These days businesses don’t only accept payments in person and online — there are still plenty of companies that also accept credit card payments over the phone. But in order to accept credit cards by phone, businesses need to have the proper credit card virtual terminal set up to process payments quickly and safely.
What is a virtual terminal? Virtual terminals are online payment processing services that allow for card not present transactions. Consumers can give businesses the numbers on their credit or debit cards and those payments can be processed instantly — without having to go online or send a check through the mail.
Why should businesses consider using a credit card virtual terminal platform to process payments? Here are three reasons why many companies choose to allow for this payment method:
1. Payments are processed quickly. When customers are able to pay by phone, there’s no waiting around for a check to arrive and be deducted from a bank account days later. Instead, those payments are taken instantly and processing should have far fewer delays than the traditional method of paying a bill.
2. Virtual terminals offer plenty of security. One of the problems with credit card terminals in stores is that swiping a card can pose security risks due to faulty data encryption. Taking card not present transactions, however, won’t bring with it the risks of using a card’s stripe. Credit card virtual terminals are created to be PCI compliant and use a Secured Socket Layer to keep information safe.
3. The right virtual terminal can work for online payments, too. Businesses can also extend their virtual terminals to their customers to allow another payment solution for them. After all, if the system works efficiently and safely for employees, why not allow customers the same advantage, too?
Have more questions about finding the right virtual terminal solutions for your business? Leave a comment below.