MOLPay has announced the release of virtual account through its partnership with CIMB Bank to let merchants getting rid of the hassle to history tracking.
Most merchants took up a few days to track every in and out transaction in numerous accounts they open for a business. By activating virtual account, there will be less unidentified transaction and makes reconciliation much easier and faster compared to direct bank-in.
When reconciliation and management have become easy, merchants can reduce the hiring costs and time to check the account.Merchants must have a CIMB account to accept payments from a CIMB account holder who selects virtual account during checkout. A virtual account number will be generated for consumers who choose to pay via this channel.
The payment through virtual account can be made further via CIMB Clicks or CIMB ATMs which has 2,199 machines across Malaysia and 293 branches.
Together with the increasing growth in MOLPay Cash, the Chief Executive Officer (CEO) of MOLPay stated, “By introducing CIMB Virtual Account into MOLPay Cash ecosystem, MOLPay Cash physical points have increased from 2,100 to 4,592. Online buyers now can complete the payment at any CIMB branches, its ATM, CDM or transfer online to CIMB Virtual Account.” CIMB Virtual Account will be made available upon the request from MOLPay merchants. Merchants will not have to share their account number to consumers and keep it confidential as soon as it is activated.
More than that, merchants can attract a new segment in their business by giving more time for consumers to pay. They can give the consumers up to 48 hours, or else the order will be cancelled automatically after it reaches the time limit. He added, “CIMB Virtual Account will especially benefit casual seller who previously relied on checking account balance regularly to keep track of the payment as seller will be notified when payment is received.”
Even though the consumers use manual ATM transfer or CIMB Clicks, they do not have to print out or screenshot the receipts. Once the payment to the virtual account is made, MOLPay will receive the report and update the payment status automatically.
Merchants are encouraged to activate virtual account as one way to have better management in account and business. The channel can be optimized as soon as the merchants sign up with MOLPay and make a request to activate the virtual account.