Virtual Account Overview

Learn how to create merchant virtual accounts on BaseOne

Virtual accounts enable you to offer your customers accounts with real account numbers to accept funds. They work like standard bank accounts. Therefore, you can use them for inward and outward transactions.

Types of Virtual Accounts

  • Dynamic accounts: Dynamic virtual accounts enables you to create virtual account numbers that are only valid for a limited time — typically 30 minutes. They can't hold money. The funds collected by dynamic accounts are passed into a merchant settlement account that holds the funds.

  • Static-collection accounts: Static-collection virtual account types generate permanent account numbers. Unlike dynamic types, this won't expire, but like dynamic types, the funds collected will be passed into a virtual account collection pool account. You can use this type of virtual account when you have a ledger in your system that keeps the account balance of your customers, and you don't want the account to expire.

  • Static accounts: BaseOne static virtual accounts is a powerful system that enables businesses to create permanent virtual account numbers mapped to BaseOne's account ledger. You can therefore use static accounts to leverage the robust ledger in BaseOne to keep the account balance for your customers without having to build your ledger. Unlike other types, funds collected into a static virtual account will not be pooled. The funds collected will reflect in the specific static account wallet.

Virtual Account Providers

The following table lists the virtual account providers available on BaseOne and the type of virtual accounts they support.

Provider BankDynamicStatic-collectionStatic
Providus
Sterling

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Supported Countries

Currently, the BaseOne Virtual Accounts API is available in Nigeria 🇳🇬

Development Environments

The sandbox allows you to test the features and APIs. You can carry out live implementations in the production environment. The sandbox API keys work with the sandbox environment. Use live keys only in production live mode.

For the dashboard UI:

https://sandbox-app.baseone.co/virtual-accounts
https://baseone.co/virtual-accounts

For the API gateway:

https://sandbox.baseone.co/virtual-accounts
https://gateway.baseone.co/virtual-accounts

Credit notification via webhooks

You can configure your merchant integration to get notifications for credit events on virtual accounts. Take the following steps to set up webhooks:

  1. Log in to your BaseOne dashboard and go to the Settings section.
  2. Fill in your webhook URL and other details under the Company Settings
  3. Click Update

Next, you can start to receive the notification payload via your webhook endpoint. Learn more about Webhooks.

You can check out the details of the features provided by the Virtual Accounts API in the API reference.