Learn how to use virtual to easily collect payments from your customers
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.
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.
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.
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.
In the modal that appears, fill out the following fields:
Account Name: Enter a name for the virtual account (for your reference or to show the payer).
Amount: Enter the amount to be paid. If you want the payer to enter any amount, enable the checkbox “I don’t specify a fixed amount”—the amount field will disappear.
Email Address: Enter the payer’s email address (for notifications or receipts).
Charge Bearer: Select who will bear the transaction charges: customer, merchant, or subaccount.
Subaccount: If you select subaccount as the charge bearer, choose the specific subaccount from your list.
The amount field is only visible if you want to specify a fixed amount.
If you select subaccount as the charge bearer, you must select which subaccount will bear the fee.
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