Is your business ready for the future of payments? Believe it or not, virtual credit card terminals are the wave of the future. Here’s a closer look at what they are and why you should consider using them.
What exactly is a virtual credit card terminal? In short, it’s a device that allows customers to pay for goods or services with a credit card using their phone or computer. Transactions are processed through an app or browser extension, and the user never has to share their credit card information with the merchant. This makes virtual credit card terminals an ideal payment solution for online businesses and those that process a large number of transactions each day. Still not convinced? Here are four reasons why you should consider using virtual terminals in your business.
1. Increased security
One of the biggest benefits of virtual credit card terminals is that they provide a high level of security for both merchants and customers. Transactions are processed through a secure connection, and the user’s credit card information is never shared with the merchant. This helps to reduce the risk of fraud and data theft. When you are considering credit card processing for small businesses, ensure to consider virtual credit card terminals.
2. Convenience and flexibility
Virtual credit card terminals are also very convenient and flexible. They can be used anywhere there is an internet connection, making them perfect for businesses that operate online or those that have a large number of transactions each day. In addition, virtual terminals can be used with a variety of smartphones and computers, making them compatible with virtually any device.
3. Improved customer experience
Giving your customers the option to pay with a credit card can provide a better overall shopping experience. With virtual terminals, customers can complete transactions quickly and easily without having to share their personal information. This helps to build trust and strengthen relationships with your customers.
4. Reduced costs
Virtual credit card terminals also offer businesses several cost-saving benefits. For starters, there is no need for a physical terminal, which can save you money on hardware and software costs. Virtual terminals are also typically cheaper than traditional credit card processing solutions, making them an affordable option for small businesses.
As you can see, there are many reasons to consider using virtual credit card terminals in your business. They provide increased security, convenience, and flexibility while also reducing costs. If you’re looking for a payment solution that is ready for the future, then virtual terminals are the way to go. Merchant Services Broker Solutions offers the best merchant service. Get in touch with us at 888-912-6727 or sales@msbrokersolutions.com.
Most of the people in the modern world nowadays prefer to make every purchase online. But have you ever thought about the various process and procedures involved in making payments? It involves virtual credit card terminals, payment processing, payment gateway, issuing and acquiring banks, and many more. This guide is all about virtual credit card terminals and reads ahead to know more in detail.
As purchase is made, the sale process is ready for authorization and to capture the settlement. As the sale is a procession, the transaction is ready for automatic settlement. The transaction can also become invalid due to many reasons. The process must also include reversing the transaction and refunding the amount. If not the transaction process has to be completed being settled.
Authorizing process is usually done to avoid any kind of unwanted distractions. The authorizing party will check for a sufficient amount available in the cardholder’s account. Then it would check the validation of the card including the expiry and other details. Finally, it also checks the account for any forgery with unauthorized card details. After all the checks, the authorization is completed checked for sufficient transaction funds and the next step is processed.
As the authorization is processed and ready for the settlement of the amount, it is called capture.
Void is the process that can be done before the settlement of the transaction. The void is a simple process and to void any transaction, enter the transaction id directly in the void space available. This is done under the virtual terminal section.
A refund is usually needed when the cardholder who had made the payment already is not satisfied with the purchase and wants to return it. The return and refund process is provided solely as per the decision of the merchant. Total refund or partial refund is also the choice of the merchant. One can refund the transaction by simply enter the transaction id along with the amount in the refund section.
Having a report of every purchase and payment made is compulsory to have data to check in the future. Storing all the data with the type of credit card and the transaction id will make it easier for quick search and report. Print a receipt or void a non-settled transaction by searching for the transaction id along with the payment details.
The best virtual credit card terminal is provided by MS Broker Solutions which is highly trustworthy and reliable.
If you are planning to integrate payment processing system for your traditional/online business, then you would have definitely heard the term – virtual credit card terminals. The term may sound fancy and attractive but how to decide that this online-based payment access is the best solution for your business.
What
is meant by virtual credit card terminals?
If you are a business proprietor, you
should be aware of processing customer transactions utilizing a virtual credit
card terminal. How do you use? You swipe and enter the key or pin in card
details. Now, the terminal prints a detailed paper receipt representing that
the transaction is recorded. It is the old method or traditional method to
process payments.
