What Is a Virtual Terminal and How Does It Work for Merchants?
If your business conducts most of its customer communications through the phone, you may find yourself running into unwanted hassles when you are ready to accept payment through your merchant services provider.
Of course, you can send follow-up payment links to customers to obtain their card details through online payment solutions. But that adds yet another step into completing the transaction. As an added difficulty, not every customer has ready access to an internet connection.
So what can you do to make sure your customers don’t feel frustrated with long, complicated payment processing methods?
Simple. You can turn to a virtual terminal for easier payment processing. So, what is a virtual terminal and how does it work for merchants?
What Is a Virtual Terminal?
Similar to the physical point of sale (POS) terminals, virtual terminals are built into your integrated payment platform and can accept a variety of payment types including debit, credit, and ACH bank payments. The added benefit is the increased flexibility in accepting payments over the phone, online, and in person. And you can do so without ever having to use a physical card.
Built for online invoicing and recurring billing, virtual terminals for payment card processing help you accept digital payments instantly with ease.
Instead of swiping the card physically, employees can process customer payments through details such as card number and CVV code. This concept eradicates any additional steps of sending customers online payment links or requiring physical card readers to process the payment.
The transaction is done on the same call or session without any interruption. As a result, you can deliver a better customer experience, have greater payment flexibility, and ensure a completed sale on every successful call or session.
How Do Virtual Terminals Work?
Virtual terminals are web-based payment applications that help your business send invoices, schedule future payments, and securely key-in payment information This technology processes these payments with the latest financial security mechanisms and all data is processed through PCI Compliant procedures. This makes sure that your customers’ sensitive information is always safe.
Additionally, a virtual terminal is only accessible to your employees instead of your customers. This way any payments that are processed through these virtual terminals can be authorized and completed securely.
To accept payment over the phone, all you need to do is request and quickly key in the customer payment details directly into your computer or mobile device. The virtual terminal will store payments for future billing, allow for recurring payments, and simplify the billing process.
Further, additional features include flexibility in sending one-time invoices, creating invoice schedules, and sending customers to a hosted payment page for easy payment.
Who Can Use These Virtual Terminals?
The virtual terminals for payment card processing are fit for those businesses that primarily operate over the phone, handle online invoicing, or have recurring monthly memberships. This includes restaurants, food delivery services, freelancers, health and fitness services, and professional services.
If your business belongs to any of these categories or can benefit from the ability to take payments by phone or online, adding a virtual terminal to your payment offerings is a great idea. By switching to this method, you can accept payments quickly and securely and ultimately improve your customer’s payment experience.
Whether you are a new venture or an experienced business, Fattmerchant’s state-of-the-art Omni Virtual Terminal provides you with a powerful solution catered to your businesses’ needs. Our Integrations into apps such as QuickBooks Online, Zapier, and Mailchimp provide you with access to a single platform that can help you manage your payments online – Anytime, Anywhere, on Any Device.
Take the Next Step with Fattmerchant
Our virtual terminal is a smart solution for businesses that take payments online or over the phone. With simple invoicing, recurring charges, and online bill pay, you’ll get paid faster with Fattmerchant. Fill out the form to schedule a free consultation for your business.