About Virtual Accounts
Manage payments easily with Virtual Accounts Juggling multiple accounts to manage cash flow from departments, locations, or customers? Now there’s an easier way to manage your money. Virtual accounts are non-physical accounts linked to a central, physical bank account. Instead of managing multiple deposit accounts, you can streamline tracking and reconciliation by consolidating them into a single account. Then use your virtual accounts to allocate funds to departments or locations — or to segment customer payments.
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Focus on running your business - not on reconciliation.
Virtual Accounts give you the flexibility to design a virtual accounting structure that best fits your business needs. Enjoy enhanced visibility, control and security to help you run your business.
Reduce administrative costs and effort Open and manage virtual accounts as you need them in near real-time via Online Banking for Business. Manage cash flow more effectively Segregating your transactions makes it easier to track and reconcile your payments and collections. |
Make informed decisions faster One central physical account gives you a single view of your cash position and helps you make quicker, more informed business decisions. Protect against fraud Using virtual accounts means your physical account number is never revealed to customers or suppliers. |
Virtual accounts are ideal if you:
Interested in adding the Virtual Accounts service? Please speak with your BMO representative for more information.
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