Virtual Terminal

Video Transcription

Good afternoon we are going to talk a little bit about Virtual Terminal must specifically the advantages of using Virtual terminal. As part of the introduction we are going to talk a little bit about what the Virtual Terminal is. Basically in today's business environment is very common to have business parties be separated in various far distances. there are very little face to face interaction with a lot of people that do business together. One of the tool that actually makes this possible is the Virtual Terminal.

Virtual Terminal is a payment solution that substitutes the credit card terminal that is used in a traditional business setting where there is card present transaction. The Virtual Terminal basically is a web base solution that is best suited for businesses that are processing mail orders, they are mainly taking orders over the phone or if the merchant is out and about either at the customer's place of business or selling products and services at trade shows, fairs, carnivals, festivals.

As far as Virtual Terminal how it works, Virtual Terminal is a real simple process is where the merchant will get the card and will be manually keyed in the cardholder's information to complete the payment. Basically the merchant will log on to a work portal with the user name and password, and after they've logged on, the merchant will enter the cardholder 16 digits card number, expiration date, security code on the back of the card and the transaction amount. After they input that information and hit enter, the Virtual Terminal will take that information process that and will let the merchant know whether or not the payment has been accepted or decline.

Finally, as far as payment option and type of transactions the merchant can expect to be able to process with Virtual Terminal, first and foremost and of course it's going to be the regular bank card we are talking about credit cards, gift cards, debit cards, pre-paid cards. And secondly, the second type of payment that maybe merchants are unaware of that they can use to process payment with Virtual Terminal is ACH payments, where they only have the checking information for the merchant. There are certain Virtual Terminals that gives you that functionality where you can actually, automatically take those forms out of customers personal or business bank account. That is basically the advantages of Virtual Terminal. Thank you.