There are many benefits to using virtual credit card terminals. The ability to process credit card payments is a big boost to any business.
Virtual credit card terminals allow merchants to manually process credit card and check transactions with the use of any computer as long as there is internet connection. All they need to do is access a secure website with a login and password and they will already be able to charge credit or debit cards and perform authorizations, as well as process credits.
This will give you an edge because many people already prefer to use credit cards among any other forms of payment, because not only do they get a feeling of security since the major electronic payment network offers them purchase protection and fraud alerts but they are also able to control spending by using tools such as expense tracking. This is very beneficial especially to parents who provide monetary allowances to their children. They will have the ability to check how the money is being spent and they can still maintain control over their children’s spending by setting a daily spending limit.
How Virtual Credit Terminals Work
Basically, virtual credit card terminal processing is done in an online environment, making use of a front-end software supplied by the credit card processing company allowing business owners to accept payment for purchases or transactions. This, however, may not work in some circumstances such as accepting payments while businesses are on trade expositions, fairs or seminars where there is a possibility of making a sale, unless the company processing the payment will allow the business to operate using a different IP address. It will all depend on the terms and conditions implemented by the service provider.
Virtual Credit Card Terminals vs. Mobile Credit Card Terminals
Companies who are using virtual credit card processing, through their own virtual system, have the option to add many security features in order to better protect their customers. The location of the customer during the time of purchase is irrelevant when you are using a virtual credit card terminal to process payments. Then again, the processing company will still have to counter check your merchant login and IP address, such as when a merchant is taking a phone-in order and he would have to enter the credit card number himself. This process will not be possible if the merchant is using a different IP address. This is actually a commonly misunderstood situation by many business owners. There were some who were under the impression that they can take along their laptops with them thinking they can accept credit card payments in other places aside from their usual place of business. Because of this false impression, there were lost sales. Business owners who would like to make this option available to them can actually use a mobile device designated for these types of sales opportunities so that they can accept virtual credit card payments remotely.
Business owners should make sure that a twenty-four hour technical support service is available to them whether they acquired a virtual credit card terminal through lease or outright purchase. Make sure that your device was previously configured for your use prior to the shipment to your work place.