Collections

Electronic Collection

Consolidate your payment collection and improve your working capital

Collect payments from a large number of your customers with DBS Electronic Collection. Our complete suite of electronic receivables management solutions include the unique Virtual Account (VA) that you can create and assign to each of your payer, so you can easily identify the paying customer and the purpose of payments. All Virtual Accounts that you create and assign to are electronically linked to your master account.

 

Why choose DBS Electronic Collection?

  • Gain better control and insights of your day-to-day incoming funds from your key customers with our pull-based Electronic Clearing Services (ECS/NECS) across more than 90 centres giving you access to initiate fund receipts with ease
  • Receive flexible credit arrangements to suit your working capital needs
  • Make prompt and informed decisions through comprehensive analytics, automated reconciliation and intelligent real time advising
  • Receive funds promptly. We offer guaranteed receipt of funds on the same day of instruction and the availability of payer and transaction details.
  • Enjoy significant cost reduction as there are no transaction processing charges. You also avoid high processing and administrative costs associated with cheque and cash collections
  • Avoid risks associated with paper-based payments. Examples include cheques returns, fraudulent encashment, and counterfeit notes

FAQs

What is a Virtual Account (VA)?

A virtual account is an account created and assigned to each of your paying customer, for example, a main distributor or buyer, so that your company will be able to differentiate each payment from the payment source. The payments made to the different Virtual Accounts will be automatically directed into your master account. The Virtual Accounts can also be integrated into your company’s ERP (Enterprise Resource Planning) system for better accounts reconciliation.

Do I need to have a DBS Business Account to use VA services?

Yes, you will need to have a business account with us in order to use this service. Your business account will act as your master account when using VA. If you do not have a business account with us, please call any of our Branches and we’ll arrange for a Relationship Manager to assist you. You may also visit our Business Account page for more information.

How many days does it take to register for a new VA?

It takes three working days to register a new VA.

When my customer pays me through the VA number, does the fund go directly to the VA or my master account?

The funds will go directly to the master account registered for the VA, since the VA serves only as a mirror account for the actual master account. The purpose for a VA is to help your business accounting with a better process for consolidation and tracking of payments from the same payer.

Which is my master account?

The main business account that you hold with us is referred to as your master account.

Awards

Awards we have won recently
Best Asian International Transaction Bank

Best Asian International Transaction Bank

2013
Best Global Cash Management Bank in Asia Pacific

Best Global Cash Management Bank in Asia Pacific

2012
Best Global Cash Management Services in Asia Pacific

Best Global Cash Management Services in Asia Pacific

2012
View All

 

How do I apply?

Please call any of our Branches and our Relationship Manager will be glad to assist you.

Get In Touch

DBS BusinessCare: 1800 419 9500

Get In Touch

DBS BusinessCare: 1800 419 9500

DBS Treasury Prism
DBS Treasury Prism

Optimise cash management through a revolutionary digital platform that provides real-time, dynamic insights.

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