Today, the development of technology-based businesses such as e-commerce or online business in recent years has seen a very fast pace. Many people may often make online buying and selling transactions through various e-commerce sites, or even one of them has actually started or owns the online business.
Along with the development of this online business, of course, the payment system for buying and selling transactions must also develop. One payment system that is currently being used by various companies is a virtual account (VA). VA itself is a customer identification number from a company which is usually made by the bank at the company’s request to facilitate the transaction process.
What is a Virtual Account
Simply put, the notion of a virtual account itself is an artificial account that is only virtual or not really real. In general, in VA there is an ID belonging to the customer created by a particular bank. In creating this virtual bank account, of course, the company can ask directly to the bank with the aim of transacting.
In addition, in every transaction, consumers will get an ID which is usually called a VA number or virtual account number. In the next transaction, each consumer will also get a different and unique VA number. Not only that but the VA number will also be adjusted to each individual’s needs.
How Virtual Accounts Work
Unlike the bank transfer payment method that must be done manually, starting from entering the destination bank account number, transfer nominal, to confirming payment in the form of photos of transfer receipts or screenshots of transfer receipts, the use of virtual accounts is much more efficient.
Therefore, both buyers and sellers can transact quickly and easily. This is because the seller only needs to provide a virtual account ID number to the customer, while the customer only needs to enter the number when making a payment, either through an ATM or mobile/internet banking. If the payment has been made, the transaction will be automatically recorded.
In short, here’s how it works when you transact with customers:
- The seller provides an ID number as the transfer destination number to the customer.
- Each virtual account number will be directly associated with the customer.
- Once payment is received, transaction information will be sent to the seller so that the seller can immediately identify who the buyer is. have made a payment
Virtual Account Features
Generally, a virtual account provides various features that support its role as an easy and practical payment method. The following features are available.
1. Fixed vs. Non-Fixed
Fixed Virtual Accounts are often associated with an entity, namely the final buyer. Meanwhile, Non-Fixed Virtual Accounts are usually associated with an invoice.
2. Open vs. Closed
If an Open Virtual Account can receive a nominal amount of any amount. Meanwhile, Closed Virtual Accounts can only accept payments that have been specifically determined previously. For Fixed Accounts, merchants can set their accounts as “open” or “closed” when giving them to end customers.
3. Singles vs. Multiple Use
Single Use Virtual Account can only be used for one transaction. Meanwhile, Multiple Use Accounts can be used for multiple payments as long as the account is still valid. This feature is only available on Fixed Virtual Accounts because Non-Fixed Virtual Accounts are Single Use types.
4. Validity Period
Uniquely, VA has an expiration date. If the VA’s validity period has expired, the buyer can no longer pay with that account. The validity period is determined at the time of manufacture.
Benefits of Virtual Accounts for Business
As the world of e-commerce grows, the payment transaction process also continues to grow, and the presence of a virtual account (VA) is one of them. A VA is an intangible bank account that can be used for payments.
VA is usually a customer ID number that is created by the bank at the request of a company to make a transaction. For each transaction, the customer will be referred to a virtual account ID which is referred to as a virtual account number. If you are careful, the first digit is not always the same for every transaction.
This virtual account is different from bank transfers. You no longer need to ask to send a screenshot of the proof of transfer because the transaction will be confirmed automatically. Then what about the benefits of VA payments for business? Consider the following reviews:
1. More Practical for Bookkeeping
In general, all VA service provider banks will detail in detail and real-time in their checking accounts for all successful VA payments. The number, virtual account name, bank, and nominal paid will be visible and can be downloaded in the form of a report. This service will certainly help you in reconciling because access to transaction reports is recorded completely and clearly.
2. Making it easier for customers to make payments
Another advantage of using VA as a means of payment is that customers do not need to have a particular bank account or the same as the seller. This is certainly very easy for online business people because it is not uncommon for customers who are reluctant to pay more for interbank transfer fees. Currently, with the VA method, customers can make transfers from any bank, either via ATM, m-banking, or i-banking.
Of course, this VA service can be done anytime and anywhere. As long as you have an internet connection, VA transactions can be done either through m-banking or internet banking from your cellphone. This is certainly very helpful in facilitating your financial transactions.
In addition to other conveniences, every payment made through the VA will be identified automatically by the system. If you transact as a customer, you no longer need to manually confirm to the seller by showing proof of the transaction, because the system will identify the incoming money using your VA number. If you transact as a seller, you also no longer need to confirm the transactions made by the customer.
3. Safer Transactions
The spread of cybercrime in financial matters is increasingly troubling. If you reveal your account number for manual transfer purposes—even for business purposes—there is a possibility that the account number can be misused by irresponsible parties.
This risk can actually be reduced if you use a virtual account, especially if you choose a non-fixed type of virtual account. This is because non-fixed virtual account numbers can only be used for one transaction.
In a sense, once the customer finishes making a payment, the number cannot be used again. Even if in the future the same customer makes a purchase at your place, then he will get a different virtual account number.
Differences between Virtual Account and Manual Transfer
After discussing what a virtual account is, this time we will discuss the difference between a virtual account and a manual transfer or an ordinary account.
Although it has been around for a dozen years, virtual accounts are a new concept for ordinary people. Thus, many equate virtual account transactions and ordinary accounts.
Even though there are some significant differences between virtual accounts and manual transfers, here are the differences.
In terms of Internet Usage
When using a regular account, there are two most common ways of transacting, namely by depositing or receiving cash via a teller or through an ATM. Both types of transactions have their drawbacks. Transactions via tellers require you to come directly to the bank. Meanwhile, if via ATM, you must find the nearest ATM according to your bank account.
However, you don’t need to go anywhere if you use a virtual account (VA). You only need to install the m-banking application on your cellphone, buy goods, choose payment via (VA), and enter the VA payment code into the m-banking feature. Purchasing products online via the internet was also successful.
In terms of Service
Furthermore, in terms of service, VA users perform self-service (service to themselves). This is certainly different from you coming to the bank and then all needs are served by a teller.
The way VA works is by generating automatic codes for users who want to transact online. If you want the transaction to be successful, VA users must perform self-service by entering the code according to the payment instructions.
In terms of transaction flow
virtual accounts are indeed more complicated than regular accounts because you need to handle payments yourself. However, as long as the transaction flow information provided is clear and complete, you will have no trouble making payments via VA.
In terms of recording transactions
Have you ever been confused when you lost proof of payment through a regular account? This will not happen to you if you transact with a VA account.
Each virtual account-generated code is a unique code that can only be used by one person. So, when making payments via VA, the bank will immediately know the sender is you.