Create Collection Account

Quick Summary

All Collection Accounts are owned by the organization and are connected to the organization's KYB documents. They also inherit all of the account limits of the organization's KYB tier (if any).

By default, the account holder's name of a Collection Account is the name of the organization. You cannot change this. However, you can customize the account name even further with the use of Alias.

Getting Started

To create a Collection Account, call the Create Collection Account endpoint URL and that's all. You do not need to pass a customer_id. Remember, all Collection Accounts are owned and assigned to the organization.

curl --request POST \
     --url https://api.blochq.io/v1/accounts/collections \
     --header 'accept: application/json' \
     --header 'authorization: Bearer sk_live_64520e0201478f5cd412865f64520e0201478f5cd4128660' \
     --header 'content-type: application/json' \
     --data '
{
	"preferred_bank": "Wema",
  "collection_rules": {
    "frequency": 1,
    "amount": 10000
  }
}
'

Here's an example of your response:

{
  "success": true,
  "data": {
    "id": "64105e617f1b4b36103f8708",
    "name": "Bloc Dashboard",
    "created_at": "2023-03-14T11:45:37.925951879Z",
    "account_number": "2048401671",
    "bank_name": "Banc Corp"
  },
  "message": "account created"
}

Customizing your Collection Account

You may need to add custom rules to your Collection Account depending on the use case of your application. Here is a list of custom attributes that you can pass in your payload and how they work:

Attributes	Required	Type	Description
alias	No	String	This allows you to further add customization to the account holder's name, e.g. if you pass `"alias": "Tobi Olagoke"` for an organization named "Acme", your resulting account name will be `"name": "Acme - Tobi Olagoke"`.
preferred_bank	Yes	String	This is the preferred bank account you want to create and issue to your customer. The available values are "Banc Corp" or "Wema".
frequency	No	Integer	This allows you to define how many times you want the created account to be valid. If you only want to use it once, pass `"frequency": 1`. If you want to use it 10 times, pass `"frequency": 10`. If you want the Collection Account to be active forever, ignore the frequency attribute.
amount	No	Integer	This allows you to define the amount that must be paid into the Collection Account. If you want the account to only receive NGN 10,000.00, then you will pass `"amount": 1000000`. This means that any amount lower or higher than NGN 10,000.00 will be rejected and reversed to the sender. If you want the Collection Account to receive any amount, ignore the amount attribute.

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Important to Note:
To use a Wema Bank account number for Collections, you must pass "preferred_bank": "Wema" alongside the rest of your parameters.

🚧
Important to Note:
frequency and amount are attributes that are a part of the collection_rules object. Make sure to consider this when sending your payload to our system or else you may encounter errors. Check out Create Collection Account to see it in action.

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Helpful Tip:
To get the full details of a Collection Account, call the Get Accounts by ID endpoint URL.