The world of payment processing is shifting every day. With each new technological advance, merchants must accommodate the growing number of payment methods. Finding a credit card processing system that accepts all major credit cards and mobile payments while keeping costs down can be challenging.
That’s where virtual terminal payment processing comes in.
A virtual terminal might be the perfect solution if you’re looking to streamline your payment system, improve the customer experience, and lower your costs.
What Is a Virtual Terminal?
A virtual terminal is a web-based software that lets you process electronic payments you have received. You can do so remotely via online payment processing, by phone, or in person. It can transform a mobile device into a point of sale (POS) system—no additional hardware or software is required.
They protect your customer’s contact information and financial details. This makes them a secure, safe option to implement into your business.
Payment Gateway vs. Virtual Terminal
A payment gateway works much like a traditional POS at any business. Essentially, it’s an online POS terminal. In the past, payment gateways allowed merchants to take payments online, but today’s technology enables businesses to process payments across all channels (even through software integrations).
A virtual terminal can accept credit and debit cards, ACH payments, and even eChecks. Because this solution can turn any mobile device with an internet connection into a secure payment processor, it’s even more streamlined.
The biggest difference between the two is that a payment gateway is typically a consumer-facing interface. Virtual terminals are used by merchants exclusively, making information processing incredibly secure. They can collect and process the data from payments made through contactless technology, or swiping, tapping, or inserting their credit card, whatever your customers prefer.
Why Should I Use a Virtual Terminal for Credit Card Processing?
Virtual terminals can be a great way to improve the customer experience while handling their data safely. They help companies balance customer care with good business practices by lowering costs and improving customer interactions.
This solution can help you collect payments faster and with less effort when processing credit card payments. You can easily use them to set up recurring payments and access electronic statements.
How Can Virtual Terminals Improve Payment Processing?
One of the most noteworthy advantages of virtual terminals is their impact on in-person payment processing. They turn any device with an internet connection into a secure payment processor. You don’t have to invest in any special hardware; just use any tablet or computer.
Customers can swipe, tap, or insert their credit card for a simple, straightforward experience. On the back-end, you’ll be able to easily manage information, track your transactions, and pull reports.
Accepting payments is a complex process for many businesses. Figuring out the best option for your company means a streamlined system for customers to build their confidence in the business. You also want to make things as smooth as possible for you and your team.
A virtual terminal can help with that.
How Does It work?
Virtual terminals collect payment information from all payment methods, including contactless technology, which is currently at the forefront of payment processing. As a result, it’s an expectation from your customers. Whether they prefer to swipe, tap, or insert their credit card, you’ll be able to accommodate.
Mobile credit card payments are also on the rise. Virtual terminals allow for contactless mobile payments, adding even more convenience for your customers.
Ultimately, making the payment process as convenient as possible for your customers encourages customer loyalty. They’re already using devices like tablets and smartphones to run their daily lives. Meet your customers where they are with this innovation in payment processing.
Use CORE for Virtual Terminal Credit Card Processing
To keep your customers happy, collect payments faster, and keep costs down, use CORE to implement a virtual terminal for your business. CORE is an industry leader in payment processing. We offer best-in-class support and the solutions you’ve been seeking.
Contact us today to learn more about virtual terminals, and read our blog for more resources.