A merchant account virtual terminal is a cloud based application that allows credit card payments to be transacted from any internet enabled device. This includes laptops, desktops, smartphones and tablets. The beauty of the virtual terminal is that it is accessible from the internet so you can accept payment from anywhere there is access to the internet.
When you sign up for virtual terminal access your business is given a unique user name and password to access the virtual terminal website. Depending upon how you are accessing the virtual terminal there are a few devices that can be incorporated with your account to enable your business to swipe credit cards. Swiping credit cards ensures you receive the very best credit card processing rates. Devices include a MagTek external card swiper that connects to a laptop or desktop via USB cable. There are also a number of swipe devices that are compatible with smart phones.
In addition to credit card acceptance, the virtual terminal also includes a number of value added functions that are not available through a traditional credit card terminal.
- Recurring Billing
- Electronic Check Acceptance
- Electronic Invoicing
- Robust Reporting
Recurring billing allow you to set up automatic billing to happen at a predetermined intervals each month, quarter or on an annual basis. The parameters are fully customizable to meet your specific business needs.
Electronic check acceptance gives your business the ability to accept check payments by simply entering the customers checking account number and routing number. This additional functionality helps you cut time and expense associated with traveling to the bank to deposit checks.
Electronic invoicing is a convenient feature that lets you create an invoice that is directly emailed to your customer. Within the invoice is a link for the customer to visit and pay their invoice either by credit card or check.
Reporting gives you access to every transaction processed through the virtual terminal. Transaction information is held in the virtual terminal for 7 years and is accessed through an easy to use reports tab.
If you would like take advantage of a virtual terminal solution for your business please provide us with your contact information and a representative will be in touch shortly.