meCash Virtual Account
The meCash Virtual Account feature provides your business with unique bank account numbers linked directly to your meCash wallet. You can assign these accounts to individual customers, who can then pay you via a simple bank transfer. All incoming funds are automatically credited to your wallet, functioning just like a traditional bank account.
Supported Currencies
Virtual accounts are currently available in the following currencies:
- Nigerian Naira (NGN)
- Malawian Kwacha (MWK)
Types of Virtual Accounts
meCash offers two types of virtual accounts to suit different business needs, both of which can be created on-demand through our API:
- Static Virtual Accounts: These are permanent accounts ideal for businesses that need a consistent account for receiving payments from multiple sources.
- Dynamic Virtual Accounts: These are temporary accounts created for a specific transaction. They have a defined lifespan and are suitable for single-use payment scenarios.
Settlement Options
meCash provides flexibility in how you receive your funds, allowing you to choose the settlement schedule that best fits your business operations:
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Instant Settlement: Funds are credited to your meCash wallet immediately after the customer's payment is successfully processed. This is ideal for businesses that require real-time cash flow.
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T+1 Settlement: Funds are credited to your meCash wallet on the next business day, typically within 24 hours of the transaction. This option can simplify end-of-day reconciliation processes.
How meCash Virtual Accounts Work
Virtual accounts streamline the process of receiving payments by connecting traditional bank transfers to your meCash wallet.
Here's a step-by-step breakdown of the process:
- Account Generation: A unique virtual bank account number is created and assigned to your business.
- Customer Payment: You share this account number with your customer, who makes a payment via a standard bank transfer.
- Automatic Crediting: The funds are automatically routed and credited to your central meCash wallet.
- Real-time Notification: You receive a notification for the incoming payment, allowing for easy tracking and reconciliation.