electronic-collection

Virtual Account

Easily identify paying customers and payment purposes

Virtual Account

Easily identify paying customers and payment purposes

At a Glance
Collect payments from a large number of your customers with DBS Electronic Collection. Take advantage of our complete suite of electronic receivables management solutions including the unique Virtual Account (VA)
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Virtual Account Solution

Create and assign Virtual Accounts  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.

Features & Benefits
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Better working capital management

Receive flexible credit arrangements to suit your working capital needs

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Clarity

Make prompt and informed decisions through comprehensive analytics, automated reconciliation and intelligent real time advising

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Receive funds promptly

We offer guaranteed receipt of funds on the same day of instruction and the availability of payer and transaction details.

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Saving

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

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Avoid Paper Based Payments

Avoid risks associated with paper-based payments. 

Contact Us

Schedule a callback via this online form.

Alternatively, you can reach us at 1800 103 6500 / 1800 419 9500

Email: businesscarein@dbs.com

 

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, do the funds 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.