Virtual accounts provide a straightforward, efficient, and flexible method for accepting bank transfer payments. This solution eliminates the need for complicated integrations or a dedicated website, making it accessible to businesses of all sizes and technical capabilities. This guide will walk you through everything you need to know about using virtual accounts effectively.

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What are Virtual Accounts?

Virtual accounts are temporary digital bank account details (account number and bank name) that allow you to receive payments via bank transfer. They function like regular bank accounts but are managed through Monieswitch Checkout and have a limited lifespan.

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Key Features

  • Available for Nigerian Naira (NGN) transactions
  • Can be created through our dashboard or via API
  • Allow customers to pay you using familiar bank transfer methods
  • Temporary nature: accounts have a configurable lifespan

Note: All virtual accounts are temporary. The lifespan can be configured, but after this time, the account will no longer be available for receiving payments.

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Handling Expired Accounts

When a virtual account expires:

  • The account immediately stops accepting payments
  • Any attempted transfers will be rejected by our system
  • You could also have a system in place to handle these rejected payments (e.g., notifying the customer, offering alternative payment methods) through our webhooks.

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How Virtual Accounts Work

1

Access Virtual Accounts

  • Navigate to the dashboard
  • Click on “Virtual Accounts” in the main menu
  • Select the “Create Virtual Account” button
2

Complete Account Configuration

In the dialog box that appears as seen above, you’ll need to specify the fee bearer for transactions. The fee bearer determines who will be responsible for any associated charges. Fee Bearer Options:

  • customer: The end user making the payment bears the charges account:
  • The merchant: you bear the charges
  • subaccount: A designated subaccount bears the charges
If selecting subaccount, you’ll need to choose from your existing subaccounts.
3

Account Generation

Upon successful submission:

  • Your virtual account details will be generated
  • A usage timer will be displayed
  • The account is now ready for transactions
The timer indicates the duration of account validity and when its elapses, a regeneration can be requests while on the screen

API

Refer to our API Documentation for integration details

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