8/8/2023 0 Comments Virtual payment terminals![]() ![]() As long as you have an internet connection you will be able to securely process credit cards from anywhere. ![]() One of the biggest advantages of a virtual terminal is that you can use it to process mobile transactions. Use your iPhone, Android phone, BlackBerry or tablet to process payments anywhere. These tools help to ensure that greatest level of security when performing a credit card transaction in which the customer is not physically present. The virtual terminal also supports some of the most advanced fraud screening tools available. You've processed the transaction, and can even go back and bill the card again, but you don't have to worry about storing any sensitive cardholder data. When the approval is returned get an authorization code which you can use to reference the transaction in the future (for example, if you later want to refund the transaction). Once submitted, you no longer have access to the card number. Once logged into your account you type in the credit card number, the amount to process and press the submit button. It works by logging into a highly encrypted page using a standard web browser. The virtual terminal is highly secure because it's designed so that you don't store any cardholder data within your own system. SECURITY - Important to You and Your Customers Get a quote to see how much switching to a virtual terminal will save your business. It depends on current pricing, but the typical merchant will see a savings of about 0.50% when switching to a virtual terminal (but it depends on trading volume and rates with your current processor). This can lead to a tremendous cost savings to businesses that have been running transactions for phone based orders through a POS machine. There are never any surcharges or 'non-qualified' fees simply because the customer was not physically present with their credit card. With a virtual terminal you are expected to key in the order. It's an outdated model that should not be applied to businesses that take orders in any situation where the card is not physically present. A "non-qualified" surcharge simply means that the processor is charging you more because you did not physically have the card present when running the order. If this does not happen the merchant is most often penalized with a "non-qualified" surcharge. If a merchant receives a POS machine they are expected to physically swipe or insert the card, and collect a customer signature or enter their pin number. ![]() The physical inconvenience of having to manually key orders into a POS machine is not a serious problem. It was originally designed for a traditional retail (storefront) setting. In fact, POS hardware is costly, bulky and only efficient if the customer is physically present with their credit card. POS machines are no longer required to securely process credit card transactions. Because of this, it means that e-commerce payment processors are better equipped to provide a cost effective payment processing solution at any time when you are interacting with your customer in any way other than in person. ![]() They clear exactly the same as an e-commerce payment. Many business owners do not realize that when orders are taken over the phone the transactions clear as card-not-present transactions. Huge cost savings when taking orders over the phone. ![]()
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