A virtual terminal is a type of software that is used to process credit card transactions and other types of payments. It is accessible by going to a website on any device that has an internet connection.
While many businesses use credit card terminals and POS systems to process payments, those options do not work in every situation.
If you do not take in-person orders, or if some of your payments come through email, the mail, or over the phone (MOTO), you’ll need a virtual terminal to process them.
A virtual terminal is really a web-based application or website that you sign into to process payments. It instantly transforms any device with an internet connection into a POS system.
Many businesses use virtual terminals to process in-person payments as well. It is possible to connect a card reader to your computer or tablet for this purpose, but it’s not necessary. You can easily enter all of the information yourself.
There are many businesses that regularly use virtual terminals, such as:
Using a virtual terminal is very easy. All you have to do is follow these steps:
A lot of business owners like virtual terminals because of their versatility. They are easy to use and work well in place of a POS system or credit card terminal.
But any time a card-not-present transaction is processed, its transaction fees are higher than with card-present transactions.
If you decide to use a virtual terminal, you may want to offer ACH or echeck processing as an option for your customers. You could also reduce your transaction fees by attaching a card reader for every in-person sale you make.
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