Virtual Accounts
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.
NOTE: When using a Virtual Account provided by Volume, the payment reference will be generated by Volume, meaning you will not be able to include a custom payment reference. On the other hand, the account holder name displayed on the customer’s bank statement will appear as your registered business name.
Funds flow
All customer funds will be temporarily collected in the provided Virtual Account, enabling fast and efficient refunds. Payouts are processed Monday through Friday at 15:00 UTC, while payments collected over the weekend will be disbursed on Monday morning.
Additionally, you can request a manual payout anytime through the Volume Merchant dashboard (opens in a new tab).
