A virtual terminal links you to your consumers and enables you (or your customers) to input credit card information into a form that’ll ultimately allow the terminal to process the payment. Though it can improve the function of your business, it’s important to look into your options so that you can select the best one. The right terminal should make payment processing simple and should help your business run more efficiently — not incur ridiculous fees and markups. Here are some of the ways finding the right one can help your business:
Simplify your processing
Your virtual terminal should allow you to accept a variety of electronic payments easily and securely. These include processing credit cards, debit cards and checks. Having this ability will allow you to minimize customer call-backs due to declined cards, improving your customer service, process transactions faster and settle transactions automatically and manually so that your funds are deposited quickly.
You should also have the ability to accept transactions via an attached card reader for face-to-face transactions, along with online transactions.
Capture customer data
The terminal you select should also allow you to capture a wide variety of customer data. This data can be used for data mining purposes, but it can also be used to set up recurring payments without needing the customer’s credit card number again. This will streamline the payment and ordering process for both you and your customer.
Reduce payment processing costs
If you look at all of your virtual terminal options, you should be able to find one that will reduce your processing costs. There are VPOS available that charge no percent markups on transactions and only 10 cents per transaction. NPC Secure is one virtual terminal that will give you access to these reduce processing costs. You can even send customers customized email receipts, allowing you to reduce costs in printing supplies.
If you find a plan with a merchant processor that you like, you may even be able to get your virtual terminal for free.
That’s right – you didn’t read that wrong. Fattmerchant offers a completely free online terminal. With our $79 plan, a virtual terminal is included with no extra markup fees. Some merchant services tack on percentage markups in order to process virtual payments. Take PayPal for example. With their online system, lower sales yield a higher markup percentage coming out of your pocket – anywhere from 3.1% down to 2.4% depending on your monthly volume. It doesn’t make any sense to pay more when your business is making less. Fattmerchant gives you a free terminal, and doesn’t charge unnecessary fees to take away from your profit.
Even more advantages. Besides the obvious fact that your business will be able to accept credit cards from anyone with an internet connection, phone, or postage stamp (which basically covers the whole nation), virtual terminals can do a lot to make your life easier. With a reasonably priced plan you’ll be well on your way to increased profits, as well as the ability to:
Avoid traditional hardware and maintenance expenses
Accept online, mailed and called-in payments
Issue credits when necessary
Reauthorize previous transactions for new amounts
Process card-present (and card-not-present) transactions
Avoid monthly hassle by scheduling recurring transactions
Secure customer data for future payments
- Apply fraud screening
So there you have it – some awesome benefits of choosing a merchant services provider that offers the best virtual terminal for your business. Our team would be thrilled to see you make the switch to FATT savings. Contact us for any more information on the services, terminals, and payment plans we offer.