A virtual payment terminal lets you sell your products/services 24/7/365.
Perhaps it’s not a payment processing solution you’ve considered or used previously for your business, but a "virtual terminal" is a powerful tool that lets you sell your products and services 24 hours a day, 7 days a week, 365 days a year. Virtual terminal is basically an application that lets you turn any computer with an internet connection into a point-of-sale terminal. Your merchant service provider generally hosts the application. The “virtual” part is in the fact that all the processing occurs online in the application, rather than through a traditional stand-alone terminal or point-of-sale device or system.
The benefits of using a virtual terminal to accept credit cards
There are benefits for processing credit card payments on a virtual terminal for many business types. Card Payment Options points out the following benefits of using a virtual terminal to run credit card payments:
- Access the platform from any computer
- No equipment to lease or buy
- Process in real-time
- Quick access to tracking and reporting
- Easy to set up recurring billing
Monitor your employee sales and other performance metrics A virtual terminal enables you to accept both swiped and keyed transactions, so it can be useful in a variety of settings. Let’s check out the ways in which having a virtual terminal can help you sell more product, to a wider variety of customers.
Virtual terminal processing for mail order and phone order transactions
Merchants who obtain credit card information over the mail or by mail have been the traditional users of virtual terminals. This is because virtual terminals let you key-enter the card information into the payment application, rather than having to swipe, or dip, a physical card. Mail order and phone order merchants continue to be heavy users of virtual terminals. If you fall into one of those categories, you should speak with your merchant service provider today about implementing a virtual terminal to ensure you’re capturing all the sales you can, safely and securely.
Virtual terminal processing for online transactions
Merchants who sell online may also benefit from using a virtual terminal to process their credit card transactions. A virtual terminal may be a payment gateway alternative that makes sense for your business, depending upon your processing volume, business type and other factors. Consult with your payments processor today to better understand if using a virtual terminal for your eCommerce business would be the best route for your credit card processing.
Expand your business with a virtual terminal
Using a virtual terminal to accept credit card payments can help you to grow your business and keep things running smoothly, all hours of the day or night. Once marketed almost exclusively to mail order and phone order merchants, today’s virtual terminals are much more flexible and allow for integration with card readers and other technology. Another benefit of using a virtual terminal is the ability to enter Level II and Level III processing data, which can help reduce processing costs associated with government, B2B, education and other transaction types. Keep your business firing on all cylinders with a virtual terminal application that allows you to process credit cards from any computer with an Internet connection.