Virtual account: receiving and distributing payments made easy

There is an increasing demand for companies to channel payments and/or collections through a single account, receiving payments on behalf of multiple entities, and then distributing these payments to multiple sub-accounts. By leveraging a single external bank account which holds the money, Virtual Account takes care of splitting the incoming payment into multiple sub-accounts, keeping track of incoming and outgoing payments on each account, making accounting and reconciliation a breeze.

Virtual Account is an administrative account management system made up of an account hierarchy which is underpinned by one master account, called the "Control Account". The Control Account represents the total of the money settled into the physical Bank account. Under the Control Account, companies can then open, close, and modify as many Virtual Accounts as needed to organise and split payments to multiple sub-accounts. Virtual Account offers companies the same advantages as extensive physical bank account structures, while eliminating the costs of opening and managing multiple accounts.

Virtual Account works best in combination with a product called Virtual Online which enables Web sites or apps to process credit card payments securely and in real-time 24 hours a day through the tried and tested VCS gateway. Virtual Online comes bundled with Virtual Terminal, the company's complete online back office administration facility to monitor and manage transaction activity.

Both products come with a full set of reports like Account Status, Account Balance, Transaction history and even a Detailed Statement on account level which provides a high degree of transparency at a customer level.