A virtual terminal allows small merchants to elevate their business to the next level. It is one of the fruitful outcomes of technology. If we consider the present situation, virtual platforms are actually getting popularity. Moreover, the popularity is rising day by day. Since the arrival of COVID-19, people are operating things virtually. From education to business, everything has adopted the virtual platforms.
Well, we are living in the 21st century where people do not give preference to cash transactions. They are making online bill payments through credit cards and debit cards. Moreover, businessmen are upgrading their payment terminals so that customers can make contactless transactions. So, if you start an online business amid this situation, you must have a virtual terminal. When it comes to acquiring a virtual terminal for your business, you must have a registered account under a payment processor.
If we consider the present situation, we can easily see that there are many virtual payment solution platforms offering virtual terminal. But, the fact is that you will not get fruitful outcomes from all of them. We at International Payment Solutions offer efficient payment solutions through which you can elevate your business to the next level. Well, we also offer a virtual terminal and before getting into this device, you must know how the real-time credit card transaction works.
Well, the credit card holder generally initiates the transaction by swiping or tapping the card into the POS or other payment terminal. If you have already registered your business under a merchant processor, you must have an online payment gateway. The important credit card information passes through the online payment gateway and the merchant processor receives the information. The entire data remains in an encrypted form and therefore, there will be no issue regarding the security.
After that, the merchant processor sends the information to the credit card network. The credit card network verifies the details and passes the information to the credit card issuing bank. The bank then checks the transaction amount and available amount in the card holder’s account. Depending upon the available amount, the credit card issuing bank approves or rejects the transaction and sends the details to the credit card network. The credit card network shares the same with the merchant processor. The merchant processor thus completes the online credit card transaction.
Well, a virtual terminal does the same thing in a different way. Here, the entire transaction is done virtually. The virtual terminal is basically a web-based payment terminal where the merchant can make a card not present transaction. Yes, if you have an online marketplace, a virtual terminal will be an ideal payment solution for your business. In such a case, the customers do not need to be in your shop.
How It Works:
Well, there is a huge similarity between a payment terminal and a virtual terminal. Go through the following points to know more about virtual terminal:
After purchasing anything from your online marketplace, the customer will provide his or her credit details. It is otherwise known as ACH details. Customers generally will send it over email or phone.
As a merchant, you will have your own virtual terminal menu. After getting the details from the customer, you have to log in to your account and fill all the fields under the customer payment information.
Then, you have to click or tap on the process button.
After that, your merchant processor will receive the payment information and the rest of the process is the same.
Businesses That Need Virtual Terminal
Most businesses have already upgraded their physical equipment in order to accept credit card payments online. Well, there are still many businesses that need a virtual terminal in order to enhance the overall cash flow of their businesses. We have highlighted some sectors in order to give you a concrete idea about it. So, don’t miss to go through the following points:
If you are a freelancer, you must need a virtual terminal for receiving payments from your clients. You will be dealing with international clients and in such a case, it is the only option left for you.
Businessmen running home-based businesses need a virtual terminal in order to accept payments from the customers.
Non-profit organizations can also start fundraising programs. If they want to accept payment across the globe, they can use a virtual terminal.
Well, there are many advantages that you can also find in other payment terminals such as enhanced security, reliability and many more. But, we are going to tell you the main difference. Here, you do not need a physical POS machine. You can easily accept payment using your laptop or mobile device.
Not An IPS Merchant?
So, if you want a virtual terminal for your business, you can go with International Payment Solutions. It is one of the best merchant processor solutions. If you want to elevate your business to the next level, you can get in touch with us.