|May 20th, 2016|
A virtual terminal or a virtual POS terminal is a safe and secure website (web version of credit card terminal) used by merchants to process electronic check payments and credit cards. It uses a computer and a reliable internet connection, which means it is free from the need of having a separate hardware and a phone line to process the payments. Accepting, conveying and storing the credit card data is the sole responsibility of merchant virtual terminal. This is important as it ensures that PCI (Payment Card Industry) responsibilities are handled by the merchant warrior.
Benefits of Virtual Terminal
Many outstanding features are offered by it. Have a look at the mentioned points for a clear picture:
1. No need of any extra hardware
2. Integration is not necessary
3. Multi currency is fully supported
4. Simple and intuitive user interface with minimal data entry
5. Is accessible from any computer which has internet connectivity
6. No need to purchase an SSL certificate
7. Multiple staff can use the terminal at once without any hassle
8. Choose to restrict specific IP addresses
9. 24/7 technical support access
10. Fast access to funds
11. Extends business services to a wider customer base and boosts revenue
12. Automated error checking and high risk transaction filtering
How does it work?
Let’s sum it up in these easy steps:
1. Customer passes his/her credit card details to the merchant, i.e. you, on the phone, through fax or by email.
2. You enter those details and product information into the virtual terminal.
3. Payment is reviewed and transaction is processes as soon as ‘submit’ is clicked.
4. The outcome of the transaction depicting where the transaction is approved or declined is displayed on the virtual terminal.
Who is suitable to use the virtual terminal?
This is a very smart question, as you must know how beneficial these terminals can be for your business. Check out the answer for the same, below:
• Any business or merchant, whose order volume allows entering
each order manually
• Businesses such as newspapers & magazines, trade shows, insurance companies and charities
• Small businesses who do not have an online order form
• Telephone order and mail companies who have multiple call center users
Virtual Terminal is not for you if,
• You have programming or scripting skills
• Your website is set up with a shopping cart
• You require wide customization of your order form
• You share order data with a fulfillment house
• Your orders are more than you can enter by hand
Merchants who are interested in manually verifying customer information before processing the payments mostly benefit from these. It is a simple & easy solution to accept and process manual payments. This way, merchants can avoid extra development costs, as integration is not a necessity here. Get started with this legal, quick and secure mode of accepting payments now. It’s all about logging in to your account, entering customer details and processing payments, after all.
Drop Your Further Queries and Contact the Professionals of Paycron.