Virtual Terminal Credit Card
Jan 12, 2017
Want to accept credit and debit card payments from any location? Virtual terminal credit card options are one of the best methods of doing so. Let’s take a brief look at how virtual terminals work,
Want to accept credit and debit card payments from any location? Virtual terminal credit card options are one of the best methods of doing so. Let’s take a brief look at how virtual terminals work, the type of transactions they perform, and some of their features and benefits:
Virtual Terminal Function
Virtual terminals operate in a way similar to their tangible counterparts, as they collect credit card transaction data for processing by the consumer’s bank. This data includes the card number, expiration date, and transaction amount, which is sent over the credit card network to process the response received by the bank that issues the card. The process is performed on a computer screen rather than a stand-alone card reader and subsequent processing unit. Card number and other information is added to a web-based form, and the web server handles all data processing.
Virtual terminal credit card options provide all the transaction capabilities traditional terminals do, including:
● Recurring billing for regular charges and subscriptions
● Phone and mail order transactions
● Credit card refunds
● Check transaction statuses
● Look up previously-authorized transactions
Virtual Terminal Features
Virtual terminal credit card options offer a number of features not found in traditional terminals. For example, virtual terminals offer advanced reporting services, with reports transferred to spreadsheets or similar documents. Another feature is their highly-portable nature. This is especially helpful to business owners without a permanent location, as they can accept credit and debit cards from any location so long as internet access is available.
Virtual Terminal Benefits
Taking advantage of a virtual terminal means processing credit cards at a higher speed than regular terminals, as many standard options require a phone line to complete the transaction. If the line is busy, the transaction is delayed, with most standard transactions taking 30 to 50 seconds. Virtual terminal transactions, in comparison, take one to two seconds, particularly if using a high-speed internet service. Using a virtual terminal is also much less expensive than traditional options, with the latter costing hundreds of dollars. Many virtual terminals are free or come with a one-time, low setup fee.
Another benefit of virtual terminal credit card options? They make it possible to take a business anywhere, from trade shows to conventions to flea markets to festivals and beyond. This increases revenue as well as brand awareness.
Check out virtual terminal possibilities and look forward to doubling if not tripling profits!