There are different businesses; each business has its own uniqueness and specific needs. It does not matter whether it is a large enterprise business, or freelancing, or restaurant or professional service provider, one thing is common in almost every business in this modern era. They all accept online payments such as credit card payments, debit card payments, and wallet payments. When it comes to accepting online payments, a point of sale system or POS system and portable credit card terminals can be useful. But, there are certain businesses where these physical payment terminals will not give you the desired convenience. Well, this is where the virtual payment terminal comes into play.
You are probably doing a business where physical payment terminals are not giving you the desired advantages. You are looking for an alternative. We are here to let you know about the things that you did not know about that alternative payment equipment. Suppose, your business does not require face-to-face interactions with the consumers; you are also not interested in investing money in purchasing physical payment equipment. What will you do in such a situation? Well, we have come up with the best option for you.
The virtual payment terminal is designed in such a way so that any business can utilize this payment tool. It has too many flexibilities and this is why businesses are approaching it. It allows the merchant to process payments without having physical payment equipment or a card reader. Thus, if your business needs this type of payment equipment, you are in the right spot. Here, we will be talking about the things that you do not know about virtual payment terminals.
Basics Of Virtual Payment Terminal
Before telling you the actual benefits that you will be getting from a virtual payment terminal, you must understand the basics of this payment tool. It is a kind of advanced online checkout page. In other words, we can say that it is a web-based card reader. The entire thing works virtually and the merchant can process payments from anywhere without carrying a credit card terminal. You just need to have the credit card information of the customer. As a merchant, you can get this information over email, telephone, fax, and mail order.
If you go for a virtual payment tool, you do not have to buy any additional hardware to process the payments. You can easily turn any laptop or computer into a virtual payment tool. You do not even need to install any software as it is completely web-based. If your business receives in-person payments occasionally, you can connect a card reader to your PC via USB. But, it is not completely necessary. Even, in the case of in-person payment, this payment tool will be useful. You just need to manually input the credit card details to process the payments. As long as you are registered to a merchant processor, you can accept payments through this virtual payment equipment. Thus, after becoming a merchant, you will have access to a secure online payment gateway. Apart from an online payment gateway, you need a web browser and internet access.
How Virtual Payment Terminal Works
By now, you have understood the basics of the virtual payment terminal. Here, we have covered how this thing works.
- First, your consumer will provide the debit card or credit card details over phone or email, or in-person.
- After this, you will log into your virtual payment equipment account. Thus, you will get the login details from your merchant processor. After logging into your account, you will have to provide the necessary details.
- The virtual terminal will process the payments. After completion of payment, both parties will receive a confirmation message regarding the successful transaction.
Major Benefits Of Virtual Payment Terminal
Here, we will be talking about the major benefits of the virtual payment terminal.
- Process All Payment At A Very Lower Rate: First of all, processing payment through a virtual payment terminal is super easy and another interesting thing is that you can process payments at a very lower rate. Merchants need to pay higher payment rates for the payments that are processed through physical payment terminals.
- Setting Up Recurring Payments: If you are doing a business where you need to set up a recurring payment system, you can do this with a virtual terminal. Yes, it supports a recurring payment system and so, you do not have to worry about receiving payments from customers.
- Store Customer Information For Future Transaction: As a merchant, you do not have to repeatedly ask the customers to provide credit card or debit card information. After doing the first transaction, the virtual payment tool will store the information.
Not A Rapidcents Merchant?
Are you planning to set up a virtual terminal for your business? Then, you need to get in touch with Rapidcents. This is a very reliable merchant processor solution and you will get 24×7 support from their end. So, become a Rapidcents user today and grow your business.