Virtual Terminal Payment: Cha-Ching!

Virtual terminals allow you to accept credit card payments from almost anywhere: virtual terminal payment to you, the merchant. Today, we’ll discuss how virtual terminals work, the key elements of virtual terminal payments, and costs and fees you can expect to pay for your virtual terminal payments and services.

If you need to accept credit cards from your customers, it is possible with a virtual terminal. A virtual terminal allows you to process cards received offline in more traditional business settings. Fundamentally, a virtual terminal can substitute for the hardware used in most physical point-of-sale (POS) settings. The terminal exists online, so you can use any computer to access such a terminal. Typically, you access the virtual terminal through a secure website. You set up an account and log in with a user name and password. Once you have completed these steps, you are accessing your virtual terminal and you can enter any credit card data to receive a virtual terminal payment from your customers.

With the virtual terminal, you can use a laptop or even a mobile device – pending certain application installations – to process credit cards and receive your funds through a virtual terminal payment. Also, with the proper equipment, like a card reader that can automatically transfer card account data, it is possible to integrate a virtual terminal with offline sales, along with online sales. You can perform all of the regular functions of a physical credit card terminal with virtual terminals, including transactions for phone orders, recurring billing for subscriptions and monthly charges, refunding money to a customer, running reports, checking the status of a particular transaction, and finding previously authorized transactions.

If you have few sales, virtual terminals can be very useful. You won’t need to purchase the more costly point of sale equipment, and a virtual terminal is accessible from anywhere. You can take a variety of orders and enter them in, no matter where you are. You do not have to try to access information through a physical terminal. Additionally, virtual terminals often cost less than payment gateways. In the case of some virtual terminals, you can implement all the hardware and software just so your site is processing the virtual terminal payment without redirecting to another site.

With Vision Payment Solutions, you can be accepting virtual terminal payments in no time. Give us a call today to find out more about virtual terminal payments and other payment-processing information.