Virtual Account Payment Features Business Owners Should Know
Virtual account payment makes online transactions easier. Learn the key features: fixed or non-fixed, open or closed, single or multiple use, and expiry.
Virtual account payment is one of the methods people use most today. That is because this artificial bank account, made up of a customer ID number, makes transactions easier. As a business owner, you should therefore offer it on your online store. Before you do, get to know a few features of this payment method.
Virtual Account Features
- Fixed and Non-Fixed
Before you offer virtual account payment on your website or sales app, you should know that virtual accounts come in fixed and non-fixed forms. A fixed virtual account is usually tied to a single user. With that number, the customer can pay repeatedly.
They can make transactions without entering the ID number again. A fixed virtual account is therefore typically used in business models where customers must pay over and over. Put simply, a fixed virtual account is one whose number never changes.
A non-fixed virtual account payment, by contrast, is tied to each transaction. Also called a dynamic virtual account, it is marked by a random, unique number. The customer can use it to pay for one transaction only.
- Open and Closed
Besides fixed and non-fixed (dynamic) accounts, virtual accounts also come in open and closed forms. You can weigh one against the other when you set up this payment system for your business. With an open virtual account, you can accept a payment of any amount.
A closed virtual account, as the name suggests, accepts only a payment of a set amount. If you use a fixed account, you can choose between open and closed when you hand it to the end customer.
- Single and Multiple Use
Another form of virtual account is single use or multiple use. A single-use virtual account is generally used for one transaction. A multiple-use virtual account can be used for several transactions, as long as the account remains valid. Because a non-fixed virtual account is a single-use type, the multiple-use feature is only available on fixed virtual accounts.
- Validity Period
Keep in mind that a virtual account has an expiry date. Before you offer virtual account payment, you need to think about how long each account stays valid. When a virtual account's validity period ends, the buyer can no longer use it to settle a transaction. They need to create a new virtual account instead.
Those are the features to consider when you offer payment through a virtual account on your sales app or website. Also remember to connect your online store to a payment gateway system such as Duitku. A payment gateway lets you offer many payment methods, including virtual accounts.
