In this guide · 8 sections
Short answer
A HitPay Virtual Account is a receiving account number in your business name for invoices and B2B transfers. SGD transfers via FAST or PayNow cost S$0.50 each, and the money joins your normal HitPay payout. BillPay pays supplier bills from the same account for S$0.50 per local transfer.
What HitPay launched, and when
HitPay's own developer changelog dates each release. Its pricing page groups them under "Finance stack", with Payroll and Spend Management marked as coming later, so this guide covers only what is live.
| Date | Release | What it does |
|---|---|---|
| 28 Aug 2026 | Virtual Accounts | A dedicated receiving account in your registered name for invoices, receivables and B2B transfers |
| 1 Sep 2026 | Bank transfer on invoices | Clients can pay a HitPay invoice by bank transfer; HitPay matches it to the invoice |
| 18 Sep 2026 | BillPay | Upload or forward supplier bills, approve them and pay suppliers locally or overseas |
If you already use HitPay for PayNow, cards or payment links, these sit in the same dashboard. You do not need a second sign-up or another business verification check; HitPay says Virtual Account approval typically takes 1 to 3 business days.
What a HitPay Virtual Account is
A Virtual Account gives your business an account number (and a SWIFT/BIC for overseas payers) issued in your registered business name. Clients, distributors or marketplaces send money to it by normal bank transfer. HitPay's Virtual Accounts documentation stresses that it is a collection method, not a bank account: funds never sit in it.
Client transfers to your Virtual Account number
A Singapore payer uses FAST or PayNow for SGD. An overseas payer uses SWIFT for currencies such as USD, EUR, GBP, AUD or HKD.
The transfer lands in your HitPay Wallet
It appears in Transactions with its own charge ID, the sender, amount and fee, next to your card and PayNow sales.
It pays out with your other HitPay sales
The money goes to your bank on your normal HitPay payout schedule. Foreign currencies are converted to SGD.
Singapore-registered businesses can receive 13 currencies in total: SGD over FAST and PayNow, eleven others over SWIFT, and PHP through a Philippine account that is converted to SGD on T+3. Customer funds are held with a regulated banking partner in the business's own name, and HitPay Payment Solutions Pte. Ltd. holds a Major Payment Institution licence under the Payment Services Act.
Fees as published (October 2026)
These are HitPay's published rates from its Singapore pricing page and documentation, approximate, as of October 2026. There is no monthly or setup fee for either product.
- Virtual Account: SGD via FAST or PayNowS$0.50 per collection
- Virtual Account: AUDPer HitPay's docsA$3.00 per collection
- Virtual Account: other currenciesConverted to SGD at 1% over the interbank mid-rateNo collection fee
- Bank transfer on a HitPay invoiceS$0.50 per SGD collection
- BillPay: local transfer (PayNow or FAST)S$0.50 per transfer
- BillPay: international transferNo per-transfer or SWIFT fee, per the pricing pageFrom 0.5% FX fee
Fees change; confirm on HitPay's pricing page on the day you switch on.
For larger B2B invoices this can be much cheaper than taking the same amount by card. A S$5,000 invoice paid by card at HitPay's domestic card rate would cost far more than S$0.50. Our HitPay vs Stripe comparison lists the card and PayNow rates if you want to work through your own numbers.
Bank transfer on invoices and reconciliation
Since 1 September 2026, Singapore businesses can add Bank transfer as a payment option on HitPay invoices. The client can pay online immediately, or download the invoice and transfer later from their own bank. HitPay matches the transfer to the right invoice by payment reference and marks it paid.
That matching is the main practical gain. Without it, someone in the office checks the bank statement, guesses which invoice a S$1,280 transfer belongs to and ticks it off by hand. Ask clients to always quote the reference shown on the invoice, or the automatic match will fail and you are back to manual work.
- One ledger: customer payments and Virtual Account receipts appear in the same transaction list, with one reconciliation export.
- Accounting sync: HitPay says Singapore-registered businesses can sync Virtual Account transactions to Xero or QuickBooks. HitPay lists its Xero integration at an extra 0.2% on its pricing page.
- Payouts: your bank shows one HitPay payout covering many receipts, so your accounting software must split it into sales, fees and transfers. Our guide to payment links and PayNow invoices covers the invoice side.
BillPay: paying suppliers from HitPay
BillPay handles the other direction: accounts payable. You upload a PDF or image of a supplier invoice, or forward it to a dedicated bill inbox address. OCR fills in the vendor, amount, invoice number and dates, and you check every field before submitting.
Useful features
- Approval rules by amount, with a timeline of who approved what
- Duplicate-bill warning on vendor, currency, amount and invoice number
- Scheduled payments and batch approval
- Bills and payments sync to Xero, mapped to your chart of accounts
Check before relying on it
- Xero is the documented accounting sync for BillPay; QuickBooks is not listed
- Approved bills expire if approval is not completed within 3 days of funds being collected
- Payments can be held for compliance screening
- Only emails from approved senders reach the bill inbox
Supplier bank details are where invoice fraud happens. Whatever tool you use, confirm any new or changed bank details by phone using a number you already have, not one printed on the invoice.
Who it suits, and who can skip it
It suits a business that already takes customer payments through HitPay and also invoices other companies: a wholesaler, an events company billing corporate clients, a B2B service firm with overseas clients paying in USD. Keeping both in one ledger reduces matching work.
You can skip it if your clients already pay into your business bank account without problems and your bank feed into Xero or QuickBooks works well. Adding a second place where money arrives only helps if it saves reconciliation time or fees.
Do it yourself or get help?
Switching on a Virtual Account is a dashboard setting (Settings, Payments, Virtual Accounts). The work is in the accounting: making sure HitPay payouts, fees and transfers post correctly.
Before you go live
If you want it set up for you, our Online Payment Setup (S$290) configures HitPay or Stripe in your name with PayNow, cards and payment links. Our Sales & Payout Sync (S$490) posts each payout to your accounting software with sales, fees and refunds split out, and checks a month against your bank. IT Sorted is a Singapore-based team of developers with over 10 years of experience; you pay upfront, send the brief in writing and follow progress on your order page.
Frequently asked questions
No. HitPay describes it as a collection method, not a bank account. It gives payers an account number in your business name, but every transfer moves straight to your HitPay Wallet and then to your own bank on your normal payout schedule. You still need your own business bank account.
As of October 2026, HitPay lists S$0.50 per SGD collection via FAST or PayNow. Most foreign currencies have no collection fee but are converted to SGD at 1% over the interbank mid-rate, and HitPay's documentation lists A$3.00 per AUD collection. There is no monthly or setup fee.
Businesses registered in Singapore or the Philippines with an existing HitPay account. HitPay says no separate sign-up or extra verification is needed, and approval typically takes one to three business days. Singapore businesses can receive 13 currencies, while Philippine businesses receive PHP.
HitPay's BillPay documentation, as of October 2026, describes a Xero integration only: suppliers sync, approved bills appear in Xero and payments are marked paid automatically. QuickBooks is not mentioned for BillPay. Virtual Account transactions can sync to Xero or QuickBooks for Singapore-registered businesses.
It helps with approvals, duplicate warnings and approved-sender rules for the bill inbox, but it cannot tell whether a supplier's bank details are genuine. Verify any new or changed bank details by calling the supplier on a number you already have before approving the first payment.