Overview

Virtual accounts are specially generated bank account numbers that allow you to seamlessly receive payments via bank transfers. With these virtual accounts, you can simplify the payment process for customers and track transactions with greater accuracy. Currently, Flutterwave virtual accounts are only available in naira.

Important Note: Virtual accounts are distinct from virtual cards. While virtual cards are used for making online payments, virtual accounts allow you to collect payments from customers.

Types of Virtual Accounts

Flutterwave offers two types of virtual accounts:

1. Dynamic Virtual Accounts (Temporary)
2. Static Virtual Accounts (Permanent)

Static Virtual Accounts (Permanent)

Static virtual accounts are long-term, reusable accounts that are assigned to specific customers. These accounts are ideal for recurring payments, allowing the customer to use the same account for multiple transactions over time. Static accounts make tracking and reconciling payments much simpler for businesses, as the same account number can be used across different payment periods or services.

Sample Use Cases:

1. Recurring Payments for Utility Bills
   A utility company assigns a static virtual account to each customer, simplifying monthly bill payments.

2. Membership Fee Payments for Clubs
   Gyms or clubs assign static virtual accounts to members for collecting regular membership fees.

3. Subscription Management for Service Providers
   Streaming services and other subscription-based platforms assign static virtual accounts to subscribers for ongoing payments.

4. School Fee Payments
   Schools assign static virtual accounts to parents or students to streamline semester or term payments.

5. Tenant Rent Payments for Property Management
   Property managers can assign static virtual accounts to tenants for easy and consistent rent collection.

How to Create a Static Virtual Account

To create a static virtual account, make an API request to the Flutterwave endpoint. You can specify the account as permanent by passing the is_permanent field as true.

Sample cURL Request:

curl --request POST 'https://api.flutterwave.com/v3/virtual-account-numbers' \
  --header 'Authorization: Bearer YOUR_SECRET_KEY' \
  --header 'Content-Type: application/json' \
  --data-raw '{
    "email":"[email protected]",
    "tx_ref":"apex_tx_ref-0022221",
    "phonenumber":"08100000000",
    "is_permanent": true,
    "firstname":"John",
    "lastname":"Doe",
    "narration":"UW customer No.40",
    "bvn": "1234567890"
}'

Sample Response:

{
    "status": "success",
    "message": "Virtual account created",
    "data": {
        "response_code": "02",
        "response_message": "Transaction in progress",
        "flw_ref": "FLW-211b4eea7b3d465d8797fa354c127f79",
        "order_ref": "URF_1726608838391_595235",
        "account_number": "8548777800",
        "frequency": "N/A",
        "bank_name": "WEMA BANK",
        "created_at": "2024-09-17 21:33:58",
        "expiry_date": "N/A",
        "note": "Please make a bank transfer to UW customer No.40 FLW",
        "amount": "0.00"
    }
}

Benefits of Static Virtual Accounts:

1. Consistency: Use the same account number for repeat payments from a customer.
2. Easy Reconciliation: Each account is tied to a specific customer, simplifying payment tracking.
3. Automated Processing: Ideal for automated payments, such as subscriptions, membership fees, or bills.

Conclusion

Static virtual accounts are a powerful tool for businesses that need to handle recurring payments efficiently. By offering a reusable, customer-specific payment solution, businesses can streamline their payment processes and ensure smoother reconciliation for each transaction. Whether you're managing rent payments, school fees, or subscription services, static virtual accounts offer a reliable, long-term solution.