A virtual terminal is a secure web page that lets you process credit card transactions.
You log into your virtual terminal using a regular web browser. Type in the credit card number, the amount and customer name, and then hit the submit button. The payment is completely secure and you capture the funds instantly.
Everything about the virtual terminal is simple and efficient. If you'd like an email receipt to be automatically delivered to your customer you have the option of including the customer email address (and other order information if desired). Take a look at the screen shot below to see just how simple the virtual terminal is to use:
Many business owners do not realize that when orders are taken over the phone the transactions clear as card-not-present transactions. They clear exactly the same as an e-commerce payment. Because of this, it means that e-commerce payment processors are better equipped to provide a cost effective payment processing solution at any time when you are interacting with your customer in any way other than in person.
POS machines are no longer required to securely process credit card transactions. In fact, POS hardware is costly, bulky and only efficient if the customer is physically present with their credit card. It was originally designed for a traditional retail (storefront) setting.
The physical inconvenience of having to manually key orders into a POS machine is not a serious problem. The significant problem is cost. If a merchant receives a POS machine they are expected to physically swipe or insert the card, and collect a customer signature or enter their pin number. If this does not happen the merchant is most often penalized with a "non-qualified" surcharge. A "non-qualified" surcharge simply means that the processor is charging you more because you did not physically have the card present when running the order. It's an outdated model that should not be applied to businesses that take orders in any situation where the card is not physically present.
With a virtual terminal you are expected to key in the order. There are never any surcharges or 'non-qualified' fees simply because the customer was not physically present with their credit card. This can lead to a tremendous cost savings to businesses that have been running transactions for phone based orders through a POS machine. It depends on current pricing, but the typical merchant will see a savings of about 0.50% when switching to a virtual terminal (but it depends on trading volume and rates with your current processor). Get a quote to see how much switching to a virtual terminal will save your business.
There is a huge cost benefit to using a virtual terminal because you don't need to buy any special hardware. You just use your existing computer, tablet or smartphone. POS hardware is costly to make, and these costs are passed onto merchants. By eliminating the hardware we can eliminate the cost associated with it. A virtual terminal is by far the most cost-effective way to begin accepting credit card payments.
Traditional POS hardware can only be used by one employee at a time. A virtual terminal can have an unlimited number of employees (for example an entire call center) using the system at once. You can easily assign permission levels to customize what each employee is able to see or access within the system.
This is also a major advantage if you operate a business with multiple locations, as the virtual terminal can be used across the entire business regardless of whether you have multiple physical locations.
The virtual terminal is highly secure because it's designed so that you don't store any cardholder data within your own system.
It works by logging into a highly encrypted page using a standard web browser. Once logged into your account you type in the credit card number, the amount to process and press the submit button. Once submitted, you no longer have access to the card number. When the approval is returned get an authorization code which you can use to reference the transaction in the future (for example, if you later want to refund the transaction). You've processed the transaction, and can even go back and bill the card again, but you don't have to worry about storing any sensitive cardholder data.
The virtual terminal also supports some of the most advanced fraud screening tools available. These tools help to ensure that greatest level of security when performing a credit card transaction in which the customer is not physically present.
The virtual terminal provides highly advanced functionality. Every type of transaction is supported including pre-authorizations, real time transactions, full and partial refunds, and even recurring billing.
With the recurring billing service you can automatically charge a customer in any amount, on any billing period you desire. You don't need to store any credit card information in order to do it. Our payment server will store all of the sensitive information and simply send you a transaction report each day for your accounting purposes. This is great for businesses that have a subscription model and want to automate the recurring billing of customers, without having to store sensitive cardholder data. You are also able to do subsequent or 1-off additional payments to any customer that you have billed previously.
One of the biggest advantages of a virtual terminal is that you can use it to process mobile transactions. As long as you have an internet connection you will be able to securely process credit cards from anywhere. In addition to a traditional computer or laptop, you can also use your iPhone, BlackBerry or Android phone.
We also offer a mobile swipe device so that you can swipe cards like a mini-POS machine using a regular Android or iPhone. It is very useful for travelling sales people who are working with clients in person and need an easy way to capture a payment on the spot.
Another common application for the virtual terminal is at trade shows where an internet connection is unavailable, unreliable or too expensive to use. Every modern smartphone has it's own data connection for internet. You can use this to process transactions from anywhere without having to pay for internet or a dedicated POS machine.
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