ATM Virtual Account Payment Process
Better payment method than traditional transfer
22 March, 2021

In order to provide a convenient payment method, Truney offers a virtual account payment method, but most people are still a bit unfamiliar with "payment" payment.

What is ATM virtual account payment?

After the customer has placed an order and selected an ATM virtual account, the system will generate a unique set of payment accounts so that the payment can be automatically reconciled immediately after receipt. The amount of payment must be transferred according to the amount of the order, and if the amount does not match, the payment cannot be transferred. In fact, most of the ATMs have this function, but the interface of each ATM (including Internet ATMs) is different, so the screen will be slightly different.




What are the advantages of ATM payment over traditional transfer methods?

For example, if the daily limit for non-designated account transfers is $50,000, several transfers must be made over several days, which is not only troublesome for accounting staff but also very inconvenient for customers. ATM payment can be made with a single payment amount of up to 2 million dollars without the problem of the daily limit for transferring funds, which is relatively convenient for precious metals that can cost hundreds of thousands of dollars.

Traditional accounts do not have real-time reconciliation. Customers need to fill out a remittance advice form after making a remittance, and Truney has to manually verify the reconciliation, which consumes a lot of time and cost for each other. ATM payment can be reconciled instantly, customers do not need to contact Truney again, and the payment will be completed within about 15 minutes after the payment is made.

If there is an error in the ATM payment amount, the ATM will display an error message, which is an additional layer of protection for customers.

Conclusion

In conclusion, ATM payment greatly reduces the time and cost for both buyers and sellers. Of course, there are some disadvantages of ATM payment, such as the inability to set up an account, the long 16-code account number, or the lack of payment options in Internet banking.

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