Whether you’re looking to purchase an mPOS or POS system for your business, or if you already have systems and hardware in place, virtual terminal payment processing is a great way to add credit card acceptance capabilities to your existing system. These services allow you to manually input transaction data over a secure internet connection, on any computer, tablet or smartphone. They are perfect for businesses that accept a lot of payments over the phone, by fax or mail, or for those who need to process payment information without the need to swipe cards through a USB card reader.
To use a virtual terminal, you log in to your online merchant dashboard or B2B payment gateway, select the type of credit/debit or eCheck/ACH transaction you’re making, and fill out the sales amount and any other order notes. Then you either enter the customer’s card or bank account information by hand or, if you have a compatible virtual terminal with a USB swiper, you can swipe the card. The transaction is then submitted to be processed, and the merchant receives a confirmation or a receipt. Refunds can also be processed within the virtual terminal, and PCI-compliant customer profiles and card data for repeat purchases are securely saved.
You can find the best virtual terminal payment processors for your business needs by looking at the various fees charged and what features are available. Many of these service providers provide a full suite of solutions, including mobile apps and POS systems. They may also offer zero-monthly pricing, automated volume discounts and a simple application process. virtual terminal payment processing