From credit cards, mobile wallets, and wireless terminals – there are a host of new payment processing methods on the market nowadays. It can be challenging to decide which ones to incorporate into your business. Maybe you’re just learning about virtual terminals or you’re already considering introducing one. Either way, we’ll go over all the ins and outs of virtual terminals and how they can benefit your business.
What Is a Virtual Terminal?
A virtual terminal is a web-based payment application that allows you to manually input credit card and debit card details to facilitate a payment transaction via the internet. Customers can go to your website to pay for services or products themselves, and you can accept payment information over the internet.
The point is customers do not need to be present with their payment information for a transaction to take place. There is also no need to operate a traditional credit card terminal or invest in additional equipment. A virtual terminal only requires a computer, internet access, and a merchant account to operate successfully.
Will My Business Benefit From a Virtual Terminal?
Virtual terminals are ideal for businesses that are looking to start accepting payments over the phone and online. They help make the payment process quick, efficient and allow it to function remotely. Many service-orientated businesses can also benefit from introducing a virtual terminal.
Whether you operate a restaurant, gym, doctor’s office, salon, or almost any other type of business – incorporating a virtual terminal can bring a host of benefits. Your clients will be able to book your services or buy products directly from your website. They will appreciate the increased convenience. Here are some ways businesses have already benefited from incorporating virtual terminals.
- Accepting payments anywhere an internet connection is available.
- Accepting debit cards, credit cards, checks, and even cash.
- Using a virtual terminal to store customer payment information – making it automatic, recurring payments possible.
- Accepting custom or bulk orders without having to itemize transactions.
- Automatic emailed or printed receipts.
- Providing your customers with the added convenience of multiple payment options.
- No need to purchase or maintain additional hardware.
How Does a Virtual Terminal Work?
A virtual terminal works in collaboration with a payment processing company. Your payment processor will provide you with a secured, web-based interface that only you and your staff can log onto. Your customers can easily enter their payment information while checking out online and the transaction will process immediately. From there, your customer will automatically receive an electronic receipt to confirm the transaction has been processed.
Are Virtual Terminals Secure?
Compliance with credit card industry standards is essential for any business accepting payments. You need to make sure both your customers and your business is protected in the case of fraud or theft. The good news is that virtual terminals can be a thoroughly secured payment method.
It’s primarily the responsibility of your payment processor to make sure all the security measures are up to date and in compliance with international standards. Only work with payment processing companies that incorporate encryption, tokenization, and are PCI compliant. You can read more about the importance of PCI compliance and how to ensure your business is protected here.
How to Choose the Best Virtual Terminal for Your Business
Choosing the best virtual terminal for your business requires choosing the right payment processing company. The two go hand-in-hand. Finical is a leading payment processing company that can help you find a virtual terminal solution that fits your business’ unique needs. On top of all the must-have features, Finical’s virtual terminals enable your business to:
- Accept all major credit cards, debit cards, electronic checks, and even gift cards.
- Automatically deposit payments directly into your bank account.
- Manually process credit card transactions from offline orders.
- Issue credits and void transactions.
- Streamline and view your entire list of transactions.
Finical also offers 24/7 support, built-in fraud tools, customizable solutions, and supports all major payment methods. From virtual terminals, wireless terminals, mobile credit card processing, and more – Finical walks you through the setup process for free and even provides your business with free equipment.
Curious to learn more? Get in touch with Finical for a free consultation. We’ll help you understand the best payment processing solutions for your business and how we can do our part to ensure your company thrives.
