Virtual Accounts service by ABA Bank provides a smart, cost-effective solution for businesses that receive large volume of payments and spend a lot of time on reconciliations. If you are having trouble understanding who exactly is paying you and reconciliation is getting delayed because of manual processes, then ABA Virtual Accounts service is what you need!
How it works
Collect payments from any channel
No manual errors
Reduce operational costs
With ABA Virtual Accounts, you can create multiple virtual accounts under a single business account and assign each virtual account to a paying customer, distributor, agent or branch and view the transaction statement instantly.
Virtual Accounts for ABA POS
Virtual Accounts integration with ABA POS terminals is a unique solution for businesses who receive and process payments at multiple retail stores. Businesses can simply log onto their ABA iBanking for Business platform and create Virtual Accounts for multiple stores in a few clicks and assign them to each POS terminal, eliminating manual reconciliations and maintaining real-time cashflows from different outlets.
Who can benefit from this?
With ABA Virtual Accounts, business owners can use any local payment channel to transfer into a virtual account. Incoming payments are reconciled automatically and instantly so you can release your customer credits faster, increase sales and focus more on your business while reducing operational costs. This service can be used in conjunction with other ABA iBanking for Business (IBB) services such as Host-to-Host solution.
This service is free of charge for all ABA business accounts. If you want to learn more about how ABA Virtual Accounts service can benefit your business, approach your Relationship Manager at the nearest ABA Branch today. You can also contact us at 023 925 333 or get in touch with our IBB team at [email protected]ababank.com.