Virtual Terminal Credit Card Processing

What Is Virtual Terminal Credit Card Processing?

Virtual terminal credit card processing refers to a secure online portal that allows merchants to process credit card transactions without a physical point-of-sale (POS) system or terminal. It’s accessible from any computer or mobile device with an internet connection.

Think of it like a virtual credit card machine that lets you charge credit cards and debit cards manually by entering the card information and transaction details directly into an online form.

Virtual terminals are ideal for merchants like small businesses, mobile professionals, pop-up shops, and home-based sellers who need a simple, low-cost way to accept card payments without extra hardware. They can also supplement an existing POS system with additional card processing capabilities.

Benefits of Using a Virtual Terminal for Credit Card Payments

Here are some of the top benefits to consider when using a virtual terminal:

1. Flexibility

Since it’s a cloud-based service, you can access your virtual terminal from any internet-connected device like a phone, tablet, or computer. You don’t need to buy or install equipment. This makes processing payments possible from anywhere at anytime.

2. Cost Savings

Avoid expensive credit card terminals and software subscriptions. Virtual terminals allow you to process payments through your existing devices with only a small transaction fee per sale. This is perfect for small businesses watching their bottom line.

3. Efficient Transactions

Process payments quickly by manually entering card data or emailing customers secure payment links to capture funds online. This saves time over traditional terminals.

4. Enhanced Reporting

Most virtual terminals provide user-friendly sales reports and analytics. Easily track top-selling items, view payment history, monitor business growth over time, and more with a few clicks.

5. Better Customer Experiences

Offer customers flexible online payment options via custom links and eliminate wait times related to traditional terminals. This delivers greater convenience.

With virtual credit card processing, small businesses can securely accept payments from anywhere while keeping costs low. The flexibility, efficiency, and robust reporting make it an essential tool for modern operations. Consider integrating a virtual terminal to streamline finances today.

How to Set Up and Use a Virtual Terminal for Your Business

Here’s how to get started setting up and using a virtual terminal for your small business:

Find a reputable virtual terminal provider. Top options include PayPal Here, Square Point of Sale, and Clover Go. Look for competitive transaction fees (typically 2.5%-3%) and added features like invoicing, inventory management, and reporting.

Set up an account with your chosen provider. You’ll need to submit details about your business and link your merchant account (where funds will be deposited). The set-up process is usually quick and straightforward.

Enable the virtual terminal within your account dashboard. This will generate a secure payments web page with a checkout form.

Customize the checkout. Add your company branding, logo, and tailored product/service fields to match what you sell.

Email customers the checkout link to collect payments, or embed it directly into your website.

Process orders as they come in. Manually enter the purchase amount and credit card details submitted by your customer to run secure transactions.

View order histories, run reports, export data, and manage payment settings from your online account dashboard.

Key benefits of utilizing a virtual terminal include the ability to email customers payment links for online orders, invoice clients securely, process transactions on-the-go with a mobile device, facilitate contactless commerce during the pandemic, and eliminate the need for a physical credit card terminal.

READ ALSO: Southern Tire Mart Credit Card

Top Virtual Terminal Providers for Small Businesses

Here are a few top options for small businesses:

1. PayPal Here

PayPal Here is great for small businesses already using PayPal. It offers a free mobile card reader so you can accept credit cards anywhere. It has no monthly fees if you process over $1,000 per month.

2. Square

Known for its sleek hardware and easy-to-use interface, Square charges a flat rate without monthly fees. It also comes with useful sales tracking features. Square is a good choice if you want an all-in-one POS and payments system.

3. Clo

Clover offers versatile hardware options including a countertop POS system. It has advanced sales tracking and inventory management features. However, watch out for account fees.

4. Helcim

For ecommerce stores, Helcim offers top security, customization and excellent customer support. It charges monthly account fees but has no transaction fees, which can save money long-term.

Other options to consider are Stripe, Intuit QuickBooks Payments, and Fattmerchant. Do your research to find one that best suits your business needs and budget. Check user reviews and do trials first.

Whichever virtual terminal and hardware you choose, look for good security, transparent pricing, responsive support, and the features that will make running your business smoother.

The right provider can save you time so you can keep doing what you do best – serving your customers.