As a businessman, you will have to pair your business with new technologically advanced business tools. Otherwise, it will be challenging for you to survive in this highly competitive ecosystem. Well, we must admit the fact that the ecosystem of payment tools has got remarkable development. From cash transactions and wired payment equipment to wireless terminals- we can clearly see remarkable development in this sector. Talking about wireless terminals, well, there is a newly added thing and that is called a virtual terminal.
People are not giving preference to carrying cash anymore. Instead of this, they are more relying on card transactions and card-not-present transactions. Talking about card-not-present transactions, there is a new tool available that is called a virtual terminal. Well, for most businessmen, this virtual tool might sound complicated. We at Rapidcents understand this very well. Therefore, we will be covering what a virtual payment terminal is and we will also highlight the top virtual terminal benefits for your business.
What is a Virtual Terminal?
In short, we can say that a virtual terminal can turn your computer into a payment tool. It completely works virtually. Here, you do not need to buy any payment hardware to accept payment. In the case of a virtual payment tool, you will have access to a web-based interface. With the help of this, you can accept payments online from consumers.
In other words, we can say that virtual payment terminal opens up new to do businesses without having any physical payment processor. From this, you can understand why it is called a ‘virtual terminal. This is a non-physical POS system that you can use on a laptop, smartphone, and computer.
How Does Virtual Terminal Work?
If you are doing a business where the number of card-not-present transactions is more than card-present transactions, you should definitely go with a virtual terminal. Now, if you are running a brick-and-mortar business and using a virtual payment equipment, it will not be a good idea for you. A virtual payment tool allows businessmen to complete the transaction without using any card reader machine.
Here, you will have a web-based interface where you will have to put the card information manually. You can compare it with the checkout page of any e-commerce website where customers need to fill the page by putting the card details. However, in the case of the virtual payment terminal, the merchants will do the thing instead of the customers.
Here, we have explained how a virtual terminal works
- First of all, you will have to open a merchant account. You can get in touch with any merchant processor solution for that.
- You will have to make sure that the merchant processor solution offers this virtual payment tool. So, after opening a merchant account, you will get access to the virtual terminal interface.
- You will have to log in to your virtual terminal.
- After that, you will have to put the card details and customer information.
- Then, you will have to click submit and payment will be processed.
As a businessman, if you do not have concrete knowledge about this technology, you will not have to worry. Using a virtual terminal is super easy. Yes, it might take time for you to understand the interface. Once you understand this ecosystem, you can easily accept card-not-present transactions.
Businesses That Are Right For Virtual Terminal
A virtual terminal is not designed for all kinds of businesses. If you are running a business where transactions over the phone are happening most of the time, a virtual payment tool will be ideal for you. If you are running a business where in-person transactions are happening most of the time, you might not need this tool. Anyway, here we will be covering the businesses that are right for virtual payment tools.
- Freelancers: If you are doing freelancing such as web designing or content writing, you should need this payment tool.
- Delivery Services: Well, delivery services such as food delivery business need this tool.
- Local Professionals: Mechanics, lawyers, and doctors who basically take payments over the phone need this payment tool.
Top Benefits of Using Virtual Terminal
- Process Payments Remotely: One of the best advantages of using a virtual payment terminal is that here, you can process payments remotely. The customers do not have to come to your place to make payments.
- Support Recurring Payments: Even if you are doing any subscription-based service, you can still use a virtual terminal because it supports recurring payments. The automated system will complete the payments on time and you do not have to contact the consumers in this regard.
- No Additional Hardware Required: Another biggest advantage of using a virtual payment tool is that here, you do not need to use any additional hardware. The entire thing will happen virtually. In other words, there will not be any additional investment.
Not A Rapidcents Merchant?
By now, you have understood what a virtual terminal is. You have also realized the key benefits of using a virtual terminal. However, if you are now planning to have this payment tool in your business, you can visit Rapidcents. This is a reliable platform that will add value to your business.