If you have a business online and you’re looking for a safe mode of payment for your customer, chances are you may have heard about “virtual terminals”. Yes, it may sound sophisticated and intimidating at first, but will it be the right payment option for your online store?
Stick around as we are going to know more about what virtual terminal is and why it may be the right mode of payment for your business.
Virtual Terminal Defined
Basically, virtual terminals work similarly like that of the conventional credit card payment. The only difference is that it stores it digitally stores all the transaction data as it happens in real time. Likewise, it also allows you to take advantage of its many customized features from the way data is batched, stored, and reviewed.
How Does It Work?
Implementation of virtual terminals gives access to customizable options that will allow you to process and produce transaction reports. Getting started is actually very easy for all you need to have is a PC with a compatible OS (operating system) and a browser so you can access the virtual terminal’s software.
The account administrators will then set the display and security settings according to your specifications.
Integration of virtual terminals will allow business owners like you to maintain records of every customer transaction to ensure smooth business operation. Also, the said payment method can also process Automated Clearing House (ACH) transactions so that the customer’s funds will be debited during payment.
Benefits Of Virtual Terminals To Online Business
- Effortless eCommerce Processing
- Can be conveniently accessed to any computer
- Efficient sales monitoring
- Streamlined bookkeeping
- Easy access anywhere
- Flexibility of payment options
- Convenient billing of invoices and recurring bills
- Efficient management of transactions from multiple locations
On the other hand, here are some tips that you can follow in choosing the right VT for your business:
- The price should be reasonable and affordable.
- It should be easy to use.
- It offers a lot of payment options for your customers
- It should be compatible with your eCommerce store platform as well as the shopping cart plugins you are using.
- It should allow you to have the best ROI for your business.
A virtual terminal is a fast, secure, responsive, and efficient way of collecting credit card payments. So if you’re ready to integrate this system in your online store today, be sure to evaluate your options carefully and see what VT will be the best fit for your business.
Need some help with your business’ payment methods? Check out Wholesale Payments Direct’s site for more information.