Classification of Bank Transactions
When you withdraw or deposit money or process a check, a bank keeps a track of everything. When you do this it’s referred to as bank transactions. Research shows that about 5000 credit transactions happen in every second. Credit card is just one of the many bank transactions that happen every day. A debit card is another form of transaction. In this page we will discuss more about bank transactions and they work.
One type of bank transaction is the unified payment interface. You do payments using this transaction by using virtual address. By having the mobile number you want to send the money to is enough. Even though there is a limit of money you can transact at a day you’re able to do transactions at any time. Wire transfer also offers the fastest mode when sending cash. Everything in wire transfer is done electronically especially when moving money from one account to another. Most business owners work with this type of transaction.
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. The first step thing is posting credit on the account that will make transaction first. This is followed by putting your debits on the account, online payments done and any 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 kind of bank transaction focuses on the bankers check, payment orders, refund orders and demand drafts. Its always be taken to be safer because you can see how the money is flowing even though the level of efficiency is less compared to electronic way of transactions. When it comes to processing transactions, paper based payments takes longer. Some people prefer this type because it gives them faith that the transaction is real and not a scam.
Another type of bank transaction is the intra bank transfer, more info. This type of transaction allows you to send money within your bank especially if you share the same bank with the person. The bank does not charge any fees for this type of transaction, view here for more. We also have online transacting as one type of bank transaction. This transaction allows you to make transactions at home or work place. You can make payments just with your computer or mobile phone.