A Virtual Account is a non-physical/online bank account set up virtually for clients. A Virtual Account functions as a traditional bank account; you can use it to collect payments and make payouts while holders are issued unique account numbers.
Businesses can experience more flexible functions than a physical account with a Virtual Account. It also offers merchants a more efficient way of receiving payments from multiple customers. Virtual Accounts provide flexible solutions to accommodate all types of customers, regardless of their location.
It is almost impossible for businesses with international customers to provide payment solutions via traditional banks. Virtual Account opens a new world of possibilities where companies have to generate Virtual Accounts for customers.
Either merchants or customers may be on the move, travelling between countries, but with Virtual Accounts, these business partners can make transactions through a fast, painless, electronic method.
When done right, Virtual Accounts cut down on multiple channels to do banking, make payouts, collect and reconcile payments. Virtual Accounts are helpful for businesses, allowing them to track receivables against unique Virtual Account numbers of customers without any unnecessary back and forth.