Virtual Terminals

A virtual terminal is a software application that allows merchants to process payments electronically by telephone, mail order, fax, email or in person. These typically web based applications allow to turn any computer into a credit card terminal. This gives you the ability to accept payments from anywhere at any time during the day. 

Virtual terminals allow for a various functionality which enables business owners to operate in an efficient and effective manner. High end virtual terminals are capable of recurring and scheduled payments, digital invoicing, storing customer information and cards on file, as well as processing electric checks and ach payments. 

The main difference between a virtual terminal and a payment gateway is that a payment gateway is typically used for online transactions, which means that there is a customer facing interface. In some cases, the payment gateway is integrated into your website and in other it redirects customers to a hosted payment page to complete a transaction. The payment gateway is what allows the transactions of money from one account to another. 

With virtual terminals, only merchants have access to key in customer payment information. Merchants who receive orders from phone, invoices and other methods can manually process payments. In some cases, virtual terminals have the ability to function as a payment gateway as well, but this is not common. 

There are many benefits to using a virtual terminal to process payments as a merchant. Some of the biggest benefits to using this technology is that you can set up recurring payments for your customers, have 24/7 access to your records, and process payments from anywhere you can connect to the internet. 

Additionally, one large benefit is being in control of the entire transaction process. With robust reporting software and ability to create multiple user accounts for your team members, a high end virtual terminal will allow you to have a detailed look into your entire payment processing solution. Virtual Terminals are also encrypted with the highest level of data security and tokenization, making this a safe and secure way to process payments and protect your customers information.