Categories of Bank Transactions
When you withdraw or deposit money or process a check, a bank keeps a track of everything. This is referred to as bank transactions. Studies say that about 5000 credit transactions happen in every second. There are so many bank transactions that happen each day and credit card is just one of them. There is also debit card that allows paying bills and making transactions. In this page we will discuss more about bank transactions and they work.
First there is unified payment interface. This type of transactions allows you to make payment using virtual address. By having the mobile number you want to send the money to is enough. Sometimes the bank sets the amount you can transact per day but the good thing is that you can access it at any time of the day. Wire transfer is another easier bank transaction. Wire transfer often handles the transaction in electronically way. This mostly applies to business partners during buying and selling of products.
There is also batch transacting that falls under type of transactions. This kind of transaction allows making a bunch of transactions at once without having to work on individual account. This type offers three steps of batch transactions. You start by putting credit on your account. Secondly you add the debits that include payments and withdrawals. And the final step is to add the fees which displays afterwards depending on kind of fees.
Paper based payment is also a type of bank transaction. This transaction often handles the check, payment orders and sometimes demands drift. One advantage of this type of transaction is that you can track the transactions on your account although its efficiency is not high. A full transaction of paper based payment may takes days to be complete. This type of transaction is mostly considered as it’s a sign of transaction not failing. This kind of transactions gives someone faith that a given transacting will go through, read more here.
There is also intra bank transfer as type of traction. This type of transaction involves sending of money from one account to another in the same bank. Good thing about this its transaction frees. Another type of bank transaction is online transaction. This type allows you to do transaction at your home without having to go to the bank. You can access your account and makes payment on the palm of your hand, click here for more.