A virtual terminal is a web page on your browser. The secure webpage is designed to support your transactions. By using this webpage, users can make card payments online. We call it virtual since it will work like your credit card terminal without ensuring your physical presence. In brief, we can say that a virtual terminal can enable internet users to make online payments anytime or anywhere. They can make the transactions on any device. Let’s cover some more details to enable you to decide with a better understanding.
A Virtual Terminal: What Exactly Is It?
From the above, you might have realized that a virtual terminal helps users to make transactions online with a secure webpage. It is considered safe and easy to follow since you can use any of your devices to make transactions. You will need only an internet connection. With an internet connection, you can process payments from any of your convenient places.
- Enables users to process transactions for major debit and credit cards. By doing so, you can impress all your customers with a better payment solution. It can be a great addition especially when some of your customers do not prefer to make online payments.
- It features easy payment from any place with a web browser and an internet connection.
- No expertise is required for this payment solution. You will not have to understand coding and other things.
- With a reliable service provider, users can expect some improved features that include printing shipping levels, intuitive reporting, emailing transaction receipts, and packing slips.
- You can process multiple payments at a time.
How Does It Work?
As stated earlier, the process will be super easy. It will not demand any expertise. Both customers and businesses can consider this payment option. Once you buy something online, you will be directed to the payment page. You will have to enter your card details to complete the payment. You will not find much difference between your card payment and virtual terminal payment. In both these conditions, you will need an internet connection. Here are easy steps to make it even easier for you.
- Get an internet connection. It is the prime requirement. You will have to choose a payment processing provider. Once you choose a provider, open your account. Long on to your account.
- Enter the details of your order and the details of your credit card.
- Finally, click on the button that might be ‘submit’ or anything similar to complete the transaction.
- Users will receive the transaction confirmation. Some payment processing providers will enable users to print a receipt.
How Much Will You Have to Spend on a Virtual Terminal?
The pricing will vary a bit depending on your payment processing provider. It might cost you $30 per month. There will not be any setup fee, withdrawal fees, and termination fee. There will be a transaction fee of around 3.1 percent + $0.30 apply.
How To Open a Virtual Terminal Business Account
If you want to open a business account, first, you will have to make sure that all your business information is accurate and complete. With the correct information, you can expect the best outcome. Your customers can easily reach out to you, and your payment processing provider can contact you whenever required.
When your customers will process payment via a virtual terminal, some information will be displayed that includes your phone number, business name, your business location, and the transaction amount. The bank of your customer will determine the information that will be displayed on the credit card statements.
Benefits of a Virtual Terminal
Users can expect a seamless experience while making a payment. The process will be secure and fast. Here are some benefits that you can go through to know a virtual terminal is worth your money or not.
- Easy and fast transactions from anywhere and anytime
- The only requirement is the internet connection
- Technical expertise and installations are not required
- Flexible and multiple transactions
Users can get these benefits from a virtual terminal. A virtual terminal can perform many different tasks that include generating receipts for customers, swiping credit cards, entering the payment information manually, issuing refunds, and creating customizable reports. With a virtual terminal account, users can simplify most of the payment and administrative tasks. They will have to pay monthly. However, if you consider the benefits, you might find the cost worth the value. There will be no terminal fee and set up fee. But yes, there will be a transaction fee.
Who Can Consider a Virtual Terminal Account?
A virtual terminal account can be the right solution for all types of businesses. It can be perfect for the businesses mentioned below.
Restaurants: Restaurants can consider virtual terminals to offer a flexible payment option to their customers. Customers will prefer your restaurant if the payment is hassle-free.
Freelancers: Virtual terminals can be the right choice for all those who work from a remote location. They can process payments whenever and wherever they want.
Professionals: Some professionals that include lawyers, accountants, and doctors can also consider this payment option. Their customers and patients can make payments easily.
Retailers: A virtual terminal can be the best for retailers. They can offer this flexible payment option to attract more customers. With a secure payment option, they are going to create a trustworthy environment. Their customers will prefer them over their competitors.
How to Find the Best Payment Processing Provider
In the current condition, options are many. You might not find much difference in their features. However, you will have to choose a name that has earned a good reputation for providing better solutions to their customers. Check the benefits and features to know which one can be the best fit for your business or personal account.