Move over regular accounts – Virtual accounts are here and they’re here to stay!
Also known as a ‘shadow account’, a virtual account is essentially a non-physical bank account that you can create and assign to each of your paying customers. These ‘new kids on the block’ have been the talk of the town and for all the right reasons. When it comes to reconciliation – virtual accounts are your best bet to map inward payments.
Let me track this back a little for you – for a business that receives many inward payments, from multiple sources over a long period of time, figuring out ‘who paid for what’ is no stroll in the park. What you’d typically do is get your team to manually track the payments with UTR numbers – a tedious process that we quite frankly dread.
It’s time to put all that behind you – now stay on top of your inward payments with Virtual Account APIs.
This classic solution allows you to create unique account numbers in other words, virtual accounts for each of the customers you would be receiving payments from. The customers can then make the payments to these virtual account numbers and as soon as the funds hit your bank account, you get to know the payer details of each transaction.
Why go the virtual account way?
Still need convincing? No problem! ✌️
- Reconcile like a pro: Virtual account API is the answer to your struggle with those never-ending reconciliations. When your customer makes a payment using a virtual account number, you get notified immediately with all the details of the customer who made the payment. Basically – reconcile with zero efforts.
- NEFT to UPI, you’ve got it all: Collect payments the smart way using virtual account API. From NEFT/RTGS/IMPS to even UPI ids, you have the option to accept payments via multiple modes.
Virtual Accounts – Go pro with payment collections today!
Let’s get down to the basics and see how virtual account API powers different businesses in collecting payments, the smart way.
First up – Educational institutions
Fee collection for schools and colleges has always been a challenge but with Open’s virtual account API you can easily automate fee collection. How, you ask?
Simply assign unique virtual account numbers to each student and any payment made via these virtual ids is instantly reconciled.
Moving on to B2B E-Distributors
These E-distributors deal with over 1000 retailers and they receive multiple inward payments every month. Now manual reconciliation of these transactions is definitely a task that you would love to do away with! That’s where Open’s virtual account numbers step in.
Assign virtual account numbers to each of your retailers. Every time funds are transferred to your account, get notified instantly with all the details of the payer on your webhook URL.
Next, we’ve got loan repayments
Take the case of NBFCs – with the rise in consumer durable loans, there is a dire need for a solution to help them map the multiple loan repayments that they receive via bank transfers.
Rather than reconciling each inward payment manually using bank statements, Open makes it easy with batch allotments – an entire series of virtual accounts that are unique to your company.
Let’s see how this is done.
Say, you own Finztant Limited, a full-fledged NBFC and you turn to the pros – Open, to help you collect all your payments easily. Once you have created an account on Open, go on over to API docs to integrate with Open’s virtual account API.
Now here’s where we take it up a notch with batch allotments. So what you get is a unique series assigned to you. Every customer of yours will be allotted a virtual account number from this series. This way, you don’t have to manually hit the APIs every time a new customer is added. Once a payment is made we map the virtual account number back to the customer who has made the payment and provide you with all the customer details that you would require.
Time to switch to virtual account API
So there you go – Open’s virtual account APIs are just what you need to collect payments the smart way.
Free yourselves up from the burden of manual reconciliation and get started with integrating Virtual Account API on Open today.