The majority of lenders operate outside the realm of traditional banks, thus they do not facilitate savings accounts. The virtual account numbers issued are exclusively intended for loan repayment purposes. Occasionally, borrowers misconstrue this arrangement and deposit funds into these accounts prior to obtaining a loan, sometimes without any intention of doing so.
Consequently, this can cause an imbalance in your disbursement account because you are settled for these funds but the user will withdraw their full amount.
You can prevent this by masking the virtual account so that the user is unable to fund their account and they understand that this is not a savings platform.
Read Further: Receiving payments with virtual accounts
You can do this in the following steps
- Click the “Settings” icon and select “System Configurations”
- Navigate to “Organization Settings” and select this option
- Click on ‘Mask Virtual Account for Non-Savers’
- Toggle the check mark to select the desired option
- Click “Create” to save the settings
