What Is a Virtual Terminal? All Your Questions About Virtual Terminals Answered!
Next in our series of payment processing basics is the topic of virtual terminals. A virtual terminal is a way to accept payments without dedicated software or a point of sale (POS) system. In fact, all you need to accept payments with a virtual terminal is an internet connected web browser. Why would you want a virtual terminal? What are the benefits of a virtual terminal? All the answers to your questions and more below!
What kind of merchants use a virtual terminal and why?
A virtual terminal is a great option for Mail Order or Telephone Order (MOTO) merchants, small business owners, home based businesses, off-site sales events, and as a compliment to other ways of accepting payments. Hardware can often be expensive for small or home based businesses; a virtual terminal allows any business with an internet connected web browser to accept payments. Traditionally, Mail Order or Telephone Order (MOTO) merchants have used virtual terminals since the nature of their business leaves them without access to physical credit cards.
All you need to do is type in your customer's credit card information and the virtual terminal processes the transaction like normal. It's just like typing in your payment information on a website’s checkout form, except the merchant is doing it for their clients.
What Are Some of the Benefits of a Virtual Terminal?
Accepting Payments Remotely with Ease
A virtual terminal allows you to accept payments anywhere there is an internet connection and web browser. Regardless of where you or your customers are, you can always accept payments.
No Need for Expensive Hardware or Software
With a virtual terminal you can accept all of your payments without the need for additional hardware or software. If you would like the ability to process card present transactions, there are USB credit card readers that work in conjunction with a virtual terminal.
All of Your Records in One Place
A virtual terminal keeps all of your payment records organized and easily accessible.
Better Security
Paper receipts and records are susceptible to getting lost or stolen, however choosing a virtual terminal provider that is PCI compliant will bring increased security to your business and customers. (Learn more about PCI Compliance here: https://www.beekash.net/insights/what-is-pci-compliance-and-why-is-it-important)
Every business is different and your business deserves a payment processing solution that fits your needs. Experience the BeeKash Difference today!