Types of Online payments and their benefits for businesses

Over the past decade, digital transformation has changed the shopping habits of Indonesians, especially on online platforms. This change encourages ecommerce growth which will contribute around four to five percent of the national GDP in 2024, amounting to RP1, 424 trillion. Nevertheless, the government considers the contribution of the digital economy is still minimal. Therefore, the government is trying to encourage the growth of this sector to be able to achieve the target of contributing up to 20 percent of total domestic GDP in 2045, one of which is to increase the use of online payments.

Online payments are various types of financial transactions that are carried out via the internet. In Indonesia, this payment method is increasingly massively used, both on online platforms such as ecommerce and other merchants. In addition, these transaction methods are also available in various types and have advantages for businesses. 

3 Types Of Online Payments

Of the various payment methods available, there are three types of online payments that are commonly used in businesses, namely QRIS, e-wallets, and virtual accounts. Here is the explanation.

1. Digital wallet (e-Wallet)

Digital wallet or commonly called e-Wallet is an online payment method as well as a digital storage of money. With a digital wallet, you can perform various financial transactions, ranging from online shopping, buying tickets, to paying bills without the need for cash (cashless). 

Using a digital wallet is quite easy because you don't need to open a bank account. To use it, you need to download the digital wallet application and create an account using a phone number or email. If you already have an account, you can top up your balance to make payments.

2. The Quick Response Code Indonesian Standard (QRIS)

QRIS is a payment system launched by Bank Indonesia (BI) and the Indonesian payment systems Association (ASPI) in 2019. This payment method that can be used nationwide at various merchants is quite popular in business. According to BI, the use of QRIS as of November 2024 reached 55 million users, with 35.1 million of them coming from merchants. Of the 35.1 merchants, 90 percent are MSME business people. 

To use it, customers only need to scan the QR code provided by the store or merchant when transacting. When it's done, the money will go directly to the merchant's account, so the process can be faster.

3. Virtual Account (VA)

Virtual account is an artificial account that includes a customer ID number. This type of payment is divided into two types, namely fixed virtual accounts and non-fixed virtual accounts. Fixed virtual accounts can generate the same VA number in each transaction. While, non-fixed virtual accounts generate different VA numbers for each transaction. 

The way this digital payment method works is almost the same as a bank account transfer. The difference is, you only need to pay the transaction amount to the virtual account number. In addition, transactions with VA are instantly processed in real-time.

Benefits of using Online payments for business

The widespread use of online transaction methods encourages businesses to be more competitive. Businesses that rely solely on conventional payment methods such as cash payments are at risk of slower operations, with the potential to lose customers. Online payments offer a number of advantages to prevent this from happening. Here are some of the benefits to business.

1. Accelerate and streamline operations

Online payments using QRIS, e-wallets, and VA are relatively faster than conventional payments. Customers do not need to bother carrying wallets, cash, and waiting for change when shopping directly at the store or merchant. This is also beneficial for business people, because there is no need to provide change.

In general, business operations also run quickly thanks to this increasingly practical payment. Customers do not have to stand in long lines, so businesses can serve more customers in less time. This way can be a strategy to improve customer satisfaction for the long term.

2. Avoiding The Spread Of Counterfeit Money

When receiving cash, you need to check the authenticity of the money you receive. If you receive counterfeit money, then you can greatly lose. Nothing like this will happen when you use online payments. The money you receive is guaranteed to be safe, and you have helped minimize the circulation of counterfeit money in the community.

3. Facilitate The Preparation Of Financial Statements

With online payment methods, you no longer need to record income manually, because the recording will go directly to your business account automatically. Generally, the name, amount of money coming in, date, and time of the transaction has been directly recorded. This can make it easier for you when recording financial reports, as well as avoiding human errors.

4. Integrated with Online shopping platforms

Now there are many payment methods that are directly integrated with online shopping platforms, such as e-wallets and VA. For example, with an e-Wallet, customers can directly make payments with the balance they have in their e-wallet. If using VA, the customer can complete the transaction directly by entering the VA number in his mobile banking.

The use of online payment shortens the customer's journey, thus enhancing a more compact and convenient shopping experience.

Shared Virtual Account, A Modern Business Payment Solution

Modern businesses today need an efficient, easy, and integrated payment system, one way is to use VA. Bersama ID from Artajasa provides an online payment solution named Bersama Virtual Account Bank. This system connects payments from VA banks owned by customers, to collecting agents such as banks, digital wallets, and retail outlets and minimarkets. 

With a Virtual Bank account, customers can directly pay bills at their nearest collecting agent, without the need to have an account at a certain bank or make manual transfers. This system allows for faster and more efficient payments, as transactions are verified in real-time. Businesses also do not need to do additional integration with various collecting agents, because all systems are already connected in an ecosystem with a Virtual Bank Account. 

Immediately get various business benefits by joining a Virtual Bank Account here.