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Static Virtual Accounts

The Static Virtual Accounts API empowers you to create and manage dedicated virtual account numbers for your customers. These accounts provide a permanent, reusable bank account number that customers can use to make payments directly to your business.

What are Static Virtual Accounts?​

Static Virtual Accounts are unique bank account numbers assigned to individual customers or entities. Unlike traditional bank accounts, these virtual accounts are created programmatically and linked to your merchant account, allowing you to receive payments without maintaining separate physical accounts for each customer.

Key Characteristics​

  • Permanent: Once created, the account number remains the same for the customer
  • Dedicated: Each customer gets their own unique account number
  • Reusable: Customers can make multiple payments to the same account number
  • Trackable: All payments to a specific virtual account are automatically linked to the customer
  • Secure: Funds are received directly into your merchant account

How Static Virtual Accounts Work​

When you create a static virtual account for a customer:

  1. Account Generation: A unique bank account number is generated and assigned to the customer
  2. Account Linking: The virtual account is linked to your merchant account
  3. Payment Routing: When customers transfer funds to this account number, the payment is automatically routed to your merchant account
  4. Payment Tracking: Each payment is automatically associated with the customer's virtual account, making reconciliation straightforward

Benefits of Static Virtual Accounts​

For Merchants​

  • Simplified Reconciliation: Each customer has a unique account number, making it easy to identify and track payments
  • Improved Cash Flow: Receive payments directly into your merchant account without manual processing
  • Better Customer Experience: Customers get a dedicated account number they can save and reuse
  • Reduced Payment Errors: Unique account numbers minimize the risk of misdirected payments
  • Automated Processing: Payments are automatically credited to your account

For Customers​

  • Convenience: Save the account number once and reuse it for future payments
  • Faster Payments: Direct bank transfers without additional steps
  • Payment History: Easy to track payments made to their dedicated account
  • Familiar Process: Uses standard bank transfer methods customers are already familiar with

Practical Use Cases​

1. Digital Wallets​

Create a dedicated virtual account for each wallet user, allowing them to:

  • Fund their wallet by transferring money to their unique account number
  • Make recurring deposits without generating new payment links
  • Maintain a consistent payment method tied to their wallet account

2. Recurring Payments & Subscriptions​

Assign static virtual accounts to customers with recurring payment needs:

  • Subscription Services: Customers can set up automatic bank transfers to their dedicated account
  • Membership Fees: Members can use the same account number for monthly or annual payments
  • Loan Repayments: Borrowers can make regular payments to their assigned account

3. B2B Payments​

Provide business customers with dedicated virtual accounts for:

  • Invoice Payments: Each client gets a unique account number for easy payment tracking
  • Vendor Management: Assign accounts to different vendors for streamlined payment processing
  • Corporate Accounts: Large organizations can have multiple virtual accounts for different departments or projects

Static vs Dynamic Virtual Accounts​

Understanding the Difference

Static Virtual Accounts provide a permanent account number that remains the same for each customer, ideal for recurring payments and long-term relationships.

Dynamic Virtual Accounts generate a new account number for each transaction, better suited for one-time payments where you want to automatically match payments to specific transactions. See here for more details on generating dynamic virtual accounts.

Getting Started​

To start using Static Virtual Accounts:

  1. Create an Account: Use the Generate Static Account Number endpoint to create a virtual account for a customer
  2. Share Account Details: Provide the customer with their unique account number and bank details
  3. Receive Payments: Customers can transfer funds to the account number using any bank transfer method
  4. Track Payments: Monitor incoming payments through your dashboard or via webhooks

Security & Compliance​

  • All customer data is encrypted before transmission using RSA encryption
  • Virtual accounts are linked to your verified merchant account
  • Payments are processed through secure banking channels
  • Full compliance with financial regulations and data protection standards

Next Steps​