Reserved Virtual Account

What are Reserved Virtual Accounts?

Reserved virtual accounts are specialized account numbers created specifically for managing recurring payments. These accounts are permanently linked to individual customers and do not expire unless explicitly deleted by the merchant. They provide a streamlined and efficient way to handle ongoing payment collections.

Reserved Virtual Accounts are designed to facilitate ongoing financial interactions between your business and its customers. By assigning unique virtual account numbers to individual customers, you can easily track and reconcile payments, improving transparency and operational efficiency.

👍

Key Features

Permanent Assignment:
Each virtual account is permanently linked to a specific customer, ensuring consistent payment details for recurring transactions.

Easy Reconciliation:
Simplify your accounting processes by having distinct virtual accounts for each customer, making it easier to track and reconcile payments.

Security:
Enhance the security of your transactions by using unique virtual account numbers, reducing the risk of payment errors and fraud.

Use Cases

• Subscription Services:
  Assign virtual accounts to subscribers for automated, regular payments.
• B2B Transactions:
  Manage ongoing business transactions with dedicated virtual accounts for each partner or client.
• High-Volume Customers:
  Provide high-volume customers with unique virtual accounts to streamline payment processing and tracking.

📘

How to Receive Payments

1. Generate a reserved virtual account via the Create Reserved Virtual Account endpoint.
2. Once account is created, you would receive a webhook with the details of the created virtual account. You can also make a request to the Get Single Reserved Virtual Account endpoint to get the virtual account details.
3. Once payment is made into a reserved account, a webhook would be sent containing the transaction amount and information.

Summary

Reserved Virtual Accounts provide a robust solution for managing recurring payments and long-term financial interactions. By using these accounts, you can enhance payment tracking, simplify reconciliation, and improve the overall security of your transactions. For detailed information and to start using these endpoints, please refer to the respective API references:

📘

Available Endpoints

• Create Reserved Virtual Account
• Get Single Reserved Virtual Account
• [Get Balance]