Virtual accounts are digitally created bank accounts that operate exclusively online. Unlike conventional bank accounts that are linked to a physical branch or come with a debit card, virtual accounts are entirely managed through digital platforms.
Since these accounts aren’t tied to physical cards or branch locations, users can access and use them without visiting a bank or owning a physical card. Nonetheless, they offer many of the same capabilities as traditional accounts, including the ability to receive money, make payments, and settle bills.
Lendsqr’s virtual account system is a smart and user-friendly way to handle payments. It provides a dedicated and secure avenue for transactions, making it an ideal choice for lenders and users alike.
How virtual accounts system works:
When lenders and users register on Lendsqr, the platform generates unique virtual account details for them. These details typically include an account number and the name of the associated bank.
For lenders, making payments to these virtual accounts is a breeze. The lender initiates a transfer from an external bank account to the provided virtual account and the transferred amount instantly appears in the lender’s dedicated disbursement account within Lendsqr.
For users who have signed up with a lender, the process is equally smooth. When these users transfer funds to their own virtual accounts, the amount reflects instantly in their Lendsqr wallet.
Settlements to Lender
Users’ wallet funding does not reflect instantly in the disbursement account of the lender but will be settled to the lender on a T+1 basis into their disbursement account.
By default, the settlement amount is deposited into the disbursement account of the Lender. However, Lendsqr recognizes that preferences may change, and lenders have the flexibility to modify their settlement accounts if desired. Should you wish to update or change your settlement account, kindly send an email to support@lendsqr.com.
Learn how to mask/unmask virtual accounts here