Before we delve into the concept of a free virtual account, we have to touch on the definition of a virtual account.
A virtual account is a digital account that functions almost exactly like a regular bank account. The ‘almost’ here is important because even though there are similarities, a virtual account differs from a traditional bank account with its capacity to enable businesses to automatically track all payments made by customers via bank transfers more efficiently.
Two things are very important in the process of collecting payments as a business. The process of collecting the payment itself and the subsequent tracking of these payments.
While a traditional bank account prioritises just collection, a virtual account is the complete package, optimising both collection and tracking.
This is so important if you are a business that receives multiple payments regularly; tracking those payments manually before confirming if someone has completed their payment is long, tedious and inefficient.
That time could be better spent on actual business operations. Virtual accounts eliminate that manual process, allowing you to use your time efficiently.
Virtual accounts have a unique account number that allows for easy identification of the source or payer. Businesses can also customise these accounts to their specific needs and use them to optimise their financial processes.