A virtual payment terminal is a software-based on-line form that allows you to manually input credit card information for processing. This can be done on a computer, smartphone or tablet with internet connection, anywhere, at any time.
Once the payment information has been entered, it is securely sent to a processor that works with your merchant account. The processor then contacts the card-issuing bank to verify the customer’s funds and credit limit. If everything is approved, the funds are deposited into your business bank account in real-time.
For a more secure option, some virtual terminals require the card security code to be supplied by the customer (the CVV number on the back of the card). This helps ensure that only the card owner is making the purchase and helps protect against fraud and chargebacks.
Many virtual terminals can also be used to accept ACH payments, which typically cost less than card transactions. This is a great solution for businesses such as lawn care services, landscaping companies or contractors who invoice on a weekly or monthly basis. Some virtual terminals also allow you to set up recurring billing for customers, which is ideal for businesses such as attorneys, accountants or doctors who see clients in their offices but often take phone or mail orders for medical expenses, tax preparation or legal fees.
Virtual terminals turn your existing computer, smartphone or tablet into a secure point of sale terminal. They are one of the easiest ways to get paid, anytime and anywhere, without adding additional hardware. virtual payment terminal