While most businesses that accept credit cards do so in person, there are some types of businesses that need to take payments in other ways. If you’re a business owner, there may be times when you find yourself accepting payments over the internet or by phone — as long as you have the right system in place.
One of the services you may have heard of is virtual terminal credit card processing. Using virtual terminal credit card processing is simply a way of making payments via the internet, whether or not a card is physically present. In this case, virtual terminal refers to the online payment system that customers and employees can use to take “card not present” transactions to boost revenue and increase convenience for your business.
What can virtual terminal credit card processing do for a small business? Here are just a few instances where you may need to rely on this technology.
1. Online Payments: If your business allows for payments over the internet, you will need a stable online payment solution that lets customers make payments 24/7. A good online payment processing company will have a virtual terminal that is safe and secure, so customers can feel confident making their payments.
2. Payments by Phone: Many businesses that have a billing department may find that they need to accept customer payments by phone. This may be necessary for installation fees, reserving a service, or making up a late payment. No matter what the reason, this option offers another level of convenience for customers and helps limit the number of checks that your business would have to process through the mail.
3. Mobile Payments: While these transactions do actually involve the use of a credit card in person, they differ in that they are not completed on a typical terminal. Instead these transactions are performed on a tablet or other mobile device through the use of an online payment processing platform.
Need to know more about how virtual terminals work? Be sure to contact a credit card payment processing service to find out more. You can also leave a comment below if you’re curious about eCommerce and other alternative payment services.