Virtual accounts are accounts created by Volume, expanding our functionality with:
- ability to refund payments to original payers
- ability to make payouts
- webhook notification about funds being settled on your virtual account
In a default case, your Merchant Application is setup in our system with an external bank account provided by you. We do not have access to it. We cannot make payments out of that account. We do not have visibility over operations being done in that account.
Virtual Accounts is a feature that is a remedy to all these limitations allowing us to provide you with additional functionalities listed above.