Virtual Account vs Bank Transfer: What Is the Difference?

Paying with a virtual account is a payment method that uses a virtual bank account. This virtual account holds a unique combination of numbers that is different for every transaction. So what sets a virtual account payment apart from a regular bank transfer?

Differences Between Virtual Account Payments and Bank Transfers

1. Users or Account Holders

Virtual accounts are issued only to users or customers who hold a business account with a bank. The owners of these business accounts are usually companies, organizations or business owners. Consumers, on the other hand, can only use the virtual account that a company or business owner gives them for a transaction.

The bill that appears during a virtual account payment can only be paid by the consumer using a bank account or a digital wallet (e-wallet). A regular bank transfer, by contrast, can be used by any customer or user as long as they have an account at a bank.

2. The Account Number Used

The next difference is the account number. A virtual account number is temporary. It usually carries an identification number that sets each customer and user apart, so it can change with every transaction.

A regular account number is the opposite. While a virtual account number is different for every transaction, a bank transfer account is not. The account used for a bank transfer stays the same for every transaction and cannot change, because a regular account is assigned by the bank when the account is first opened.

3. Cost per Transaction

The third difference between paying with a virtual account and a bank transfer is the transaction fee. Transactions made with a virtual account usually carry no extra charge, so the buyer only pays the amount billed.

A bank transfer, unlike a virtual account payment, usually carries an extra fee. This fee is added for the customer if the seller's bank and the buyer's bank are not the same. The buyer then has to add the fee when making the payment.

4. Transaction Confirmation Process

The fourth difference is the confirmation process for each transaction. With a virtual account payment method, buyers don't need to check or confirm anything to complete a transaction. The virtual account method recognizes the transaction based on the bill the customer has to pay.

Unlike virtual account payments, a manual bank transfer usually requires confirmation between the seller and the buyer. One example is sending proof of transfer. This can be a photo of the transfer receipt or a screenshot sent to the seller.

Those are the differences between paying by manual bank transfer and paying with a virtual account. Offering a virtual account payment option will certainly benefit your business, because it makes things easier for your customers. Duitku can help you provide a virtual account payment method for your business.