Introduction:
Would you believe it if we told you that with virtual accounts, you could bid goodbye to your physical bank setups and manual tracking of payments? Yes, you heard it right! Virtual Account API enables you to receive and manage expenses, track transactions and reconcile accounts virtually.
Virtual Payment API bestows businesses with immense benefits, including streamlined payment management, enhanced payment accuracy, improved payment security, flexibility and scalability, and increased cost savings.
By providing virtual bank accounts for customers, suppliers or partners, businesses, both large and small-sized enterprises, can reduce the operational cost, expand their reach, speed the transaction process, boost their efficiency and manage multiple accounts proficiently. To learn more about virtual accounts’ integration process, payment tracking methods, etc., continue to read the blog.
Integrating Virtual Account API into your existing payment system:
One should plan, configure and test that payment gateway are processed correctly, tracked promptly and reconciled accurately before integrating Virtual Account API into an existing payment system. It requires experts’ help, such as a developer or integration specialist, to set up the virtual account correctly, taking all the necessary steps for the security and accuracy of payment.
Though the integration of Virtual Account API into an existing payment system differs depending on the usage of a specific payment system and API, the general structure is as follows.
- Firstly, you should select a Virtual Account API provider that can meet your financial needs and be adaptable to your existing payment system.
- Secondly, you should procure credentials like an API key or token from the provider to authenticate your payment system with the API.
- Thirdly, you should set up the API endpoints to your payment system to interact with the Virtual Account API.
- Next, you should configure additional API settings like payment thresholds, payment processing rules and other parameters affecting your payment processes and tracking.
After integrating the Virtual Account API into the payment system, run a test to check if the payments are processed correctly and tracked accurately. After examining, you can implement the integration into production. You should monitor and update regularly and troubleshoot in case of any rise of issues.
How to create virtual accounts for customers, suppliers or partners?
Once you have chosen the apt API provider, here are the steps to create virtual accounts for customers, suppliers or partners.
- Sign up for an account in the opted API provider and complete the verifying process by adding the customer’s identity details and the respective payment system.
- Use the Virtual Accounts API’s tools and documentation to create virtual accounts for your customers, suppliers and partners.
- Each virtual account will have a unique account number or identifier, with which payment collection and tracking get simpler.
You can also customise the virtual accounts’ settings by changing the payment processing rules, payment thresholds, and other parameters.
Assigning payments to virtual accounts:
Payment collection has never been this simple! Assigning payments to virtual accounts includes the following general steps.
- Gathering of payment information: When a customer, supplier or partner makes a payment, payment details such as amount, date and other relevant data are collected.
- Identifying the virtual account and assigning the payment: Payment should be assigned by identifying their unique virtual account number. API processes automatically, or one can do it manually using the payment system’s user interface.
Assigning the payment to the correct virtual accounts is crucial to eradicating errors or discrepancies in payment tracking and reconciliation. Virtual Account API makes this process easier by providing a secure, automated payment collection and tracking solution for businesses to manage multiple payments across varied channels and platforms efficiently.
Tracking payment activity:
You can track your payments seamlessly with Virtual Account API. Its powerful tools can simplify the process of managing payment workflows across multiple channels and platforms and enhance transaction accuracy, efficiency, and security, elevating the payment experience for customers, suppliers and partners. Virtual Account API helps payment tracking by,
- Payment history: Providing a detailed payment history for each virtual account, through which one can monitor the payment processing details and ensure payment collections and reconciliations get done correctly.
- Payment reconciliation: Reconciling the payments, including bank transfers, credit card transactions and other payment methods, so errors and discrepancies are quickly identified and resolved.
- Payment reports: Generating custom reports on payment activity, making it easier for businesses to track payment trends, mark potential issues and develop payment processing workflows.
- Payment notification: Sending notifications to customers, suppliers and partners who have initiated the payments when payments get processed and received. This way, it accounts for extreme levels of transparency and communication in payment, thus reducing the risk of errors and disagreements.
Best practices for using Virtual Account API:
Here are some best practices for businesses to manage their payment workflow using Virtual Account API.
- Check for compliance: Businesses should check that they approve of the relevant regulations, including the data privacy, security and financial transactions for using the Virtual Account API.
- Select a good API provider: They should opt for a reputable API provider to ensure encryption and multi-factor authentication to safeguard against potential threats.
- Proper setup of virtual accounts: Businesses should set their customers, suppliers and partners’ virtual accounts correctly to meet all the rules and guidelines.
- Overseeing payment activity: Businesses should keep track of the payments made, the current trends, potential threats, and transaction flow better and efficiently.
- Effective communication: Regular interaction with customers, suppliers and partners about virtual accounts usage, its payment process, and issue resolution will push users to opt for virtual payment methods to traditional payment systems.
- Training employees: By mentoring workers stinting with the Virtual Account API to set up the account, assign payments and supervise payment activity efficiently.
Apart from these practices, integrating the Virtual Payment API into other accounting software helps automate the payment and lowers the risk of errors and delays. Also, businesses should review and optimise workflows for better working and enhancement.
Why should you opt for NTT DATA Payment Services?
NTT DATA’s virtual payments have entirely removed the physical reliance on traditional paper-based methods such as faxing in hotels, elevating the travel industry and thus paving the way to virtual communications. NTT DATA Payments Service ensure a secure and safe digital payment future with its powered payment solution. With its real-time reporting tools, you can track, manage and monitor the payments you receive and process on a real-time basis and generate reports seamlessly.
Its simple, easy and quick integrations come with a comprehensive guide and expert support to accept all sorts of payments. NTT DATA’s customised payment solutions profits businesses, from broking and crypto to healthcare, government and hospitality. Being Asia’s No.1 digital payment service provider, it elevates customers’ payment acceptance experience efficiently.
Conclusion:
With as many benefits as easy payment methods and reconciliation, automated cash collections and wallet facilities, Virtual Account API ensures time and cost reduction in the manual collection and tracking of payments and helps manage your money and accounts for better security like a pro.