Virtual Bank Accounts (VBAs) let you collect payments from customers via simple bank transfers. Since each virtual account is dedicated to a specific customer, every payment received automatically links directly to them. Customers can complete payments from their preferred bank into the virtual account assigned to them.

How to accept payments from customers through Virtual Bank Accounts

There are four main steps to note when it comes to accepting payments from your customers with Virtual Bank Accounts:

• Send an email to support@korapay.com to request access to the KES Virtual Bank Account feature.
• Create VBAs for your customers: To create Virtual Bank Accounts for your customers, make a request to the Create Virtual Bank Account API. The creation of KES accounts occurs asynchronously. Initially, the account will be in a pending status and will only be available to receive funds once you are notified via webhook that the account is active. 
• Set up Webhook: Since payments to virtual accounts are initiated outside your application, you can only be notified when the payment is complete. This makes it important to set up webhooks so that Kora can notify you when your customers make payments.
• Verify payments: After you receive a webhook notification from us, verify the payment by sending a request to our Transaction Query API.

View our API Documentation here for more information.

How to get the details of a Virtual Bank Account after it has been created

You can find all Virtual Bank Account details under the 'Virtual Accounts' section on your Merchant Dashboard. Here's how to access them:

• Log in to your dashboard.
• Navigate to the Virtual Accounts page.
• Search for the Virtual Bank Account using the Account Name, Account Number, or the Account Reference.
• Click on the account to view more details

To retrieve details of a virtual account using the API, request the Virtual Bank Account Query endpoint.

The transaction and account limits

The minimum amount your customers can pay into a virtual account is 2 KES, while the maximum amount is 500,000 KES. However, this is subject to your customer's daily limit set by their bank.

By default, you can only create a total of fifty (50) virtual bank accounts. If you need to upgrade this limit, please send a request to support@korapay.com.

Settlement timeline

The settlement time is T+1 for payments made to KES Virtual Bank Accounts.

How to suspend or delete a Virtual Bank Account

To suspend or delete a Virtual Bank Account, send an email to support@korapay.com with the reason for suspension or deletion and details of the virtual account.

Available banks for KES Virtual Bank Accounts

Only Choice Bank is currently supported. More banks will be available soon.

What are the fees charged for payments to the Virtual Bank Accounts?

The fees for payments to the Virtual Bank Accounts are charged per transaction. Kindly reach out to support@korapay.com if you have more questions regarding fees.