Know All About Virtual Payment Account

As technology has stepped into the financial sector, we have seen some great changes in the banking system. One such is using a virtual payment account for money transactions. This service is offered by almost every bank in Singapore for customer convenience.

What is a virtual account?

A virtual account is similar to a bank account, except for its physical existence. These accounts are created virtually, and the customers receive a unique VAN or Virtual Account Number to streamline the process. For this, you need to provide a few basic details including name, email address, phone number, etc.

A virtual payment account makes sure that you can track down all the payments made throughout the day. You need to share the VANs with customers, and accept payments via various modes.

How are virtual accounts different from ordinary bank accounts?

There is no physical existence of virtual accounts. This means you can conduct all your banking requirements over a smartphone or computer, and don't have to visit a branch office, unlike ordinary bank accounts. These virtual accounts along with the unique VANs can easily track the source of payment and the payee.

Why should we look forward to creating a virtual account?

Automated Payment Reconciliation

If your business deals with thousands of transactions every day, payment reconciliation becomes difficult. Therefore, companies are looking for virtual accounts that have an automatic payment reconciliation feature. An expert can manage your payments in no time.

Reduce costs

Companies can save money on payment gateway transaction costs, usually, most of them have a minimum percentage of the transaction amount and a business needs to pay a fixed cost for every payment processing. For higher pay amounts or international transactions, they don't need to pay higher fees.

Enjoy several services

Besides managing your payments, these accounts let you manage your expenses, invoices, track and reconcile payments, and many more. It has reduced the hassle of handling multiple applications for different financial assistance.

How does Aspire help you in money transactions?

Aspire helps you make a business account in 5 minutes. Now, you can manage your cash flow with us. 

We use advanced technology to make the payment process simple and save time. The accounts payable software Bill Pay makes accounts payable process automation easy and helps you to stay in sync with the real-time visibility of payments. 

How does it work? It works in three easy steps:

1. You need to forward an invoice to us via email and add instructions if needed. For example, if you add a quote " pay on due date", we understand when to make the payments. 

2. Once your transaction is ready, we send you a notification, so that you can be assured that the payments to be made are correct and on time.

3. You need to log in to your Aspire account and make sure these transactions are okay to be conducted, approve them, and make payments immediately. Thus you can keep track of your payments. 

A traditional financial services corporation may provide you with such facilities as we do. Even though, before you get a virtual payment account, we recommend a proper study on companies and verify whether your business is in need of it.