You don’t have to do this at the end of every day!
Virtual gateways still streamline tasks for businesses that can’t integrate payments
While some MOTO businesses would be perfect candidates for payment integration for processing card not present transactions, others are situated in such a way where integration simply doesn’t make sense or isn’t possible. Sometimes these businesses have even considered integration but realized it wasn’t a good fit for them. What are they to do?
Well, whatever they do, they don’t have to continue using a physical terminal. One thing that’s consistent across all physical terminals is their lack of any sort of reporting tools or customization. A virtual gateway is a starting point for better reporting, separating transactions by channel (for instance, shopping cart purchases, mobile purchases, and phone orders), by user (if you want to measure individual performance), and, simply an easier processing experience. Where terminals simply process transactions and spit out a piece of paper, virtual terminals crunch numbers and do other work for you, saving you an untold amount of time with reporting and other useful analytics.
Technology reduces basic transaction costs for card not present transactions
In addition to saving time, using either a payment integration or a virtual gateway for processing card not present transactions can sometimes lower the base costs of accepting credit cards for payment. These lower costs are obtained when the back end of the payment module or gateway passes required information to Visa, MasterCard, and card-issuing banks; when the card-issuers receive this extra information, they see your transactions as more secure and reward your processor with a lower cost, which can then be passed on to you as an advantage of processing with that company.
The base costs (called interchange in the industry) make up the bulk of what you pay in transaction fees, so it’s a bit different than your processor’s profit margin, which you can obviously negotiate directly with them.
The conveniences of the payment integration and the virtual gateway may have been hiding in plain sight all along, but it’s not too late to see how they might positively affect your business, not only by saving time but by improving overall morale. It’s an effect that can’t be overstated, especially for people who spend a third of their living hours working for you.
Use the links above or click here to schedule a call back from Century Business Solutions to discuss which processing solutions will make your payment processing as efficient as the rest of your business.