Collection vs Deposit Virtual Accounts

Umar Ahmedtijani
Umar Ahmedtijani

Virtual Accounts can be divided into:

  • Collection virtual account

  • Deposit virtual account

Collection virtual account: A collection virtual account is a payment, disposable account that’s strictly used to collect payments from customers. This account expires once a transaction is made into the account. All settlements are made at the end of the day or instantly depending on the settlement schedule.

Deposit virtual account: A deposit virtual account is a static bank account that doesn’t expire. It accepts both credit and debit transactions. This account can be used as a store of value to receive, send, and spend money.

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