A virtual bank account is a non-physical account that functions just like a traditional bank account, allowing you to send and receive payments seamlessly. On Fincra, merchants are assigned standard IBAN or NUBAN account numbers to receive payments in multiple currencies without the complexities of international banking.
Fincra offers virtual accounts in NGN, EUR, USD, and GBP to simplify local and cross-border collections. Additionally, businesses can leverage Fincra’s Virtual Account API to issue virtual accounts for their users. This allows you or your customers to receive payments by bank transfer, with settlements in your balance.
Fincra provides both temporary and permanent virtual accounts to suit different payment needs.
- Temporary virtual accounts are ideal for receiving one-time payments, such as payments made through checkout sessions or single-use transactions.
- Permanent (dedicated) virtual accounts are designed for businesses that receive frequent or recurring payments, offering a consistent and reusable account number for ongoing collections.
This flexibility allows merchants to choose the account type that best fits their payment flow and customer behaviour.