Virtual Terminal Credit Card Processing

Virtual Terminal Credit Card Processing

The basic description of a virtual terminal is an online credit card terminal. One that allows merchants to process online transactions as well as over-the-phone orders via a compliant and fully secure web-based application. Without the use of hardware equipment, a virtual terminal will enable your operation to run debit cards, credit cards, and even electronic checks effortlessly. The only elements that are needed are a gateway ID (which will be given to you by your provider), your typical web browser i.e. Chrome or Firefox and of course, access to a constant internet connection

Virtual credit card terminals feature a basic online form to have patrons input their information for a Mail Order Telephone Order aka a MOTO order. This information could include the customer’s name, their account details, and also the frequency & amount of each transaction. These are all important pieces of information needed to complete this simple online terminal inquiry form. It couldn’t be more painless to have customers use this type of submission process and approval is almost immediate.

Business Types That Utilize Virtual Terminals

The benefits of these types of transactions for businesses that don’t call for the use of hardware like traditional terminals are various. This kind of virtual terminal merchant account is not only easy to set up and use – it’s secure, flexible, and excellent for many types of industries and businesses.

If your operation is considering jumping into the world of eCommerce, it’s required to secure a virtual terminal in order to accept payments online. These types of popular business that take advantage of credit card processing via a virtual terminal are:

  • Debt Consolidation Firms
  • Delivery/Dispatching Services
  • Online Tech Support
  • Freelance Work
  • Property Management
  • Credit Repair Companies
  • and many more…

Please read this industry resource in order to confirm if your business would benefit from using an online virtual terminal to accept payments from customers.

How Virtual Terminals Work

  • Payment goes through the Virtual Terminal
  • The Terminal Provider sends the transmission
  • Part 1: The Payment Processor receives the request for payment
    Part 2: The Issuing Bank also receives the request for payment
  • Part 1: The Issuing Bank sends confirmation to Payment Processor
    Part 2: The Payment Processor sends payment through the Terminal Provider to the customer for confirmation

Utilizing the Potential of Your Virtual Terminal

All telephone orders, mail orders, and electronic check payments can be posted worry free and straightforward thanks to a virtual credit card terminal. This web-based solution supports payments of all types that can be one-time or recurring.
As is the case with hardware of any kind, damages, malfunctions and errors are always a possibility. In circumstances like these, the physical POS terminal unfortunately cannot be utilized. This is where having a virtual terminal allows you to keep your business running with no interference in accepting payments. Online credit card terminals are excellent as a temporary or backup solution that’s trustworthy. So you’re not having to hold up business in the case where your hardware fails on you.
Just by inputting in the online form the duration and frequency that you would like to charge a particular card, you conveniently have the ability to have those recurring transactions processed easily. You only need to enter a few supplementary sections of information, so you can change the billing procedures from manual to automatic. Having a simple and streamlined process is now the status quo to earning returning customers. This makes the ARB option on your credit card terminal an essential feature for you to take advantage of.
When directly inputting your customer information into the online form, you are simultaneously protecting yourself and your customers identities with strict PCI data encryption and compliance. With Visa’s 3D Secure Authentication Protocol in place, coupled with online terminals, it has proven to be amazing at resolving online credit card transaction fraud. Other payment products such as American Express SafeKey, Mastercard SecureCode, and JCB International J/Secure each have ways of stopping scams and securing credit card transactions using password protection and identity verification. These standard safeguards made for online credit card terminals keep the data safe when correctly used. Always keep in mind not to enter card information on non-PCI compliant software, as criminals love to key in on weaknesses like these to steal sensitive information from your customers.
Card authentication is just the tip of the iceberg when it comes to getting your card information validated. When recurring billing happens and a customer updates their card information, your virtual terminal can automatically identify and update the information to prevent the transaction from being unsuccessful. When it comes to information updating Cybersource and Authorize.net are the best in the game. They do this by making it their priority to prevent unintentional failures on payment transactions.
Customarily, payment processing companies will provide you the option to have invoices sent to clients so that they can input their information on an encrypted form (so that you don’t have to enter it for them). When you offer a link to allow the client to fill out the form themselves, it saves you tremendous time while helping the customer in feeling more secure than if they had given you their personal information. The option for using virtual terminal credit card processing can even be branded with your company logo, along with a complete breakdown of expenditures to help your customers feel more secure.

Your Virtual Terminal Merchant Account Options

Authorize.net, NMI, Cybersource, and USAPay are popular virtual terminal providers that reign supreme with their merchant integration and protection features for their customers. You can proudly accept credit card payments anywhere and everywhere by applying for a virtual terminal merchant account for your business. Basic online forms are typically similar on every platform out there, so the advantages of what they offer your operation needs to be considered when choosing a solution to utilize. The previously mentioned additional features can be integrated or added-on to equip the virtual terminal merchant account with even more features for your business.