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Faspay - In the current era of digitalization, many businesses are striving to offer broader payment technologies to facilitate transactions for customers.
One of the technologies that makes online transactions faster and more efficient is virtual account payment. A virtual account is a non-physical or virtual bank account that can be used to conduct online payment transactions.
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A virtual account has become a key component of the payment system, allowing users to make payments without needing to input account numbers or a series of detailed information.
So, what exactly is a virtual account payment? How does the payment process work, and what are the benefits for businesses? Here is the complete information for you!
What Is Virtual Account?
As previously mentioned, a virtual account is a virtual and artificial account that does not physically exist and is used to conduct online payment processes.
The virtual account payment method is certainly different from a bank transfer. It is a digital payment method that utilizes a virtual account specifically designed for customers.
For each transaction, a unique customer ID number is generated and differs for each user. The purpose of this is to ensure that transactions can be automatically identified for different customers.
Furthermore, once the transaction is completed, customers do not need to send transfer proof, as the process is automatic.
It’s important to understand that a virtual account (VA) differs from traditional bank transfers. With a VA, users can make payments without entering account numbers, recipient names, or payment amounts.
This is because you only need to copy the code and confirm the payment directly. Meanwhile, a regular bank transfer requires users to input the account number and payment amount manually.
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How To Pay Virtual Account
The process for virtual account payment varies depending on the provider. However, in general, the steps for making a payment through mobile banking are as follows:
- Open the mobile banking application.
- Log in using your username and password.
- Select the “Transfer” option > “Virtual Account Billing.”
- Choose the account.
- Enter the virtual account code or number you received.
- Confirm the payment.
- Enter your PIN.
- The payment is complete.
Benefit of Virtual Account
Utilizing modern and advanced technology, this payment method offers various benefits, especially virtual accounts for businesses. Here are some of the benefits:
1. Automatic Payment Detection
The first benefit of using a virtual account is that it helps detect payments automatically. From the seller's perspective, this system eliminates the need for manual record-keeping.
Meanwhile, from the buyer’s perspective, there is no need to send proof of transfer to the seller for each transaction.
2. Easy and Secure
You no longer need to record the account number, recipient name, bank code, or transaction amount to make a payment via a virtual account (VA).
This is because you only need to copy the virtual code provided, and the transaction will automatically be recorded according to the payment amount.
3. Supports All Types of Transactions
Next, you only need to have one account that can be used for all types of transactions. This undoubtedly saves time and effort for you as a business owner.
With this, you no longer need to switch between mobile banking apps or use multiple bank accounts. With a virtual account, you can carry out all types of transactions from any bank in Indonesia.
4. Transactions Anytime and Anywhere
The presence of virtual account payments makes it easier for customers to conduct transactions anytime and anywhere.
As long as there is an internet connection, you can make payments through a virtual account. This means you no longer need to visit the nearest bank to process payments.
5. Saves Time and Effort
The final benefit of using a virtual account is that it saves time and effort. This is due to the convenience offered for each transaction process.
Users no longer need to visit the nearest bank in person to make payments. Instead, they can simply use the virtual account payment method from various banks.
Although the virtual account payment system offers many conveniences and is popular with customers, it does come with its own set of challenges. One of these is security issues, where consumers need to confirm payments, and sellers must manually check the transfer process, confirmation, and the calculation of transfer amounts.
Ease of Receiving Virtual Account Payments with Faspay Payment Gateway
Virtual accounts can be an easy payment solution for your customers, especially when using the Virtual Account channel provided by Faspay payment gateway.
This allows your customers to make online payments without needing to visit a physical store. As a seller, you can also check the payment status in real-time, anytime and anywhere.
Additionally, with virtual account payments, you can easily transfer funds to anyone without having to go to the nearest bank.
Moreover, Faspay’s payment gateway provider offers products that meet your business's fund transfer needs. One such product is Faspay Billing, which helps conventional businesses create online invoices through an all-in-one dashboard.
Customers can then make payments by clicking the "pay here" button on the online invoice. This makes it easier for customers to complete their payments using virtual account options from various banks, such as BCA, BNI, BRI, BTN, BSI, Mandiri, and many more.
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So, that’s the information about what virtual account payments are, how the payment process works, and the benefits for you as a business owner.
In conclusion, a virtual account is a digital payment method that makes it easier for users to conduct online transactions without needing to know account numbers, recipient names, and other details, unlike traditional bank transfers.
Therefore, if you, as a business owner, want to enjoy various benefits and boost customer trust, consider adding virtual accounts as one of your payment methods.
Register here to simplify every transaction in your business with Faspay, the best payment gateway in Indonesia.
