{"id":796,"date":"2022-11-23T12:30:22","date_gmt":"2022-11-23T07:00:22","guid":{"rendered":"https:\/\/open.money\/blog\/?p=796"},"modified":"2023-07-05T18:31:09","modified_gmt":"2023-07-05T13:01:09","slug":"how-to-collect-and-track-payments-with-virtual-account-apis","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-to-collect-and-track-payments-with-virtual-account-apis\/","title":{"rendered":"How to collect & track payments like a pro with Virtual Account APIs [Updated]"},"content":{"rendered":"

Get ready to say goodbye to regular accounts – virtual accounts are here to stay!<\/em><\/p>\r\nA Virtual Account<\/span>,<\/b> as the name suggests, is a non-physical bank account that you can create for your customers. These \u2018new kids on the block\u2019 have been the talk of the town and for all the right reasons.\u00a0<\/span>\r\n\r\nLet me track this back a little for you \u2013 for a business figuring out \u2018who paid for what\u2019 is no stroll in the park. You\u2019d typically get your team to manually track the payments with UTR numbers \u2013 a tedious process that we quite frankly dread.\u00a0<\/span>\r\n\r\nIt\u2019s time to put all of that behind you! You can now easily <\/span>track payments<\/b><\/a> via Open\u2019s Virtual Account to stay on top of your collections.<\/span>\r\n\r\n\"Comedy<\/a>\r\n\r\nFurther, businesses that expect thousands of payments coming in, can leverage the Virtual Account API, to reduce their operating costs. This is because managing multiple virtual accounts and reconciling payments is far easier than tracking them manually via a physical account.<\/span>\r\n\r\nFinancial institutions, large and medium sized enterprises can expand their reach and speed of transactions, thereby boosting their efficiency (faster and less expensive) and also reconcile all transactions easily, once they integrate with Open\u2019s <\/span>Virtual Account API<\/b><\/a>.<\/span>\r\n\r\nWith this, they can have a complete view of their collections, thus simplifying bookkeeping. And by allowing customers to pay using their preferred payment method, it further enhances the customer experience.<\/span>\r\n\r\nOpen\u2019s Virtual Account API allows you to create virtual accounts with a unique account number for each customer you collect from. Customers can make a bank transfer to these <\/span>virtual account numbers,<\/b> and as soon as the money hits your bank account, you get to know the payer’s details for each transaction.<\/span>\r\n\r\n \r\n

Why integrate Virtual Account API?<\/b><\/h2>\r\n \r\n\r\nStill, need convincing? No problem! \u270c\ufe0f<\/span><\/i>\r\n\r\n \r\n\r\nLet’s look at how transaction-heavy organizations such as educational institutions, fintechs, large corporations, and successful businesses can improve their payment systems.<\/span>\r\n