Is a Virtual Terminal for Me?

With so many options when it comes to the ability to accept credit cards, you may feel confused about what different machines and programs actually do. You may be intimidated by large bulky point of sale systems or may be confused by actual credit card machines. Luckily, however, you can take a deep breath because there are other options. If you have a small business and want to accept credit cards, one option you have is to use a virtual terminal. 

A virtual terminal is a system that allows you to accept credit cards from any internet connection. There are no bulky machines, no confusing software and no actual scanning of any credit card. As long as you have a computer with an internet connection where you can type in the numbers and information on the credit card, you can use a virtual terminal.

The virtual terminal can perform all aspects of the process to accept credit cards including processing payment, verifying information and handle documentation. With this type of account, a small business can manually enter and charge credit card numbers, refund money to a customer, perform authorizations, bill customers for charges that recur, run different types of business reports and even pull individual customer history.

It works by using your internet connection to go to a specific website. You will type your customer’s information into the fields, just like you fill out any type of online form and submit it to your payment processor. While the information is going through the payment processor, your customer’s credit will be accepted or denied through a series of verifications. It is then sent to the bank associated with the card and they will release the funds as long as the verifications work out positively. The information is sent back to your virtual terminal and it will inform you if the transaction was successful or not.   This entire process takes a matter of seconds. The system can be used alone or in conjunction with other credit card accepting software.

Companies that may benefit from a virtual terminal include mail order business, insurance companies, magazines and newspapers, trade shows, home improvement businesses, charities and businesses who sell at flea markets and trade shows.

Virtual terminals are available from any computer as long as you can surf to a website. You do not need to download any software. There are no scanners or other hardware needed. There are no confusing software updates to deal with as the website will update automatically when needed. Other benefits include the ability to support several users at one time and if you like, you can add optional scanning hardware. Additionally you can easily download and view all credit card and sales reports right from the website.

If you don’t know how to use a computer well or don’t have a fairly consistent internet connection available, a virtual terminal may be difficult for you to use, which can be a disadvantage. Only speaking with a processor or other company that handles credit card accounts can give you an idea of what will work for you.