When you see at the surface level, the old school version, and virtual terminal function in similar ways. The only difference in using the virtual terminal is it stores transaction details digitally. Moreover, the virtual credit card terminal also permits business owners several more choices for how they review, batch and save information. It can result in enhanced efficiency, customer experience, and security. In this blog, let us learn how virtual credit card terminals function and how big businesses can install an operative virtual terminal credit card payment gateway system and also how to develop the best return on interest from this change. Moreover, you will also learn how to utilize virtual terminals to ease processing credit card transactions as well as prepare records.
How
virtual terminals function?
Integrating a virtual credit card terminal payment gateway offers you will several
choices and customizations to generate and process reports on client
transactions. It is simple to get started. How to begin? You would need a
computer that functions with a web browser and compatible operating system
which supports virtual terminal software.
Then display and security settings can be set by the account administrators
as per their business requirements.
According to the business, you can choose
to select and set up certain customized virtual terminal preferences from the
start. For instance, you can manage checkout processes by fixing customized
fields for various store branches, departments or online versus in-store
transactions. Saving electronic configurations strongly for recurrent
transactions or modifying security settings to reduce fraud risks would also
remain as attractive features.
Most people do not realize what happens when they insert or swipe their credit card and how it initiates the authorization process which quickly moves through various financial brokers.
The merchant account service provider identifies the credit card agreement request and shares information to the credit card payment processor.
The credit card payment processor manages the technical network which interconnects between the banks and merchant account on both sides of the contract. It alarms the credit card company’s network for authorization.
Further, the credit card system drafts its distributing bank account to confirm that credit or funds that are existing for this card. It also reports again to the purchasing bank account.
The purchasing or acquiring bank shares these details back via the credit card payment processing system to merchant account service provider.
The merchant account service provider issues a decline or approves code and thus the transaction fails or processes accordingly.
The complete process takes place in less
than ten seconds. However, it is worth to know that this complex transaction
involves multiple agencies and accounts. As a business owner, it is necessary
to maintain careful registers of card transactions so as to keep the operations
run smoothly.
How
to select a virtual terminal?
The business owners have to balance
everyday functions by researching the top technological investments so as to
help the company to succeed. It is not a simple task. Before deciding the
virtual terminal, you need to read the buyer’s checklist to obtain a clear idea
of what the service provider could offer you. Some of the important features to
consider are as follows:
Existing payment choices: A virtual
terminal by msbrokersolutions remains responsive enough
to cater to your business requirements. When selecting, ensure to search for eCommerce
and instore options, recurring payment setup, online invoicing, and additional
features which help in making a change in your store.
Ease of use: Ensure to evaluate whether it is easy to set up, customer support and online tutorial availability options to get an idea about the support you require.
Pricing: When it comes to pricing, you need
to evaluate how much you have to pay per transaction. Also, you should check
whether there are any applicable monthly fees with the service provider. Msbrokersolutions makes sure to
maintain transparency regarding pricing and charges. There is no hidden fees or
surprise invoice.
Online integration or eCommerce
integration: Most virtual terminal service providers promise e-commerce
facilities are available. However, it does not mean you will identify the
platforms you require. Also, ensure to find out that the virtual terminal
remains compatible with e-commerce shopping cart plugins and platforms you
choose. Therefore, there is no need to learn the entire new system.
Apart from comparing the information
between features on various preferences, it is important to consider what you
are thinking to gain by shifting to the virtual terminal.
For instance, time would be an important
driver for companies to execute virtual terminal technology. Removing the
necessity to file, securely safeguard physical receipts and manual tally can
help in reducing bookkeeping time for the companies. By automatically
generating annual, quarterly or monthly reports instead of developing these
documents by hands offers business owners a clear perspective of sales trends
which is required to make important decisions.
Also, consider how this technology
investment will open diverse business opportunities. If you are considering to
step into e-commerce or launching a subscription service or wish to permit
customers to initiate automatic billing as a substitute of emailing the payment
every month, you can definitely consider this advanced technology for your
business. It is truly worth to review the future campaigns of your business so
as to select the best virtual terminal service which will deliver value and
also develop your company.
Merchant Services Credit Card Processor 