Credit Card Processing Virtual Terminal
Jan 12, 2017
A credit card processing virtual terminal is an ideal option for many business owners. Let’s take a deeper look at how this option works as well as some of its benefits to determine if it’s best f
A credit card processing virtual terminal is an ideal option for many business owners. Let’s take a deeper look at how this option works as well as some of its benefits to determine if it’s best for your business:
How It Works
Credit card processing virtual terminals work much in the same way as their tangible counterparts, as they bundle credit card transaction data for easy processing by the consumer’s bank. They accept all relevant data, including the card number, expiration date, and transaction amount, and send it via the credit card network for processing. These functions are performed on a computer screen, with the web server handling network data processing.
The first of the many benefits associated with credit card processing virtual terminals is flexibility. As long as internet access is available, a credit card processing virtual terminal can accept credit and debit card payments from any location. This is highly beneficial if operating a mobile business or need to take a business “on the road” for appearances at conventions, trade shows and similar events.
Unlike traditional credit card terminals, virtual options often allow you to review reports of all transactions, which you can transfer to a spreadsheet or other viable document for your records. This makes it easy to keep track of all orders should you need to check one or more as part of customer service. Credit card processing virtual terminals are also ideal for merchants with recurring billing or membership payment needs, as it saves a lot of time spent keying in transactions.
The magnetic strips on credit cards eventually wear out, which causes issues when trying to run them through traditional credit card machines. Most consumers have dealt with attempting to run a card through a terminal without success! Cards can also break or cause other issues that result in increased wait time for both the consumer with the card issue and everyone else in line. A credit card processing virtual terminal, however, means customers can simply enter their card information during web store checkout and have the payment processed instantly.
The E-commerce Gateway from Merchant Account Solutions is a great example of the security offered by credit card processing virtual terminals. All data is transferred using Secure Socket Layer (SSL) encryption technology, which means consumer card information is always protected.
These are just some of the many reasons why using a credit card processing virtual terminal is well worth it! If you operate a web store or are considering setting up an online version of your brick-and-mortar business, a virtual terminal is a cost-effective, dependable option.