Virtual terminals are opening up new ways to accept online payment. The customers are living in a cashless society and amid this situation, nobody will visit the store carrying cash in the pockets. In this technologically flourished time, people are stepping into the ecosystem of online payment. Therefore, merchants are using different types of payment terminals to meet the requirements of the customers. Anyway, if we analyze the present scenario of the online business, we will get to know the modes of online payments vary from business to business. Different online marketplaces are offering different payment options to online consumers. Some are relying on debit cards and credit cards whereas some businesses are preferring in-app solutions for the business. Merchants must have a point of sale system or payment terminals. Otherwise, the customers cannot make an online payment.
Well, in the case of a virtual terminal, everything becomes less-complicated. Yes, in such a case, the merchants will not have to go for credit card payment equipment or a point of sale system. They just need an active internet connection and a computer or mobile. This web-based payment machine or virtual terminal will allow the merchants to receive debit card payments, credit card payments, and mobile wallet payments from the customers. If you are new to this ecosystem and if your budget is very tight, you can start your business with the virtual terminal. It will be your all-in-one solution. The merchants will not face problems to grow their business.
Understanding The Ecosystem Of Virtual Terminal
Understanding the ecosystem of the web-based payment equipment that is also known as a virtual terminal is very important. You will not have to buy any payment equipment to accept credit cards as well as debit cards if you have a virtual terminal. Anyway, in such a scenario, payment processors play the most important role. The merchants will have to submit the essential information regarding the credit card. Along with it, the online merchant will have to put the transaction amount to the virtual point of sale system. After that, the merchant processor will do the authorization. As a merchant, you will have to ensure that you have a web browser, computer, access to the internet, and a merchant account.
Steps Involved In The Process Of Virtual Terminal Transaction
Well, there are a few steps that merchants will have to follow in order to accept payment using the virtual terminal. We have elaborated the steps below:
- A virtual terminal is a completely web-based point of sale system. Therefore, the merchants will have to log in to the system in order to start accepting payment using a virtual terminal. After logging in to the system, the merchants will be able to see the virtual terminal user interface.
- Now, the merchants will have to put the credit card details of the customer as well as the transaction amount. Well, there will be a secure payment page where the merchants will put this information. After that, the transaction will be done.
If we talk about the rest of the process, it is quite similar to that of the credit card transactions. We have already elaborated this before. So, you can check this out.
Advantages Of Using The Virtual Terminal
A virtual terminal is opening new ways for the merchants. They can grow their business more efficiently. Here, we have added some advantages of using a virtual terminal. So, don’t miss to run into the following points:
- If you have a virtual terminal, you can accept any form of digital payment. Yes, you have read it right. This digital web-based payment machine can accept debit card payments, credit card payments, and many more. In the end, the customers will not get the taste of disappointment if they shop from your marketplace.
- The merchants can use the virtual terminal using any device such as mobile phones, laptops, and computers. They just need a web browser and an internet connection. Moreover, they can accept payment from anywhere. All you need is an active internet connection.
- A virtual terminal allows the merchants to print the invoice. Well, in such a case, the merchants will have to invest money for an invoice printer. Apart from this, the merchants can also send email invoices.
- Web-based point of sale system accepts EMV-compliant debit cards and credit cards.
- The merchants will not need any additional payment hardware if they have a virtual terminal.
Not A Rapidcents Merchant?
Rapidcents is indisputably one of the well-known online payment processors. This virtual platform offers various services for online merchants and a virtual terminal is one of them. Instead of buying any additional payment hardware, the merchants can actually convert the computer into a web-based payment terminal. Virtual terminal from Rapidcents works faster than others. The merchants will get the transaction funds in their bank account within just one business day. If the online merchants have any problem, they can get in touch with the customer support team anytime. They are available on 27/7/265. So, become a merchant of this online platform today.