What Is a Virtual Terminal Solution And What Type Of Business Need It?
A virtual terminal is a web-based payment processing application which is used to accept credit cards payment over the phone or in-person. The merchant manually keys in the card details to process the transaction. This type of transaction is considered a Card Not Present Transaction. It only requires a web browser and an internet connection to work. It does not require any specific hardware device to process the payments. The Virtual Terminal Solution is also known as MOTO is suitable for sales and customer support order businesses who generally take their order over the telephone or mail.
How Virtual Terminal Works?
The working is simple and straightforward. As a virtual terminal is a merchant tool, the transaction is initiated by the merchant and completes in a few steps. To accept payments, all a merchant has to do is to take customer’s information over the phone and keys in the data into the virtual terminal. Let’s understand this step-by-step:-
- The merchant login to his virtual terminal application.
- Ask the customer his/her card information and customer’s information to maintain the customer’s profile.
- Enter the customer’s details into the secure payment page and save customer info using the virtual terminal for further transaction.
- The payment gets processed, and an email is automatically sent to the customer’s email box.
- The happy customer when next time transacts with you, you don’t need to ask the customer’s data again, the only thing you have to do is to initiate and process the transaction.
Why Should You Apply For A Virtual Terminal Merchant Service?
There are various advantages of using a virtual Terminal. One business may use it for recurring payment and others may use it for the remote transaction. Let’s discuss which one will best satisfy you.
- No Extra Hardware Required: To process the credit/debit card transaction, the only thing you need is your desktop/laptop with a browser installed in it and an active internet connection. You can process the payment anywhere as long as you have a browser and internet. A card reader is an additional feature which you can plug it with your desktop/laptop with a USB cable. The card reader helps the merchant to accept in-person payment. But, it is an additional feature. You can even take in-person payment by asking your customer’s card details
- Process Recurring Payments: Yes, you heard it right. A virtual terminal can be used for recurring billing features. You can easily set up a recurring billing into your terminal, and the recurring billing will continue to go to the customer until the recurring bill is over. A merchant has to fill the card details only once, and the rest will automate until the billing cycle ends.
- Multiple Desktop Access: A single virtual terminal account can be used by multiple employees at the same time. The feature is beneficial when there is huge traffic of customers, and a single employee isn’t able to manage all the transactions. If you have administrator access, you can easily add or remove an employee. And not even that, you can limit the access of the employee that they cant see all the transactions are done over the virtual terminal, and you can put a limit on different options based on the requirement.
- Telephone/Mail/Fax Order: A merchant can accept payments in multiple ways like over telephone call or mail or even fax. It is really beneficial for the business who deals with their customer remotely.
- Report Analytics: Through the virtual terminal you can review the report of the whole transaction done over the day or week or monthly etc. the reported trend helps the merchant to track the increase or decrease of sale.
Benefits Of A Virtual Terminal
- Ecommerce Business Need: Retail e-commerce business is thriving in the U.S. is projected to generate 194.4 billion U.S. dollars in revenue by 2024 as Statista. Seeing the thrivingness in the eCommerce industry, you should have a virtual terminal that could accept payments remotely.
Computer Platform Flexibility: The virtual terminal can be accessed from any computer with any operating system installed in it. There is no specific configuration required to run the virtual terminal in your browser.
- Tracking Capabilities: With administrative access, you can keep track of all the transactions done by any of your employees. You can generate the log of all the transactions if needed. You can also keep track of all the transactions pending for refunds and limit the capabilities of an employee to initiate a refund.
- Access Anywhere On The Go: A business owner attending seminars or workshops or even on vacation can keep an eye on each transaction any time.
- Payment Acceptance Flexibility: A merchant can store the card details of the customer in a file which is secured via PCI-Compliant to ensure data integrity. This helps the merchant by not asking card details again and again from his regular customer.
- Electronic Invoicing Capabilities: The virtual terminal has the capabilities and functionality to generate the invoice automatically and sends it to the customer’s mail.
Can You Accept ACH Payments With Virtual Terminal Solution?
- Automated Clearing House or ACH is an electronic payment that processes via ACH network. The network connects all financial institutions across the nation. Once the payment is initiated, it pulls funds directly from the checking account. ACH payments are usually processed in batches.
- Do you also want to receive ACH payments through Virtual Terminal Solution? Fantastic! The virtual terminal can accept ACH payment as well. For ACH payment processing, you have to enter the routing number and account number into the terminal and process the transaction. The transaction process through the ACH network and you can receive the funds the very next day to your business account. Every processor has its own settlement frequency and transactional charges. Our solution comes with affordable cost. So what are you waiting for? Apply today to accept credit card as well as ACH payments.
Apply Today For Virtual Terminal With Quadrapay
Are you a merchant looking for a virtual terminal solution for your business? You will get it easily if your business is flagged as a low or mid risk industry. A high-risk merchant may face challenges to get a virtual terminal but don’t worry, we at quadrapay are highly specialised in onboarding high-risk businesses. Apply today!
Get in touch with us at [email protected]