Most consumers are used to seeing either Countertop or Wireless POS terminals at the cash registers of the stores they visit. However, not all businesses operate in the exact same way. Not every business owner has a physical brick-and-mortar store location for his/her customers to visit. And, as a result, he/she is required to accept credit card payments in a way other than the traditional swipe or insert process.
Virtual terminals allow for payments to be accepted without the card being present.
With a virtual terminal, business owners can accept credit card payments online or over the phone. Any device with an internet connection can be used to process the transaction. Instead of swiping or inserting the credit card, its number is typed into the system. Devices such as desktop computers, laptop computers, tablets and even smartphones can be transformed into POS terminals using virtual terminal technology.
What are the advantages of using a virtual terminal?
Virtual terminals are great for business owners who simply don’t have or need the space to set up a traditional POS system. There is no major setup or need for maintenance of new hardware to worry about. As long as you are connected to the internet via a device of your choosing, you can begin to process credit card payments easily and securely.
Virtual terminals enable business owners to control the entire transaction process. No customers ever have direct access to the virtual terminal. As well, a virtual terminal can easily handle recurring payments. With stored customer information, you can make monthly payments incredibly easy to process.
Virtual terminals also allow business owners to process “card not present” transactions with much higher “qualified” rates. Standard POS terminals can accept keyed-in transactions but they usually yield higher “non-qualified” rates. To lower instances of fraudulent “card not present” transactions, a virtual terminal is best.
In addition to all of these benefits, virtual terminals still provide you with the same benefits as a traditional POS terminal. A credit card can still be swiped if a customer is processing a payment in person. As well, using a virtual terminal is a very cost-effective payment solution. If you’re interested in saving money (and who isn’t?), a virtual terminal is for you!
At Canadian POS Corporation, we proudly offer Converge!
Converge (formerly Virtual Merchant) turns any web-enabled device into a cost-effective payment terminal. It accepts a full range of payment types including credit cards, debit cards, electronic cheques and gift cards. With Converge, you can process transactions in person, just as you would with a traditional POS terminal. However, orders made via mail, telephone or online can all be processed as well.
Converge is designed to accommodate organizations of any size in any business segment. The online account information and robust reporting gives your business the tools needed to manage your payment processing more efficiently and effectively.
For more information about how your business can be set up with a virtual terminal, please don’t hesitate to call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.