Virtual terminals are a way for a business to take a payment from a customer when they aren’t present. It is a web-based card terminal that allows payments to be taken remotely when other methods aren’t available.
This technology gives greater efficiency and control for the customer. It can also be used to drive new business for companies, increasing the potential customer base. It makes it possible to offer the opportunity to the customer of how to pay. All in all, it is a fantastic way of helping customers and businesses alike. It’s worth noting that a virtual terminal is not a physically device, but computer software.
Let’s have a look at some of the interesting features and facts involving virtual terminals:
Facts and Figures
- Some of the prominent UK virtual terminals providers are Barclaycard, Payzone, Global Payments, WorldPay and of course PayPal.
- A virtual terminal is actually a secure web page in your internet browser.
- Some companies that will generally benefit from virtual terminals are; food delivery, freelancers or local professional services like lawyers.
- Generally speaking, the transaction fees for this kind of payment will be higher.
- If done correctly, virtual terminals are fully PCI compliant and secure.
- The cost of a virtual terminal varies depending on whether information is input manually as this will increase the risk.
A more detailed look at Virtual Terminals
Virtual terminals can work in a number of different ways. Most commonly, virtual terminals are a simple webpage of high security that allow you to input your payment details. But it can also be a system where a customer can call you to complete a payment for them. Additionally, you can use it at a shop front to take payments from customers face-to-face.
You may have questions about the security of using virtual terminals, and whether or not they are truly secure. The first thing to note is that you never want to keep a record of the card numbers used to make a transaction. These numbers can be quite easily used to make fraudulent transactions in the wrong hands. The payment gateways themselves use a form of encryption to secure the used data upon processing. When it comes to verification, you can use things like the CVV code on the back of a card or other personal information such as home address. This kind of data is difficult to obtain for a scammer and cuts down on the risk of fraudulent transactions being made.
You may want to know if a virtual terminal is right for you or your business. For a smaller business, they are perhaps best used if you take orders or payments over the phone. They may also be appropriate if you have a fairly low volume of dealings. Just remember that if you get a model that does not necessitate a card to be present, your rates will generally be higher. And of course, it may be just as beneficial to get an ordinary card. At the very least, it doesn’t hurt having more options to choose from.
Virtual terminals are a modern way or allowing you to expand your potential market. It allows you to increase the amount of people with which you can exchange a service for money. It has greater scope than something like a physical card terminal and only requires someone to have a valid card to make a payment with. In this way, it is a highly efficient and effective payment method and can work greatly for any business that can benefit from it. Whether or not you feel that this is your business is a decision you’ll have to make yourself.