![]() Is a Virtual Terminal Right for Your Business? Manual Effort: A virtual terminal gives your customers the option to pay by mail, fax, or over the phone, but all of these options mean that an employee has to sit down and manually enter the card information into the terminal.The higher fees are associated with the higher fraud risk of not having the card in hand. Higher Fees: If you enter a card number by hand as opposed to sliding or dipping it into a card reader, it is a “card-not-present” (CNP) transaction and that means you may pay higher fees.For instance, you can set an invoice to recur monthly or on a schedule, which is great for service-based businesses. One-Time or Recurring: Most virtual terminals give you the option to accept one-time payments or recurring bills.Likewise, if you rarely deal with electronic payments, a virtual terminal is probably all you need. Multiple Payment Types: If you need to accept cards or ACH payments on the fly, a virtual terminal allows you to do so.It’s a great backup or complementary solution to your standard POS system. Quick Set-Up: Just choose your device, open up the virtual terminal, and start processing payments.Of course, it’s not the ideal solution if it’s your only payment option. By using any device to access your merchant account’s virtual terminal, you can get up-and-running in mere minutes. Pros and Cons of a Virtual Terminalīy far, the biggest benefit of using a virtual terminal is the convenience factor. If needed, you can look over past transactions and issue refunds using the virtual terminal. If approved, you can choose to email a receipt to the customer. Once you click submit, you’ll see if the transaction is approved or declined. The payment information, like the customer’s credit card or bank account number, will need to be entered by hand. Enter in the total amount of the sale along with any notes you wish to associate with the payment. ![]() Navigate to the virtual terminal and then select the type of payment you wish to accept, (i.e., card or ACH). Setting up a virtual terminal is easy and it starts with opening your merchant account dashboard. The biggest benefit of a virtual terminal is the ease of setup-there’s no need to find an online payments provider or set up an online checkout form. You can also turn your virtual terminal into an in-person POS system by connecting a card reader to the device’s USB input, but that’s not a requirement. By opening your merchant account’s payment gateway on a device, you have a terminal capable of accepting payments via mail order, email, fax or telephone. Any smartphone, tablet, laptop or desktop computer can be transformed into a virtual terminal as long as you have a merchant account that offers a payment gateway. Virtual Terminal.What Is It?Ī virtual terminal is different from an online checkout form. Here’s what you need to know about choosing and using a virtual terminal for your business. Customer-initiated electronic payments are verified using two factors that are linked together, such as a user receiving a text message to their registered phone to confirm that they are the real account holder.If you’re trying to process online payments for the convenience of your customers, a virtual terminal is probably the right answer, but it’s different from an online payment form.The 3-digit code on the back of the card, or the 4-digit code on the front of the card, can be requested to determine if a genuine card is being presented for payment versus a stolen credit card number when utilizing CVV/CID.You have the option of verifying against complete addresses or zip code comparisons. You can request a billing address in order to compare it to what the card-issuing bank has on file with AVS.Because these are not in-person transactions, fraud tools such as address verification service (AVS), credit card verification value (CVV), card identification number (CID), or two-factor authentication (2FA) are required to verify the customer's identity. A virtual terminal is used by a large number of firms to process phone or email purchases, making those CNP transactions.
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