In simple words, a virtual terminal is a safe and secure web page in your web browser through which you can simply process your card payments online. It is known as virtual as it works like a credit card terminal, however, through a non-physical software application instead of a physical terminal.
Generally, a virtual terminal is installed on a page you can use when you log in to your payment provider’s account online. Though a virtual payment, you can process the payment by manually entering the details of the customer’s card, which you have collected from the customer over the phone, email, or via online chat for submitting it for processing. The customer’s credit card will then be charged, and the payment transferred to your bank account or payment provider account, excluding applicable processing fees.
Usually, manual payments are done without the presence of the cardholder, for instance, if you make a reservation, booking, or order for a service or product over the telephone. You need three things for completing the manual payment i.e. a virtual terminal, an internet connection and a computer or mobile device.
Advantages of using virtual terminals
· Using a virtual terminal in Ireland, you can accept payments quickly and simply without any need of your customer’s presence. In case, the customer is present, you will require a card reader that can accomplish a chip and PIN or contactless transaction instead, for safety and verification reasons.
· With a virtual terminal, you don’t need to invest in a costly point-of-sale software or conventionally expensive credit card machines.
· A virtual terminal gives more freedom and flexibility as through it, transactions can be carried out at any time from anywhere, from any device, as long as you have an active internet connection.
Is a Virtual Terminal Right for You?
Based on the business you run, you can use a physical terminal or a hosted payment form. However, if you are looking for a safe, secure, simple, and affordable way to initiate credit card payment processing right away, then a virtual terminal can prove to be of immense help and can be the perfect solution for you.
PAYMENT SERVICES BLOGGER
Abi is the Marketing Manager for New Payment Innovation. He is also an accomplished blogger having worked in Payment Services for over 3 years.