A virtual terminal is actually the rendering of the physical credit card terminal into a website version. It is an online hosted software application, placed mainly on servers of the service providers and is accessible from any of the internet connected web browser.
It allows the input of customer’s credit card information straightaway into a web built payment form. This then further can be used in electronic transaction process. The web forms of virtual terminals look very much similar to any other payment form you get to see at an E-Commerce website. You have to just fill up the form and press the ‘Submit’ button.
Initially, in older timed, the virtual terminals were used to be confined to the reach of only to the people who didn’t have an access to a tangible credit card. Recently, several merchant service providers have started to offer USB credit card reader that gets connected to the terminal machine, allowing you toprocess all card related transactions straight through your computer.
There are several benefits of having virtual terminals such as:
- The transactions are carried out in guaranteed safety as well as security.
- Increase in process speed. The use of such fast process of payments increases the overall speed of transactions and reduces time.
- The credibility of the business and website increases. The presence of such cutting edge payment system creates a trust among the client for the company’s authenticity.
- The increase in credibility leads to more frequency of customers. Thus leading to better growth of the overall business.
- Better record of payments and transactions happening. If ever there is a need of refund, a record on the virtual terminal will help to give the clients the reports they want.
- More flexibility. It provides a certain level of flexibility in the credit card payments.
If your online business is using an old terminal currently;switching to virtual terminalsis the best idea! It may increase the profitability of your business and there are indeed numerous advantages of using virtual terminals making your business versatile and flexible.
For more information get in touch with Leap Payments!