As the name suggests, a virtual account is an online account that is created virtually. There is no need to visit a physical branch of a bank to create a virtual account. By adding a few details like your customer’s name, mobile number, and email ID, you can easily create a virtual account for your clients or customers. With the advancement in digitalization, there is a growing demand to meet banking needs that help businesses make their payment methods more straightforward and convenient. With virtual accounts, this problem seems to have been resolved. Virtual accounts make room for flexible and quick transactions that help manage payment flows without any hindrance. That is why more businesses are turning towards the virtual accounting system to improve their Digital Banking Accessibility. But that is not all. It helps with a lot more.
So, if you want to know whether this system is the key to the Digital Banking Accessibility, find out about it as you read.
The best part about having a virtual account is that you can instantly pay and accept payments. With just one click, you can easily send and receive money via different channels such as NEFT, IMPS and RTGS, and UPI or via scanning QR codes.
Every business wants to be flexible, especially when it comes to managing finances. The service is available 24/7 as transactions are designed to be processed online or via your mobile phone. This further allows businesses to become faster and more efficient, allowing customers to control their finances.
You do not have to drive to the bank repeatedly, all thanks to virtual accounts. Also, there is no need for any paperwork, which in turn helps you protect valuable environmental resources.
Easing Merchants and Businesses Transactions
Dealing with business transactions can be a hassle if not done properly. It is easy to feel overwhelmed because keeping track of transactions is difficult as customers pay through various means and sources. However, with a virtual account, you don’t have to use multiple portals to do banking. Therefore, it is easy to manage expenses, collect and reconcile payments, and more with virtual accounts.
The best part is that the flexible transaction system benefits different businesses, including but not limited to retailers, B2B e-distributors, lending and microfinance companies, and even educational institutions. Virtual accounts help businesses identify transactions and automate the reconciliation process without much of a hassle.
Generally, reconciliation of funds takes days with systems. This can be exhausting to an unhealthy extent for your business. But thanks to virtual accounts, now you do not have to wait any longer. It provides pain-free reconciliation solutions that help say goodbye to all the unnecessary costs and errors right on time. Many of these accounts also plug into your current platforms or systems to mobilize this process. So, it becomes a stress-free job for you.
The Bottom Line
With these incredible services at hand, it is safe to acquire the help of this transaction solution to get rid of all problems.