If you’re a business owner then you know how most people prefer paying with a card rather than cash. 7 out of 10 people pay using their card. Cards have become an important means of payment for many people across the globe. There are many reasons for this, it could be because of the discounts offered by the card companies or third party applications. Mostly because it is simple and easy, all they have to do is put their cards into the physical terminal, enter the pin and receive their receipt.
With cards there is no worry about carrying cash around. It is quite important for businesses to accept payments any way customers prefer. If they dont they will lose a customer or a sale. Not only that you’re also leaving an impression that your business is not yet prepared. As a business owner, you must remember that people not only pay with their cards, they also pay through online, mail or phone. So it is your responsibility to be well prepared if you don’t want to lose a potential customer.
Then you must be wondering, what is the solution for this issue? It is quite simple, get a virtual terminal and put all the issues related to receiving payments to rest.
What is a Virtual terminal?
It is an online credit card terminal. Simply put, your computer becomes your payment terminal to receive payment from your customers. It allies the merchants to take orders and accept payments through a web-based application. With virtual terminals, merchants need a computer, internet connection and a web-browser to receive payments from their customers. And lastly, a merchant account with a reliable payment processing company. You don’t need either a traditional credit card terminal or any other third party payment softwares. In three simple steps, you can receive payments from your customers. All you have to do is Log-In to your terminal, in the secure page enter the payment details of your customers and wait for the payment to be processed.
Who is this suitable for?
A virtual terminal makes accepting payments simple and easy. Almost all the businesses are appalled to use it. It is suitable for businesses that accept orders over phone or e-mail, service-oriented businesses, home-based businesses and professional services such as legal, accounting and medical. Not only them it is also suitable for freelancers, non-profit organisations, sales teams (off-site). This is suitable for startup’s too as they run on tight budgets. It is always an added advantage for your business to have a credit card processor along with a virtual terminal to accept payments.
Is it secure?
Security is one of the major concerns for both customers and business owners to accept online payments. So it is essential when it comes to accepting card payments. You must be in compliance with all the necessary rules and regulations to accept card payments, virtual payments should be no exception to this rule. Virtual payments are a safe means for both customers and business owners to make or accept the payments. It is low-risk and for the set up process, the owner is required to finish a PCI compliance questionnaire, either through a call or online.The questions will be related to your business security. PCI compliance will assure that your virtual terminal is as safe and secure as possible.
So it is your responsibility to look for a service that complies with PCI and offers high-tech security technologies such as tokenization, encryption, etc. You’re dealing with customers’ money, so make sure you rely on a service that is trust-worthy. Because if anything goes wrong, apart from your reputation you will also end up losing your customers. So always put in extra efforts and follow the industry best practices to protect your customers data and your business. Before choosing a service provider ask them all the details relating to the secure technologies, if possible ask them for proof too.
Benefits of Virtual terminal
Virtual terminals will allow the merchants to accept payments through phone, online, mail conveniently without worrying about losing potential customers. It helps merchants in growing their business. If you think this is the only advantage from it then you’re wrong.
Here are a few advantages of having a virtual terminal
No need for new devices
Virtual terminals don’t even need a new device to accept payments, you just need an internet connection and web-browser. Business owners don’t need any other hardware or software. Even if your business already has a payment gateway or POS system, adding a virtual terminal will surely benefit your business. It is compatible with all other payment terminals. With all these payment terminals, you can give your customers different payment options.
Anywhere at anytime
Technology is advancing, so are people, if your business is not adapting to all the new changes, it is not a long time before you run out of business. If you want your business to survive then it must adapt to all these changes. As you know customers are also preferring comfort and convenience. With Virtual terminal you can receive payments from anywhere at any time. As the payment is processed through the web browser it provides business owners a convenient access and accessibility to sell your products from anywhere. Your business is no longer tied to your physical store, it travels along with you. You can even make money while on vacation, sounds cool, right?
Easy set-up
Setting up virtual payments is quite simple and easy. The payment processing is also quite simple. All you need to do is log-in, enter the payment details and wait till it is processed. However, one important thing that one must remember is that they must choose a service provider who provides extra ordinary security at an affordable price. Before choosing a service provider, compare the price and all other details, then choose a provider that matches your requirements. You can easily sign-up for a virtual terminal. Just have to fill out a few forms either online or over the phone and the sign-up process is done.
Generate reports & view daily details
With Virtual terminal, apart from accepting online payments you can even generate reports and print email receipts. If your customer asks for the receipt then you can provide them with email receipts and with the reports you can keep a track of your business. You can generate digital receipts the second payment is processed. Access the real-time book keeping and analytics reports anytime and anywhere. It streamlines your business transaction records and helps you in growing your business. Apart from resorts, you can also view daily details to understand the transaction history. Keep an eye on your daily details and if you find anything suspicious take action before it is too late. Always remember that your customers are trusting you with their card details,so make sure to protect them at any cost.
Additional benefits
Apart from the above mentioned benefits the virtual terminal also offers you other additional benefits. No customer of yours will have direct access to the interface of the virtual terminal. So you will have complete control over the transactions. The virtual terminal will help you in handling recurring payments, unlike other payment terminals like POS. You can also swipe a user’s card in-person too, sounds cool, right? Not only computers, if the screen is big you can make payments from your tablets and smartphone.
Conclusion
For any business to grow, it needs to adapt to technological advancement. So if you’re a business owner, who only accepts cash payments then it is high time you change your direction. If you don’t update your payment methods you may end up losing a lot of potential customers and as you know losing customers will do no good for your business. Most people prefer paying through cards or online. So it is necessary for a business to have a virtual terminal. It is easy and convenient and not to forget the business owner will have complete control over the transaction.
However, to make secure payments one must comply with PCI rules and regulations. Make sure to choose a service provider, who is offering you best security technologies to receive secure payments. You’re handling customer card details, so it becomes your prime responsibility to save yourself and your customers from any potential data thefts. Comply with regulations, receive payments through virtual payments and take your business to the next level.
