How Does It Work?
The B2B Virtual Account Payment Method system can be used to develop end-to-end payables solutions for automating the process of paying your suppliers. You will need to use several of the APIs described in the below section to accomplish this. This section explains high level payment processing flow for clients who are looking for an end-to-end payables solution.
Step 1: Buyer generates a payment instruction file and sends to you (third party).
Step 2: You (third party) make API calls for payment processing.
Step 3: The system sets controls on the account for Supplier Initiated Payments (SIP); it submits Straight through Processing (STP) transactions to acquirer for processing.
Step 4: The system sends confirmation of payment processing via API response.
Step 5: The system sends remittance notification and/or an optional file to the supplier.
Step 6: Supplier collects the payment using the card sent in the payment advise notification for SIP transactions; In the case of BIP (buyer initiated payments or STP) funds are deposited directly to supplier’s merchant account for STP transactions.
Step 7: The system matches the settlement with the payment.
Step 8: The system sends the reconcilliation data via API or file to you (3rd Party).