All businesses, whether a small restaurant or large retailer, have one thing in common: Customers demand the option of paying with a debit or credit card. Some businesses even need to accept eCheck or ACHAutomated Clearing House (ACH) is an electronic payment Network that exchanges funds via Electronic Funds Transfer (EFT) throughout the U.S. Over 98% of the nation’s banks including the Federal Reserve belong to the ACH. ACH is the paperless funds transfer system maintained by the Federal Reserve or other entities that have networks to exchange electronic funds transfer items.... payments. Using a point-of-sale (POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction.) system is fine when you’re dealing with customers face-to-face, but some businesses need to accept electronic payments online.
If you’re trying to process online payments for the convenience of your customers, a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is probably the right answer, but it’s different from an online payment form. Here’s what you need to know about choosing and using a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. for your business.
Virtual TerminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from...What Is It?
A virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is different from an online checkout form. Any smartphone, tablet, laptop or desktop computer can be transformed into a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. as long as you have a merchantA business that accepts credit cards for goods or services. account that offers a payment gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor.. By opening your merchantA business that accepts credit cards for goods or services. account’s payment gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. on a device, you have a terminalThe device by which a transaction is transmitted to the acquiring bank. capable of accepting payments via mail order, email, fax or telephone.
You can also turn your virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. into an in-person POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system by connecting a card reader to the device’s USB input, but that’s not a requirement. The biggest benefit of a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is the ease of setup—there’s no need to find an online payments provider or set up an online checkout form.
How Do I Use a Virtual TerminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from.?
Setting up a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is easy and it starts with opening your merchantA business that accepts credit cards for goods or services. account dashboard. Navigate to the virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. and then select the type of payment you wish to accept, (i.e., card or ACHAutomated Clearing House (ACH) is an electronic payment Network that exchanges funds via Electronic Funds Transfer (EFT) throughout the U.S. Over 98% of the nation’s banks including the Federal Reserve belong to the ACH. ACH is the paperless funds transfer system maintained by the Federal Reserve or other entities that have networks to exchange electronic funds transfer items....). Enter in the total amount of the sale along with any notes you wish to associate with the payment.
The payment information, like the customer’s credit card or bank account number, will need to be entered by hand. Once you click submit, you’ll see if the transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... is approved or declined. If approved, you can choose to email a receiptA hard copy of the description of the transaction that took place. to the customer. If needed, you can look over past transactions and issue refunds using the virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from..
Pros and Cons of a Virtual TerminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from.
By far, the biggest benefit of using a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is the convenience factor. By using any device to access your merchantA business that accepts credit cards for goods or services. account’s virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from., you can get up-and-running in mere minutes. Of course, it’s not the ideal solution if it’s your only payment option. Here’s a look at the pros and cons.
Pros
- Quick Set-Up: Just choose your device, open up the virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from., and start processing payments. It’s a great backup or complementary solution to your standard POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system.
- Multiple Payment Types: If you need to accept cards or ACHAutomated Clearing House (ACH) is an electronic payment Network that exchanges funds via Electronic Funds Transfer (EFT) throughout the U.S. Over 98% of the nation’s banks including the Federal Reserve belong to the ACH. ACH is the paperless funds transfer system maintained by the Federal Reserve or other entities that have networks to exchange electronic funds transfer items.... payments on the fly, a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. allows you to do so. Likewise, if you rarely deal with electronic payments, a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is probably all you need.
- One-Time or Recurring: Most virtual terminals give you the option to accept one-time payments or recurring bills. For instance, you can set an invoice to recur monthly or on a schedule, which is great for service-based businesses.
Cons
- Higher Fees: If you enter a card number by hand as opposed to sliding or dipping it into a card reader, it is a “card-not-present” (CNP) transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... and that means you may pay higher fees. The higher fees are associated with the higher fraud risk of not having the card in hand.
- Manual Effort: A virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. gives your customers the option to pay by mail, fax, or over the phone, but all of these options mean that an employee has to sit down and manually enter the card information into the terminalThe device by which a transaction is transmitted to the acquiring bank..
Is a Virtual TerminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. Right for Your Business?
Ultimately, a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is an easy way to give your customers more ways to pay, especially if you aren’t working with everyone face-to-face. With that said, you need to consider the pros and cons while thinking carefully about the features. No two virtual terminals are alike and it all comes down to what your merchantA business that accepts credit cards for goods or services. services provider offers.
If your virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. happens to have an online payment gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor., which allows customers to enter payment info into a form themselves, it will save your staff time and offer a new level of convenience for your clients. Otherwise, they may have to pay by mail, fax, or phone, in which case you need to consider the time spent manually processing cards and the fact that not all customers will find these options to be convenient.
At the end of the day, a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. is almost always going to be easier for your business than finding an online payments processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... and getting things set up, but you need to think about features and user experience above all else. Luckily, NMA offers a virtual terminalA web based credit card terminal that merchants can process sales through from any location that they have Internet access from. that rivals the best online payment processors.
About National Merchants Association
National Merchants Association (NMA) is an industry leading merchant advocacy group dedicated to reducing or eliminating the unnecessary fees associated with accepting credit card payments.
Since 2004, NMA’s payment processing solutions have been delivering tailored solutions, best-in-class customer service and high-quality service offerings for local and national businesses across multiple industries.Whether it’s high-risk or low-risk, brick-and-mortar or eCommerce, National Merchants Association will create the best processing experience for your company.For more information, visit legacy.nationalmerchants.com or call 866 509 7199 to get started today!