Virtual Account Collections

Overview

Virtual accounts are a way to seamlessly collect funds from individuals and businesses and help in reconciliation. Virtual accounts are set up on underlying business accounts, which can be current, escrow, or nodal accounts.

Decentro can power collections through virtual accounts on its account and a platform's bank account with any of its partner banks. Payers can load a virtual account through IMPS, RTGS, NEFT, or IMPS, and the same can be settled to the platform.

Usecases

Decentro's virtual account-based collections can cater to multiple use cases.

• Repayments: collect one-time or downpayments from borrowers in case of supply chain financing or very large ticket collections.
• Investments: collect one-time from your customers for large ticket transactions, which can be settled to a clearing house or AMC for investment use-cases like Mutual funds, etc.
• E-commerce: collect from your SME or business buyers in the case of B2B marketplaces or commerce platforms without having to use a debit card or credit card.

Pre-requisites

• Create a virtual account for a customer/partner/vendor with Decentro through APIs or from Decentro's dashboard.
• Configure a Master virtual account for yourself. Please mail us at [email protected] for Decentro to configure this at its end.
• Configure callbacks for balance to receive updates on each credit and debit. Please mail us at [email protected] with the callback endpoints.
• Configure callbacks for Pre-Deposit Check to ensure credits from a relevant bank account. Please email us at [email protected] with the callback endpoints.

Flow

Below is the flow if the platform leverages Decentro's intent flow/payment link capability.

• The platform creates a virtual account by passing the relevant details using the Create a Virtual Account API.
• The platform can display the virtual account and associated IFSC code on its website at checkout or embed them on a third-party platform, such as ERP systems.
• The payer enters the virtual account details in their Bank's netbanking app in case of NEFT/RTGS/IMPS loading or from a UPI app for UPI-based loading.
• The payer enters the amount and authorizes the transaction on the app by entering a valid PIN or credentials in their Netbanking app or getting credited from the source directly.
• The platform receives a Pre-Deposit Check callback from Decentro to a pre-configured endpoint, which must be confirmed if the platform wishes to accept the funds from the payer's bank account.
• The platform receives an account balance callback from Decentro with the updated balance for successful transactions only against the passed ledger account number.

The platform can undertake the above activities on Decentro's dashboard, view the status of a payment link, and download the reports.

Decentro settles the funds collected on behalf of the platform to the registered bank account according to the agreed-upon timelines, which are shared at the time of onboarding.

Integration

If you have any queries, please refer to the Collections FAQspage.