Dynamic Virtual Accounts (DVA) offered by Nectapay provide a convenient and secure way to receive one-off payments via bank transfer. The process is seamless and can be integrated into your website or app using Nectapay's API. Here's a step-by-step explanation of how it works:

1. Generate a Virtual Account for the Customer: When a customer is checking out or initiating a payment, you can use Nectapay's API to generate a temporary virtual account on-the-fly. This virtual account will have a fixed amount associated with it, which represents the payment the customer needs to make. Nectapay will provide you with the details of this virtual account, including the account number, the payment amount, and any other necessary information.
2. Customer Transfers Payment to Assigned Account: After generating the virtual account, you provide the account details to the customer. They can then proceed to make a bank transfer from their bank account to the virtual account you've assigned to them. The fixed amount specified in the virtual account ensures that they transfer the correct payment.
3. Receive Payment Notification through Webhook: Once the customer successfully transfers the payment to the virtual account, Nectapay's system will detect the incoming payment. At this point, Nectapay will send you a webhook notification. A webhook is a way for Nectapay to communicate with your platform and provide real-time information about the payment status.
4. Handle Webhook and Process Payment: Upon receiving the webhook notification, your platform can process the payment accordingly. You can update your records, confirm the successful payment, and provide the customer with a confirmation of their transaction. Additionally, you can trigger any further actions or fulfillment processes as needed.

Creating A Dynamic Account

When creating a Dynamic Virtual Account (DVA) with Nectapay, you will need to set the following parameters:

1. amount: The exact amount to be collected per transaction. This represents the payment amount that the customer is required to transfer to the virtual account. Ensure that the `amount` parameter is specified in the currency and format accepted by Nectapay (e.g., 1000.50 for $1000.50).
2. description: The name or description that should be shown when the account details are fetched. This can be used to provide additional context or information about the payment or transaction.
3. transaction_id: The transaction reference that should be returned whenever a transfer is made into the virtual account. This is a unique identifier that helps you link the incoming payment to a specific transaction or order on your platform. It could be an order ID, payment reference, or any other unique identifier associated with the payment.
4. merchant_id: The ID of the merchant receiving the payment. This identifies your business or organization as the recipient of the payment. The `merchant_id` is crucial for tracking and accounting purposes.

Here's an example of how you can set these parameters to create a DVA using Nectapay's API:

{
    "amount":50,
    "description":"Jon Doe",
    "transaction_id":"34080778538",
    "merchant_id":"VA-MERCHABCD"
}

Pass the payload to our initiate_transfer endpoint and make sure to set your API Key in the request header alongside the access token generated with our authorization endpoint as your bearer token.

Benefits of Dynamic Virtual Accounts:

• Seamless Integration: The API integration makes it easy to generate virtual accounts dynamically and provide them to customers during checkout or payment initiation.
• Secure Transactions: Virtual accounts ensure that each customer receives a unique account number for their payment, reducing the risk of fraud.
• Real-time Notifications: Webhooks allow you to receive instant updates on payment status, enabling quick processing and responsiveness.
• Streamlined Reconciliation: With webhook notifications, you can easily track incoming payments and reconcile your financial records.

By utilizing Nectapay's Dynamic Virtual Accounts, you can enhance the payment experience for your customers, automate payment processing, and ensure secure and efficient one-off payment collections through bank transfers.