Virtual Account Payment vs Bank Transfer: 4 Key Differences
How is a virtual account payment different from a regular bank transfer? Compare usage, service, transaction flow and data details across four key points.
As technology and the digital world advance, many everyday activities have become easier. One of them is paying and handling financial transactions. Many digital or online payment methods are available, such as Virtual Account Payments. Here is how they differ from a regular bank transfer.
4 Differences Between a VA and a Regular Transfer
1. How it is used
Methods of online payment have come a long way. You are no longer limited to bank transfers, since there are many other digital payment options. One of them is the Virtual Account (VA), which works on a concept similar to a transfer.
Still, a few things set the two payment methods apart, starting with how they are used. A transfer usually requires you to go in person to an ATM or the bank concerned. A Virtual Account, on the other hand, can only be used through internet banking or mobile banking (m-banking), which is more practical.
2. How the service works
Another difference between Virtual Account Payments and a regular transfer is how the service works. If you go to a bank teller in person, you are served according to your transaction needs, in the order of the customer queue.
If you use a Virtual Account number to make a transaction, you are basically doing it all yourself. The Virtual Account number is also personal and single-use. So you do not need an account with a particular bank to transact on any platform.
3. Transaction flow
Another difference between Virtual Account Payments and a regular account transfer is the transaction flow. With an account transfer, a verification code appears and you must enter it before completing any transaction.
With a Virtual Account number, there is no verification code. This is because the number you are given can be used only once. The number expires automatically if no payment is made within a set period. This also makes your transaction more private.
4. Transaction data details
Another difference with Virtual Account Payments is the complete detail on each transaction. You no longer have to work out who sent the money that arrived in your account. This is a big advantage if you want to use this payment method for an online business.
Digital payment methods like this make many financial transactions easier. That is especially true if you have a business that you are growing. Easy transactions are a plus, because you can reach more customers from all walks of life.
