Payment Processing

The Significance Of Virtual Terminal In The Online Business

Living in this modern era, businessmen are coming up with various payment equipment in order to deliver a satisfactory experience. Well, a virtual terminal is undoubtedly one of them. Even if you are planning to start a new business, you should have this payment equipment in your business. Suppose, you have started a company with a killer idea and there is one man who is taking calls. Now, over the course of time, you have realized that you should make a shift to a relatively bigger office. When you are taking a bigger office, you need more employees who will be taking orders over the phone. But, if you do not have the best services to enable online payments, you will not get the taste of success.

There are many leading payment processors such as Rapidcents offering virtual terminals in order to give merchants the best experience. With the help of this terminal, you can easily accept and process payments over the phone and email. Well, you are probably wondering whether you are fit for the virtual terminal or not. A virtual terminal is designed in such a way so that it can fit into most industries. A virtual terminal is fit for agencies that accept payment online and sales and customer support orders. Anyway, most merchants might not fully know about this virtual terminal. Rapidcents understand this very well and this is why, here, we have made a brief breakdown.

What Is Virtual Terminal

Virtual is basically a kind of web-based interface that lets you accept credit card and debit card payments. Unlike a physical payment terminal where you generally insert or swipe cards, you will have to log in to the virtual terminal website using your computer. Here, you will have to manually enter the credit card information. Businesses that do not have a need for consumers to pay in-person use this advanced digital payment terminal. In such a case, you may be taking orders over the phone and need an advanced way to manually process those transactions. At a minimum, you need the credit card number and apart from this, you need the expiry date in order to process the payment through this digital payment equipment.

For added security, most leading payment processors recommend merchants enter the security code that is located on the back of the credit card. In the case of this virtual terminal, transactions happen in real-time, and therefore, merchants can instantly print the receipt. Apart from this, merchants can also send a copy of the receipt to the customer via email. Although the transactions in this scenario are completely web-based, most payment processors should deposit the funds quickly, as if the merchants had processed the in-person transaction.

In short, unlike a physical terminal, this advanced terminal will allow the merchants to process credit card payments using their computer. Well, it only requires a web browser. So, if you have access to a web browser and active internet, you can easily process the transaction. For this, you can even use your smartphone.

Is Virtual Terminal The Right POS Solutions?

By now, you have understood what a virtual terminal is. Now, you are probably thinking about whether it is the right point of sales solutions for you or not. We at Rapidcents have highlighted certain points that will definitely clear up this confusion.

  • No New Devices Are Required: When you are accepting payments through this payment machine, you will not have to make an investment for purchasing a new device. You can actually process the payment with your computer. The merchants can easily process the transactions on their computer with the help of an internet connection. If your business is also accepting in-person payment, purchasing a card reader will be enough. It will add the ultimate flexibility.
  • Set Up Access For Multiple Employees: A virtual terminal allows multiple employees to process payments from their computer at the same time. As a business owner, you can quickly add new users with specific privileges and roles. Give your employees as much or as little access to payment reporting and payment processing as their role demands.
  • Process Recurring Transaction: Well, the merchants will be able to process the recurring transactions easily and quickly. If you have consumers that are making purchases on a routine basis, a virtual terminal will allow the merchant to safely store the card information for future transactions. This feature will definitely boost convenience for both the merchant and the consumers.
  • Comprehensive Reporting Features: Well, a virtual terminal can actually generate reports and it will give you valuable insight into sales, customer metrics, and purchasing trends.
Not A Rapidcents Merchant?

So, if you want to use this payment terminal for your business, you can get in touch with Rapidcents. It is a well-known payment processor that can give you all-around assistance in your business operations. This platform always adds full value to all online transactions. So, become a merchant as early as possible.

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