What is the use of Virtual Account Number API and Benefits of VAN API?

Softcare infotech
09-01-2023 11:30:11
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If you have a business, you may have heard about virtual accounts. It has become a hot topic of discussion in the corporate world due to its ability to improve business finances. Virtual accounts refer to non-physical accounts. While they are shadow accounts, virtual account numbers possess all the features of a conventional bank account. However, these account numbers have no workload or costs linked to maintaining a conventional account. The uniqueness of the virtual account number makes it easier for businesses to determine each transaction. Using virtual accounts, it becomes possible for real-time reconciliation of payments. If you have a business requiring money transactions between multiple users and vendors, you can use the best virtual account number API to create virtual accounts without wasting time. It makes financial transactions complex-free process.

Best Virtual Account Number API with benefits


About Virtual Account and Virtual Account Number API

A virtual account points to a dummy account you can create that works like a real account without exposing the account number to others. The unique number generated by the system based on logic remains exclusive. So, you can send or receive payments using the virtual account number on behalf of the real-time bank account. Normally, banks or payment service providers use virtual accounts to facilitate real-time reconciliation for businesses. It has now become easier with the VAN API from a trusted source.

Why have virtual accounts taken the business world by storm? A business may find it hard to figure out its payment activity. The payment from the vendors of customers for what can become confusing when you choose the manual payment tracking option. It is a tedious process most business people dread. A virtual account can make tracking payments easier to help your business stay on top of the collections.

Significance Of VAN API In Today’s Business World

In this competitive business world, you expect several payments to come in. Tracking them becomes hassle-free using the API from the trusted virtual account number API provider. Using a virtual account can also lower the operating costs of your business. It becomes possible due to managing multiple virtual accounts simultaneously while making reconciling payments easier. This method feels simpler and easier compared to manual tracking using a physical account.

If you have a large or medium-sized enterprise or financial institution, you can expand and speed up transactions using virtual accounts. The API can reconcile transactions and boost efficiency without hassles. It also simplifies bookkeeping. Customers can enjoy the best experience due to gaining access to their preferred payment mode.

Benefits Of API From Virtual Account Number API Provider

When you access the API from a trusted VAN API Provider, you can enjoy several benefits. Some of them include:

Create Various Virtual Account

Using the API, you can easily set up a virtual account for the customers and vendors. In simple steps, you can create virtual accounts within seconds.

Seamless Completion of Payment Requests

You can share the virtual account details of your business with prospective customers or vendors to accept payments. It is possible to complete the process using SMS, email, app, or SMS.

Instant Transfer of Money

You can use the API to simplify money transfers to virtual accounts using popular payment modes like IMPS, UPI, RTGS, and NEFT.

Reconcile Transactions in Real-time

Disburse and reconcile payouts to the customers, vendors, or partners automatically using the API. It makes it easier to maintain the ledger and streamline bookkeeping without facing problems.

Monitor And Share Status Updates

Notify the customers instantly after the completion of transactions. A business can also monitor the transaction flow between the customers, vendors, and your business bank account using the virtual account number API.

Save Time and Effort

Instead of going to the bank, filling out the forms, or completing tedious processes, you can use the API to start virtual accounts. You can open a virtual account from the comfort of your home. It is an effective and convenient process that saves time and effort.

Enhanced Customer Experience

Customers may feel despondent when they have no idea if your business has received the payments. Calling the merchants to confirm the payments can also lead to frustration. An API opening virtual accounts can fix this problem. Gaining access to the API aids in informing customers and vendors about the payment status instantly. It reduces frustration and improves customer experience. Your firm can enjoy positive interaction with the customers.

Pocket-Friendly Solution

The virtual account number API can offer cost-effective solutions. Using real-time accounts leads to payments of commissions each time you utilize the payment gateway services. While one transaction commission may seem minimal, when you sum up all the fees, it can end up as a substantial amount.

A virtual account can make payments at a reasonable commission. The banks can charge only a flat rate for the virtual account instead of a commission. It can bring down expenses drastically. A virtual account can act as a budget-friendly money manager for the business.

Access the Best Virtual Account Number API From A Trusted Source

When you wish to access the VAN API, choose a reputed platform like Softcare Infotech. The trusted platform offers B2B solutions based on your business needs. The features making Softcare Infotech the popular choice include:

·         Customized Solutions

You can access the best Virtual account number API based on your business requirements. While the solutions can address your business requirements, it comes at a competitive price. You can implement the API with ease to streamline the payment process.

·         A Team of Experts

A professional team with experience and skill develops the best APIs. The skilled team can implement the API that can work as a complete package for your business.

·         Feature-Rich API

The API with various features like authentication, routing rate, validation, statistics, and analytics can help your business gain an edge. With the competitive edge, your business can grow to greater heights.

Softcare Infotech can develop API with transparency. The inclusion of the latest technology while building the API will help your address challenges developing in implementing the payment systems. Softcare Infotech can help you learn the latest features to update your business in the ever-evolving payment landscape.


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