A virtual account can be all you need if you want to improve and ease your tracking account receivable. As such, it is evident that you may have heard of virtual accounts from a business person or in a business meeting. That is why you might be interested in learning more about them and opening one for yourself. However, you must note that there are several factors to keep in mind when you do this. What are they? Let us find out as we read.
Do They Require KYC Completion?
It is significant to complete KYC that will enable companies to verify their customer profile. As such, it becomes convenient for the client to make transactions with the funds. This can be done from a virtual account that includes protection and authentication against any fraudulent practice for remote payments.
How Can They Help Your Brand?
A virtual account is bound to offer an assortment of benefits to both customers and business people. Once you create a virtual account, you can stop using multiple portals for diverse practices. This may mainly consist of banking and managing expenses. These accounts may also help track receivables without any worries. But that is not all. Virtual accounts may also come to your rescue when you allow clients to track each payment they have practised with their vendor or any other brand.
What Type Of Companies Can Use Virtual Accounts?
Typically any business can make the most of virtual accounts. However, there are a few sectors that genuinely leverage from it like no other. These may be retailers, lending institutes, educational industries, and even B2B e-distributors. They may also use virtual cards to make their business transactions a seamless experience.
Can You Collect Recurring Payments?
Yes, business people can also collect recurring payments by leveraging a virtual account. They can schedule these payments against the virtual account number that is allotted to diverse clients. Since the payment can occur at any time without any issue of accessibility or flexibility, there is hardly any reason left to worry.
What Is The Difference Between Regular And Virtual Account?
A virtual account is not a physical account. As such, it does not require you to visit a specific bank branch or wait in long queues to open your account. All is done digitally with maximum flexibility and ease. Such a thing also works like magic in reducing the dependence on manual labour. You are also given a virtual account number that you need to insert and get going. It is as easy as it gets. That is why it is crucial to use this one for a safe experience.
The Bottom Line
Virtual accounts are proving to revolutionize our way of dealing with transactions. That is why we recommend you to switch to this type of account for utmost convenience. Especially if you come from the business sector, there are many ways you can leverage it. So start exploring them and moving to a better side.