ScrapCart does not pool buyer money into one current account and sort it out afterwards. Buyer funds are collected through IndusInd Bank's escrow collection (IEC) service, and every registered buyer is issued a virtual account number of their own. Money paid into that number is attributed to that buyer automatically and credited to their ScrapCart wallet — and from there, every movement (EMD locked against a bid, an invoice settled, a withdrawal paid out) is a dated line in their ledger.

• Banking partnerIndusInd Bank
• Account structureOne virtual account per buyer
• Credit matchingChecked every 5 minutes
• StatusIn production since July 2026

How your virtual account works

Five steps, from the transfer leaving your bank to the money coming back out.

1. You are issued your own virtual account number

   ScrapCart mints a virtual account number (VAN) that belongs to your account and no one else's. It is derived from your ScrapCart account ID, so it is permanent, never recycled, and the same every time — save it once. If you have not been provisioned one yet, it is created the first time you go to bid on a lot that carries an EMD.

   Your VAN, the beneficiary name, the IFSC and the transfer modes accepted are all shown on My Wallet when you sign in.

2. You fund it from any bank account, by NEFT, RTGS or IMPS

   Transfer to your VAN the way you would to any beneficiary. There is no reference number to quote, no payment advice to email, and no one to notify — and it does not matter which of your company's bank accounts you pay from. The account the money is sent to is what identifies you.

3. The credit is matched automatically and reflected within minutes

   Every five minutes ScrapCart polls IndusInd Bank for new credits. Each one is recorded with its UTR, remitter name, remitter bank and transfer mode, matched to the virtual account it landed in, posted to your wallet ledger, and acknowledged back to the bank.

   Deposits are recorded once and once only: if the same bank transaction is ever presented again it is recognised and ignored, so nothing is counted twice. You get an email with the amount, the UTR and your new available balance.

4. The balance backs your EMD and your invoices

   When you bid on an auction or tender that carries an EMD, that amount moves from available to locked on your wallet. If your available balance does not cover it, the bid is stopped before it is placed and you are told the exact shortfall to deposit — nothing half-committed is left behind.

   Locked money cannot be spent twice. A second auction, or a withdrawal request, sees only what is still available.

5. Unused EMD is released back to you

   If you are not declared the winner, the lock is released in full back to your available balance as soon as the result is processed, and you are emailed. Use it on the next lot or withdraw it.

   If you do win, the EMD is settled against that auction and applied to the invoice for it — it is not collected from you a second time.

Why a virtual account per buyer, and not one shared account

The difference is who does the attribution: a person, or the account number itself.

Where your balance is used

One balance, four places it goes.

• Auction EMD

  Earnest money is locked from your available balance when your bid is placed, and stays locked only while the auction runs. At the result it is either released back to you or settled against the lot you won.

• Tender participation

  Sealed tenders that carry an EMD use the same check: enough available balance, or the bid does not go through. Bid amounts stay masked from competing bidders while the tender is running.

• Invoice settlement

  Invoices can be paid from wallet balance, in full or in part, and the invoice moves to partly or fully paid accordingly. A winner's settled EMD is applied to that auction's invoice automatically when it is finalised.

• Withdrawals

  Request one from My Wallet to your registered bank account. The amount is held immediately so it cannot also be bid, ScrapCart reviews the request, and approved payouts are sent through IndusInd Bank.

Available, locked, and the ledger behind them

Your wallet carries two numbers, not one. Total is everything of yours we hold; available is what you can actually commit right now. The gap between them is money already promised somewhere — an EMD on a live auction, or a withdrawal you have asked for. Every movement writes a ledger row recording the amount, what it was for, and the balance that resulted.

Deposit received

A credit into your VAN, stored with its UTR, remitter name, remitter bank and transfer mode.

EMD locked

Moved from available to locked when you bid on an auction or tender. Your total does not change.

EMD released

Moved back from locked to available when you are not the winner.

EMD settled

Debited from locked when you win, and applied against that auction's invoice.

Invoice payment

Debited from available against a specific invoice. If that payment is later voided, it is credited straight back.

Withdrawal hold

Placed the moment you request a withdrawal, and released in full if it is rejected or the bank cannot complete it.

Withdrawal sent

Debited once the bank confirms the payout has left, recorded with the UTR.

Adjustment

Any correction or charge made by ScrapCart. These require a stated reason, are recorded against the admin who made them, and cannot touch money locked as EMD.

What we email you

You are told at every point money moves — you should never have to log in to find out what happened.

• Money received and credited, with the amount, transfer mode, UTR and your new available balance
• EMD locked when your bid is placed
• EMD released after a result you did not win, or settled when you did
• Withdrawal requested, approved, sent (with the UTR), rejected (with the reason) or failed
• A request to top up, when an EMD or an invoice needs more than your balance covers — including your VAN and the exact amount

Questions