Fincra uses named virtual accounts to optimize daily processes for our customers, such as tracking transactions for real-time account reconciliation and more.
We have discussed, in detail in previous articles, the topic of virtual accounts and how they work, their benefits, their growing importance and virtual account APIs.
In this article, we shall be discussing Fincra’s virtual accounts and their key functionalities.
We have defined virtual accounts in the past as non-physical bank accounts that function like regular bank accounts in the sense that they are used as tools to collect payments and make payouts, and virtual account holders are issued unique account numbers.
Fincra uses named virtual accounts to optimize daily processes for our customers, such as tracking transactions for real-time account reconciliation and more.
Fincra’s virtual accounts are available in EUR, GBP and NGN, and the accounts for these currencies are tied to respective wallets on our platform, this means that for each currency inflow into the virtual account, there is a settlement in a respective Fincra merchant wallet.
For instance, if an inflow comes into Mr A’s GBP virtual account, it gets settled in his Fincra GBP wallet. This allows our customers to keep track of the inflow and outflow of their funds.
Things you should know about Fincra’s virtual accounts.
1. A means to fund your merchant wallet.
Fincra’s merchants can use named virtual accounts in the supported currencies to fund their wallet to initiate payouts. All merchants have to do is to fund their wallets in the desired (and supported) currency on our platform, through their virtual accounts, fill in the necessary information and begin to make seamless payouts to their suppliers, customers and individuals, with no hidden fees.
2. Easy Payment collection
Fincra’s virtual accounts are a reliable and secure way for merchants to facilitate payment collections in EUR, GBP and NGN, at the best rates. The merchant requests for a virtual account in any of the desired aforementioned currencies shares the account information manually or via their business platform and they can begin to collect payments from their customers from anywhere in the world (inflow).
The merchant can initiate a payout into a regular bank account via their virtual account if they wish to do so (outflow) via their dashboard or integration to our API.
Benefits of using Fincra’s virtual accounts
- Seamless payment collection at the best possible rates: Merchants are able to collect payments securely from almost anywhere in the world, without the headaches of traditional banking methods.
- Quick and easy payouts: With named virtual accounts, merchants can easily top up their wallets to make secure payouts to their suppliers, customers and individuals in Africa, Europe, the UK and the US, with no hidden fees.
- Security and reliability: Fincra is safe, secure and licensed. Merchants can rest assured that their funds are 100% secure.
Benefits of using Fincra’s virtual accounts
- Fincra provides an easy-to-integrate virtual account API for fintechs, platforms and global businesses. Onboarded merchants are able to provide local accounts to their customers for payment collection in supported currencies, from anywhere in the world.
Conclusion
Fincra’s virtual accounts provide a low-cost and dependable method of receiving international payments without leaving your current location. The available currencies are EUR, GBP and NGN. As a registered merchant, you can receive payments from individuals and businesses like a local while avoiding the challenges associated with receiving payments through other traditional means. Fincra is safe, secure and licensed.
Subscribe to our YouTube channel to watch cool tutorials on how to use our products. You can also give our products a quick spin by signing up for a demo here: https://sandbox.fincra.com/auth/signup
