In today’s business world, all business owners want to accept credit cards to process payments. While looking around for the right credit card terminal, you need to consider several factors, including reliability, ease of use, price, and customer service. But, before you directly jump on these elements, you should not overlook the most critical factor, i.e., the best method for businesses to accept credit cards.
When it comes to the right way to accept credit cards, there are several methods to choose from, such as POS System, physical terminal, virtual (web based) terminal, and cash register with a terminal add-on. Now, the question is – which one is the best?
Choose The Right Credit Card Terminal for Your Business
A credit card terminal is not the perfect fit for all businesses. If you own a brick-and-mortar store and your consumers come to you, then using a credit card terminal can probably be the right option for your business. But what if you have more than one rep? What if you’re in the service trade and spend maximum time at the location of customers? In this case, a virtual terminal is the best choice.
A virtual terminal is the best way to accept credit cards due to the flexibility it delivers. With the right payment system in your hands, you can collect client details and have the ability to process recurring billing. Also, virtual terminals never go out of date, eliminating the need to change hardware once every couple of years.
Benefits of Using a Virtual Terminal
A virtual CC terminal is an excellent solution for several businesses operating today. Offering versatility to almost every industry and service-based company, virtual CC processing enables merchants to process transactions without a physical card reader. Overall, setting up a virtual credit card processing terminal can make it easy for business owners to manage their transactions efficiently. Here are some benefits of using a virtual CC terminal for your business:
Virtual CC terminals are free of maintenance. You can not break or drop a virtual terminal, resulting in improved life expectancy. Also, most of the virtual terminals update automatically overnight, safeguarding you from unexpected downtime.
- Reduced Equipment Cost
If you use the right payment processor, a virtual terminal costs you nothing as there’s no need for using the equipment. This can save you lots of money, which you can use to perform other business-related operations.
- Processing Cost
Many virtual terminals have technology to get the best rate possible for each credit card type.
- 24/7 Access to Records
With a virtual CC processing terminal, you can fully control payment processes from start to end by having round the clock access to all records. With a virtual terminal, merchants can balance their budget anytime, anywhere, without any hassle. It also allows you to access your payment records easily using your smartphone or computer. Moreover, 24/7 access to records can boost your business efficiency immediately.
- Better Cash Flow
Virtual terminal processing is flexible and cost-efficient enough to keep your business running effectively. Being a business owner, you understand the frustration of chasing customers to clear invoices. A virtual CC terminal ensures easy and fast payments, leading to smooth cash flow.
- Complete Customer Satisfaction
The satisfaction of customers is all that matters in the end. Most people feel uncomfortable when their card details are written down by merchants while processing payments, leading them not to visit that specific merchant again. The ability to swipe cards for payments can provide your customers with peace of mind, ensuring secure transactions.
How A Virtual Terminal Credit Card Processing Works
This is how virtual CC processing works – a complete process from start to end:
- Your clients give you ACH, debit card, or credit card details by phone or email.
- You then login to your selected virtual payment terminal and put in the necessary details.
- The transactions are processed through a virtual terminal.
- You fill and submit the form, and a notification of successful payment is sent to all parties involved in the process.
Receiving your business payments is that simple with a virtual terminal processing. When it comes to using a virtual terminal effectively, all you need is access to a phone, tablet, or laptop. Also, you can process transactions any time from anywhere.
Setup A Virtual CC Processing for Your Business
With several ways to accept credit cards, make sure you pick the right method for your business. A virtual terminal not just allows you to run your business smoothly but also saves you lots of money in the long run, leaving extra cash in your pocket. Choosing the right virtual processing terminal can enable businesses to process mobile, credit cards, ACH, phone, mailed, and recurring payments quickly and effectively.