliation and transfers
Key Features
1. Virtual Account Creation
Each new account is linked to the merchant's real bank account
Requires merchant approval in the system
Allows defining accounts for different purposes (e.g., account for online sales, account for in-person payments)
2. Balance Management
Balance check: Real-time available balance inquiry
Transactions:
Credits: Adding funds (e.g., when receiving a payment)
Debits: Withdrawing funds (e.g., for transfers or payments)
3. Settings
Default account: Setting which account should be used as primary
Status: Activation/deactivation as needed
Practical Examples
E-commerce:
Virtual account for domestic sales
Separate account for international sales
Dedicated account for recurring subscriptions
Marketplace:
Virtual account for each seller
Account for platform fees
Account for funds in release process
Franchises:
Virtual account per franchise unit
Central account for transfers
Benefits for Merchants
✅ Detailed financial control - Separate view by revenue type ✅ Security - Specific limits and rules per account ✅ Automation - Integration with ERP and management systems ✅ Flexibility - On-demand creation according to business needs
Typical Usage Flow
Merchant accesses the system and requests a new virtual account
Links it to an existing bank account
Defines purpose and settings
Starts receiving payments to the new account
Monitors balances and transactions separately
Makes transfers when needed
Frequently Asked Questions
Q: Can I have multiple virtual accounts? A: Yes, the number depends on your plan and business needs.
Q: How do I transfer money between accounts? A: The system allows internal transfers with approval.
Q: Is there a cost to maintain virtual accounts? A: Typically no, but check your specific plan.
Q: Can I customize account names? A: Yes, for easier identification (e.g., "Store A Sales - Shopping X")
This system is ideal for businesses that need advanced financial organization without the complexity of opening multiple physical bank accounts.
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