What are Virtual Accounts?

Virtual accounts are non-physical accounts that have the same features as a standard bank account. Also known as ‘shadow accounts’, they don’t come with the workload and costs associated with traditional bank accounts. 

Every virtual account is unique. That makes it easier and faster for businesses to identify who made each transaction. Furthermore, virtual accounts give companies the ability to reconcile payments in real-time.

Over time, virtual accounts have evolved to improve cumbersome financial processes like sending, collecting and storing your business money movement. Refer this blog to know more where you’ll get a comprehensive view of various fundamentals and features of virtual accounts.