Every business is unique in its management style, product offering, service levels and customer base. You would not expect to all make use of the same payment processing option as the needs of each business would vary.
Although countertop credit card terminals may be the right solution for some businesses, they may not be the perfect solution for every business. Some businesses may prefer to process payments by way of a Virtual Terminal.
Virtual Terminals may suit applications where you as the merchant do not interact with your customers face to face, or you have an inbound call centre that takes orders over the phone.
Virtual Terminals are cloud based and is ultimately a website that allows you to process transactions anywhere, anytime, on any device with an internet connection. You can transform any existing desktop, laptop, smartphone, or tablet into a POS system without any additional hardware to purchase or software to install.
Any type of business could benefit from a virtual terminal solution, but it is typically a good fit for:
While you may only need a virtual credit card terminal to accept one-time payments, you may be able to set up recurring billing, too. For instance, if you own a landscaping business and perform lawn care services on a weekly basis, or you work with corporate accounts that invoice monthly, you can initiate a payment schedule for your clients within the virtual terminal that works within their budget and your accounts receivable needs.
Getting started with a virtual terminal is simple.
Step 1 – Log into an online dashboard
Step 2 – Select payment type
Step 3 – Enter sales amount and other order notes
Step 4 – Key in the card number or bank account details along with any billing information needed.
Step 5 – Click to submit the transaction.
Step 6 – Receive confirmation of approval or decline. If approved, selected to email a copy of the receipt to the client.
Not only can you process payments within the virtual terminal, but you can also issue refunds and review your transaction history.
Whether or not you use a virtual terminal as your primary credit card acceptance method, it’s always a good idea to supplement your options for settling payment. You never know how business might shift, or the economy may change, and you may need to pivot rapidly to accept CNP payments over the phone or via mail.
Many merchant account providers may include a virtual terminal as part of their basic plan. Consider your needs to find the most efficient and cost-effective option for your business.
Our professional team is here to assist you with any questions you have about a virtual terminal for your business. Contact our team of payment experts today!
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