By Team MyGate
Feature In Focus: Society Payments via Virtual Accounts
By Team MyGate
The Accounts and Payments feature on MyGate not only helps the association members manage community finances smartly but also offers a one-click payment convenience to all residents. In our latest update, we’re facilitating society payments via Virtual Accounts, which will further simplify the effort of managing society finances for both committee members and residents.
What is a Virtual Account?
Virtual Accounts are digital account numbers that are used to make and receive payments on behalf of a physical account. Each resident is assigned a unique virtual id for an account they use to make society payments. This is a one-time effort that helps centralise accounts’ payables and receivables.
Why switch to a Virtual Account?
At MyGate, we’re constantly keen to know what our users expect from the app. In our recent interactions, we’ve identified the following concerns in relation to managing society finances:
- Convenience charges on online payments
- Delayed settlements due to cheque payments
- Resistance in online payment due to third-party platform involvement
- Payment history scattered across multiple accounts
- Delayed issuance of payment receipts
- Extensive manual reconciliation effort
Benefits of Virtual Accounts
Virtual Accounts address each of the above concerns in the following ways:
- Absolutely no charges on payments made via NEFT or RTGS
- Real-time settlements as funds are transferred online
- Comfortable mode of payment as the transaction happens directly from individual bank accounts
- All funds can be managed from a single, preferred account
- Digital receipts are issued as soon as the payment is complete
- Auto reconciliation feature substantially reduces manual effort
How it works
- MyGate provides a unique account number called a virtual address and an IFSC code to each flat in a particular society.
- A virtual address is a 20-character, alpha-numeric account ID that is mentioned on the invoice.
- Residents can easily add this virtual address as a beneficiary to their net-banking portal or banking application to directly transfer funds.
- The residents needn’t log into their MyGate app to make the payment. Virtual Account payments can be initiated from individual bank accounts.
- For all IMPS transactions, the receipts are generated immediately, and the statement is updated as soon as the transaction is processed. However, for NEFT, the process may take up to three hours.
Login to the MyGate app and click on the ‘Payments’ card in the ‘Community’ tab to check for payment receipts and updated statements.
With Virtual Accounts, the residents can easily pay the society charges online without having to worry about any hidden convenience charges. This will eventually lead to an increase in on-time collections for the committee while getting rid of reconciliation headaches.
Sign up now and get in touch with us today to get these benefits to your society.