1. What is a virtual account?🔗

Normally, businesses accept online payments from their customers via NEFT. However, the payment reconciliation process requires a lot of time and manual effort. Razorpay virtual accounts allow you to accept payments through online methods such as NEFT, RTGS and IMPS via transactions made to a virtual receiver, that is, a virtual bank account. Since each Payment Link is associated with a virtual account, payment reconciliation is easy.

2. How will the payments made by customers be settled to my bank account?🔗

The net amount (payment minus fees and taxes) is transferred from the virtual account to your bank account as per your settlement schedule.

3. If I enable Bank Transfers as a payment method for Payment Links, will it appear as a payment option on other Razorpay products as well?🔗

Yes, once this feature is enabled, it will appear in all instances of Razorpay Checkout, be it Invoices, Payment Pages or the Checkout integrated on your website. You cannot enable or disable it for specific products.

4. Will a new virtual account be created for multiple partial payments made on a Payment Link?🔗

No. Each Payment Link will have only one virtual account associated with it. Even if multiple partial payments are made against the link, the amount will be received by the same virtual account.

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