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?
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.
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.
It takes three working days to register a new VA.
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.
The main business account that you hold with us is referred to as your master account.
How do I apply?
Please call any of our Branches if you need more information and we will arrange for a Relationship Manager to assist you.