Virtual Terminal Credit Card Processing

Virtual Terminal Credit Card Processing
Unlike the point-of-sale (POS) system that a physical merchant account terminal requires, virtual terminal credit card processing enables merchants to transform any computer or mobile device with a web browser into a powerful credit and debit card processor. With a virtual terminal, merchants can accept credit and debit card payments over the phone, via mail order or by fax, as well as online via their website. In addition, a virtual terminal can support recurring payments, which are ideal for lawn care, cleaning, or other service-oriented businesses that require ongoing payment schedules.

To use a virtual terminal, a business owner simply logs into their provider’s online dashboard or opens the virtual terminal within their payment gateway. Then they enter the customer’s payment information and click a button to submit the transaction for approval. The virtual terminal then contacts the credit card network and the issuing bank to verify that the card is valid and that the customer is the authorized cardholder. If everything is in order, the payment is approved and the funds are deposited into the merchant account’s bank account.

Many virtual terminal providers charge a monthly fee, a per-transaction fee or some combination of the two to manage their software. However, it is important to review all of your potential providers’ pricing structures to find the best one for your business. Also, be sure to ask each provider if they offer tokenization and end-to-end encryption, which can help minimize PCI scope and liability when accepting sensitive card data.  virtual terminal credit card processing