The What, Why, and How of Virtual Bank Accounts
Considering how we’ve spent the last couple of months conquering the world over the internet, the art of moving your entire bank account online is going to be a cakewalk.
And by this I don’t mean turn to internet banking — take a step beyond the ordinary by opening a virtual bank account and let the new wave of comfort and convenience in managing your business finances do you some good!
Read on to find out everything you need to know about the what, why, and how of switching to a virtual account.
What is a virtual account?
Let’s take a mini detour that will simplify the process of understanding what having a virtual bank account can entail!
Have you ever sent or received a virtual hug?
Ever wondered why this particular GIF/ emoticon is doing phenomenally well on social media?
Well, perhaps because the emotion behind the act of embracement remains the same even without the physical interaction.
A virtual bank account is no different. And much like virtual hugs, it’s now a safer alternative!
Why is a virtual bank account better than a regular account?
If you’ve been thinking about how a virtual bank account stands out in comparison to a physical one, here’s your cue — it’s real, functional, and very efficient. Basically, all virtual accounts are linked to a bank account number and functions just like a physical bank account.
And once you open a virtual account, making deposits, withdrawals, and performing other bank transactions becomes a breeze, further eliminating the process of relying on traditional banking that often slows down your pace.
Here’s when players like Open — a business banking platform offering an online bank account (virtual account) steps in to help manage finances aptly. Built from ground up for small businesses, startups and freelancers alike — you can depend on it to:
- Open a brand new online bank account in 2 minutes
- Get the smartest credit card for business with up to 2 lakhs credit
- Collect hassle-free payments via online bank transfer and payment gateway
- Make vendor & salary payouts without having to add beneficiaries
- Create and share invoices with ease
- Auto-categorize all your business incomes and expenses
How can a virtual bank account help your business?
After you take a step towards making the switch, you will see how a virtual bank account can enable you to grow your business by
- Increasing cost efficiencies
- Being flexible and tailor-made as per your need
- Reducing manual labor and dependencies
- Allowing easy tracking of transactions
- Helping avoid tedious banking procedures
- Offering virtual cash pooling to better manage corporate liquidity
The pros don’t end just here. There’s more!
Say you own a small business and need to collect payments from clients. With a traditional bank account (which includes online banking), you will have a set of limitations that can cause inconvenience when you’re expecting timely payments. Whereas by opening a virtual bank account on business banking platforms like Open or Cashfree, you can expect quick turnarounds of T+2 days within India and T+5 days for international payments. You can also track them in one place, as they come with built-in APIs that are used to offer tailored solutions for your benefit!
There you have it, the what, why, and how of owning a virtual account. Sounds promising, doesn’t it? If yes, then create a virtual bank account soon and let the good times load!
