The service account is where all the paid services offered to the lender are charged. For example, onboarding fee, loan processing fee, transaction fee etc.
When a lender is onboarded on the Lendsqr admin console, a service account is created for them and this account will handle all the charges that their users' accrue on paid activities.
For every service wallet or account, there is a virtual account tied to it. This virtual account is what is funded by a lender through the virtual account number.