Virtual Terminal
July 9, 2019
Virtual terminal is such an application that allows you to process transactions without POS terminals. The merchant only needs to enter card details to identify themselves.
- Check the Internet connection. After that, log in to your personal account. The profile will be available after you make an agreement with a payment provider.
- Enter the payment details.
- In the end – approve the payment.
The virtual terminal’s area of usage:
- Delivery services.
- Process payments for remote work.
- Booking services
- For local payments.
Advantages of using virtual terminals
- As a merchant, you don’t need a customer to be present. If there is a card-present transaction, you need to go through all the verification steps to avoid fraud.
- ATMs or POS terminals are not necessary anymore. So that you can save some money that is especially essential for startups.
- Virtual card payments bring flexibility: everyone can provide transactions from anywhere. The only need is Internet connection.
Disadvantages of using virtual terminals
- When one makes a card-not-present transaction they may need additional security layers. Chargebacks can occur and harm your business. Not to mention chargeback fees.
- When using POS terminals you need only to swipe the card, without entering card numbers.
- For card-not-present transactions, fees are typically higher.
