Virtual Terminal Credit Card Processing
Virtual terminal credit card processing is a type of payment processing that works through a computer or mobile device. It enables merchants to take credit cards, debit cards and even eCheck/ACH payments over the internet without using a traditional point-of-sale (POS) system. The virtual terminal can help businesses save money on POS hardware and associated fees and provide customers with more purchasing options when conducting transactions over the phone or online.
The virtual terminal works by having the person taking the payment log into a website or a desktop app to manually enter customer payment information. Once the data is entered, the system processes the transaction and deposits funds into a merchant’s bank account. Some virtual terminals offer a feature called a vault that allows repeat customers to hand-key their own payment information so that the merchant doesn’t have to enter the full card number each time. This can help to reduce the risk of fraud and make payments quicker for everyone involved.
Taking payment with a virtual terminal is ideal for businesses that do business over the phone or online, such as landscaping companies, lawn care services, travel agencies and many other professional services. It is also a great solution for e-commerce and subscription-based businesses. Some virtual terminals allow you to process recurring payments, or subscription billing, for customers, making it easy for them to make payments on a set schedule over a specified period of time.
When choosing a virtual terminal, it is important to choose one that offers a PCI compliant solution. This includes tokenization and end-to-end encryption to ensure that sensitive cardholder data is never stored within a payment system and that it’s always securely encrypted during transmission. It’s also essential to look for a virtual terminal that supports the latest in EMV chip technology for enhanced security and protection against fraud. virtual terminal credit card processing