Virtual Account
Last updated
Last updated
Virtual accounts are a collection/payin method that allows the Company to create multiple accounts and receive local ACH bank transfers with the benefit of having an easier reconciliation process by assigning the account to a specific merchant or end user.
Our Virtual account solution will allow you to create multiple accounts for your merchants and customers to have real time collections in local currencies.
Since each virtual account is unique, receiving funds into a specific virtual account makes it easier and faster for businesses to identify who made each transaction.
Users will be able to receive payments, through a more professional UX with real-time notifications.
LP client request to create Virtual accounts
LP provides virtual accounts Client delivers to end users the virtual accounts
End user executes payments to their virtual accounts
LP confirms the credits via callbacks
When you create a virtual account, you will receive a bank account number, with the detail:
| Country | Local ACH denomination for the virtual account | Currency |
|---|---|---|
You can open Virtual account for C2C, B2C and B2B model
To request the creation of a Virtual Account use the following method:
Once the creation of a Virtual Account has been requested, you will receive notifications of the status of the request. To know the webhook notification format check the Completed and InProgress tabs in the following link:
Or you can check the status using the following method:
After you have created the virtual accounts, users will be able to receive payments through the local ACH network. Localpayment will send real time 24/7 notifications for each Payin received to the URL configured as Callback
You can check the webhook notification format in the "On receiving a payment" tab of the following link:
To check the Virtual Account created from our frontend you can follow the following tutorial
Argentina
CVU
ARS
Brazil
PIX (Email and random)
BRL
Mexico
CLABE - SPEI
MXN
