Definitions

It is of vital importance to go through the definitions highlighted below as it helps to put into perspective what each entity mean.

Account Holder

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  • An account-holder represents an individual or business entity.
  • An account holder is required to generate a virtual account or card.

Virtual Account

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A virtual account is a NUBAN account linked to an account holder.

Virtual Card

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A virtual card is a payment card linked to an account holder.

Transaction

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This will return a card, virtual account, or account holder transactions.

Funding

πŸ‘

Virtual card

Funding a virtual card requires your business to have a sufficient issuing balance.

Before a virtual card is funded, you need to fund your issuing wallet
(https://docs.mono.co/reference/fund-wallet)

Issuing Wallet

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A pocketbook that serves as the base wallet for all Issuing related operations for your business.

Note
You don't need to fund the wallet when in test mode.

Collection virtual account

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Collection virtual account

A collection virtual account is a payment, disposable account that’s strictly used to collect payments from customers. This account expires once a transaction is made into the account. All settlements are made at the end of the day or instantly depending on the settlement schedule.

Deposit virtual account

πŸ‘

Deposit virtual account

A deposit virtual account is a static bank account that doesn’t expire. It accepts both credit and debit transactions. This account can be used as a store of value to receive, send, and spend money.


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