Fri. Feb 23rd, 2024

The virtual terminal allows a business to take credit card payments over the phone. You can also use it for in-person sales and services, ecommerce sales, and to process recurring payments like subscriptions and installments. To get started with a virtual terminal, the merchant will need a compatible merchant account and a payment processor.

Once you have these set up, ringing a sale with a virtual terminal is as simple as logging in to an online portal and opening the Terminal application. The virtual terminal is typically labeled as “Draft Orders,” “Take a Payment,” or “Manual Payments” on your merchant dashboard and B2B payment gateway.

The person taking the payment enters the customer and card information into a secure Internet form, just like a traditional payment terminal or mobile payment app. Then, the transaction is sent securely to the payment processor’s network for processing. The merchant receives a confirmation of the payment, and the customer is emailed a receipt.

Most virtual terminals also support additional payment methods, including ACH (echeck) and mPOS payments through a compatible mobile device, to offer customers more options. You can also add an existing invoice or customer profile to a transaction, which helps avoid duplicate records and saves time re-entering the same data.

Once the payment is processed, the virtual terminal will send a confirmation to the cardholder and the merchant. Afterward, the card’s data is stored in your customer directory for faster checkout next time and to prevent fraudulent charges. Some virtual terminal providers will even give you the option to save repeat customers’ cards on file, so they can be billed automatically for future purchases. virtual terminal payments

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