Benefits of Accepting Virtual Account Payments Online
Virtual account payment offers real advantages for online businesses, from automatic checks to 24/7 availability. See the key benefits explained here.
For online business owners, accepting payments manually is a hassle. You have to wait for buyers to upload proof of transfer, then match it against your transaction history. To get around this, you can use a virtual account payment system, which checks payments automatically. Here are the main benefits.
Benefits of Virtual Accounts
- Automatic Payments
As noted above, the system detects payments made through a virtual account automatically. Because every incoming payment is checked automatically, customers no longer need to send proof of payment by hand.
On the other side, you as the seller no longer have to wait for that confirmation before acting on a customer's order. This payment method sends you a notification as soon as a payment succeeds, so you can start processing the order right after you receive it.
- Transaction History With Full Details
Besides being checked automatically, virtual account payments are also reflected in real time on the payment gateway dashboard. There you can see the history of completed transactions along with their details, including the virtual account number and name, the bank, and the amount paid.
All of this history can be filtered by transaction date and status, then downloaded as a report. With these reports, you can prepare accurate financial statements for your business, which makes financial reconciliation much easier.
- Flexible to Fit Your Needs
Virtual accounts can be used to suit your needs. They generally come in two types, static VA and dynamic VA, and you can choose the one that fits your business. A static VA is typically used when you want a fixed virtual account number for each customer.
That way, customers can use the same number again and again to make transactions. A dynamic VA, by contrast, is used when you want the virtual account number to change with every transaction, so each number is used only once. As for the amount, you can choose to have the system set it or let the customer enter any amount.
- Available Anytime
Another benefit of accepting virtual account payments is that they are available at any time. Customers can buy products from your online store and pay for them whenever and wherever they like. As long as they are connected to the internet, transactions can go on around the clock, 24 hours a day, without the limits of a physical store.
Those are the main benefits of accepting payments through virtual accounts. Because they make things easier for both sellers and buyers, settling transactions via virtual account has become a go-to option lately. To offer it, you can integrate your website or app with a payment gateway system such as Duitku.
