What is Virtual account
Virtual accounts are brief accounts that are used to transact on behalf of a actual bodily account. Think of the virtual bills as doors into a room, the door can’t store cash however it will direct the money into the right room (account). Since each virtual account is unique, receiving funds into a particular virtual account makes it simpler and faster for companies to pick out who made every transaction. Furthermore, digital debts give businesses the potential to reconcile repayments in actual time.
VAs lets in us to pick out payments easily. If a service provider has three payments of IDR100,000, a digital account allows us to assign this right away to every payer through giving them unique account numbers to pay into.
The merchant tells each customer to pay into a precise invoice or VA for all their transactions.
In the background, every VA wide variety is tied to a client or an invoice.
Therefore, when a fee is received, a call back is despatched to the merchant, and the merchant can right away become aware of the customer or which consignment it got here from.
Type of virtual accounts
Fixed Virtual Account Number: Virtual account number is uniquely defined with the aid of the customer. For example, e-Wallets (OVO, Dana, LinkAja, etc.) use the user’s cellular cellphone number as a fixed digital account number that makes multiple top-ups easier. This way, the user can switch any amount (typically above a minimum) to the digital account to pinnacle up their e-Wallet balance.
Non-Fixed Virtual Account Number: Virtual account quantity is randomly assigned and this is typically used for one off payments on e-commerce sites. When a patron needs to make a fee through a virtual account, they would pick out their precise financial institution virtual account option and be assigned a virtual account number to transfer to. Xendit’s invoices use non-fixed digital bills so that it is less difficult to reconcile transaction data.
Open payment amount: Open: The virtual account can get hold of any amount, as with e-Wallets, you can pay into virtual accounts with any quantity you want. The digital account set with the aid of the user’s account wide variety can receive any amount (typically above a specific amount).
Closed payment amount: Only a precise quantity (down to the final digit) can be ordinary by the virtual account, regularly used in e-commerce payments. E-commerce can easily discover transactions are as whole when an precise amount is transferred into the virtual account for the transaction.