A virtual payment terminal lets you manually input credit card information through a secure web connection on any device. It’s perfect for businesses that don’t sell products or services in-person or whose customers often fax, email or call to place orders. The PCI-compliant solution also allows you to process recurring payments and refunds.
You simply log into the virtual terminal interface, enter your customer’s payment details and submit the transaction to the merchant account. Then the payment processor will send the information to the card-issuing bank for verification. If approved, the transaction moves from the virtual terminal to the business’s merchant account and is deposited in real time.
The best virtual payment terminals offer versatility with multiple payment types (card, ACH, etc), multi-currency conversion capabilities and the mobility of processing payments instantly — virtually anywhere. In addition, the best virtual terminals have strong fraud prevention and chargeback protection that goes beyond simple PCI compliance.
A key factor to consider when choosing a virtual terminal provider is the cost of their services. Look for a provider that offers competitive pricing and the features you need at an affordable rate. A good way to compare providers is to analyze their transaction processing fees and per-typed-in transaction costs.
Most virtual terminals work on the same model as point-of-sale terminals, which means you pay a percentage of each sale plus a fixed fee per transaction. However, there are some providers that offer lower processing fees and/or monthly rates. virtual payment terminal