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Virtual Accounts

Fidelity
Virtual Accounts

Fidelity virtual account (also known as PayWithTransfer) is a digital bank account that is created and managed entirely online, without needing to visit any of our branches. It’s used mainly for electronic transactions such as payments, transfers and bill payments.

This is often used by businesses to manage their cash flow and separate funds for specific purposes.

  • Payments can be made easily anytime, anywhere via web, mobile app, POS, lifestyle channels and in-store shops.
  • 99.9% transaction success rate, instant settlement, and value to both merchants and customers.
  • It is available for wallet funding and cash collections through agents’ channels.
  • Availability of a reporting dashboard online real-time to confirm the status of payment and easy reconciliation.
  • Instant auto-reversal of failed transactions.
  • 24/7 support.

Types of Virtual Accounts

Our pioneering innovative solution for your online collection through our Virtual account service can be accessed through the below:

VIRTUAL ACCOUNTS

Fidelity Static Account

Fidelity static virtual account is a type of virtual account that has a fixed or permanent account number that remains the same for every transaction. This means that whenever a payment or transfer is made to the account, the same account number is used every time. These account numbers can be used both for web integration and instore merchants. 

VIRTUAL ACCOUNTS

Fidelity Dynamic Account

The Fidelity Dynamic Virtual Account is a type of virtual account  that allows merchants to generate distinct virtual account numbers for each transaction. This implies that a unique account number is created for every payment invoice. The Fidelity dynamic virtual account can be used by Web Online Merchants, Wallet Service Providers and Mobile Money Operators.

It’s Payment channels include:

  • Web/Online
  • Instore Virtual account (POS/Decal)
  • Payment Link

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Frequently Asked Questions

What is a virtual account?

A virtual account (also known as PayWithTransfer) is a digital bank account that is created and managed entirely online, without needing to visit a physical bank branch. It’s used for electronic transactions such as payments, transfers, and bill payments.

This is often used by businesses to manage their cash flow and separate funds for specific purposes.

How do virtual accounts work?

Virtual accounts work by using a unique identifier or code that is assigned to each customer or transaction. This identifier is used to track and manage the transactions associated with the Account. 

What are the benefits of virtual accounts?

Virtual accounts offer several benefits, including improved transaction tracking and management, reduced transaction costs, increased security, and greater flexibility in payment processing. 

How do I open a Fidelity Virtual Account as a Merchant?

The merchant must be an account holder in Fidelity bank and to get started click on the link below. In general, you will need to provide personal or business information and create a unique identifier or code for the account. 

What is the documentation needed?

Completed Virtual Account form only, CLICK HERE TO GET STARTED

Do I need to visit a Fidelity Bank Branch to set up?

No, you can get started remotely. CLICK HERE

Any charges and does it attract a minimum balance?

No additional charges

What is the Turn-Around Time for Instant Settlement?

Settlement is instant

How can payments be confirmed or validated?

A reporting dashboard is availed to merchant online real-time to confirm the status of payment. Also via emails and instant SMS payment notification.

Is there a transaction limit for payments through Virtual Account?

No, there is no limit. The only limit is one imposed by the Merchant.

What industries use virtual accounts?

Virtual accounts are used in a wide range of industries, including e-commerce, retail, and healthcare examples are hotels, airlines, Eateries & Restaurants, Petrol Stations.

Can Virtual Accounts be used for international transactions?

Yes, virtual accounts can be used for international transactions, although the specific requirements and restrictions may vary depending on the Merchant request.

What is the difference between a virtual account and a traditional bank account?

The main difference between a virtual account and a traditional bank account is that a virtual account is entirely digital. Additionally, virtual accounts often offer more flexibility and lower transaction costs than traditional bank accounts.

Are virtual accounts secure?

Yes, virtual accounts are generally secure, although it is important to follow best practices for online security, such as using strong passwords and enabling two-factor authentication.

Can virtual accounts be used for recurring payments?

Yes, virtual accounts can be used for recurring payments, such as subscription services or regular bill payments.

How many types of Fidelity Virtual Accounts exist?
  • Static Virtual Account
  • Dynamic virtual account.
What is a Static Virtual account?

A static virtual account is a type of virtual account that has a fixed or permanent account number that remains the same for every transaction. This means that whenever a payment or transfer is made to the account, the same account number is used every time.

What is a Dynamic Virtual account?

A dynamic virtual account is a type of virtual account that generates a unique account number for each transaction for a payment to be made within a certain duration. This means that whenever a payment or transfer is made to the account, a different account number is generated each time. 

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