Looking to trade in the old physical terminal for an online way of running transactions? In this article, we’ll outline how to process payments online. We’ll also delve into the features to look for when choosing the right virtual terminal.
A virtual terminal allows you to run credit cards online, through your computer or mobile device. A virtual terminal works in the same way as a physical terminal—you enter in a customer’s payment information, wait for the approval, and complete the transaction. Virtual terminals can be accessed through your internet browser, or within your ERP software if you have a software integration.
To use a virtual terminal, you must have a merchant account with a credit card processor that offers virtual terminals. If your current processor has a limited or unimpressive selection of virtual terminals, shop around and find what you like. Some processors will offer generic virtual terminals, while others will have more customized ones. Find what features you like in a virtual terminal, but also make sure that you like the payment processor offering it.
1. Choose a payment processor that is the best fit for your company.
- Customer support should be responsive to your needs. Are they in-house and English speaking? How long will you be waiting on the phone to speak with them?
- Are they offering fair pricing? This can be tricky to look into, since credit card processing fees can be very complex. Ask the processor to lay out their pricing structures so you can choose one that will save you money.
- Ask for references.
2. Make sure that the virtual terminal meets your needs.
- Does it meet PCI compliance?
- Is the terminal user-friendly? The last thing you want is a virtual terminal that’s complicated and requires extensive training to figure out. Find one that makes sense intuitively.
- Check what features are included in the terminal. How far back does the batch history go? You never know when you’ll need to pull up an old transaction from years ago. Some processors offer unlimited search histories, while others only go back a few months. Does the terminal provide search criteria that would be useful to you?
- Look into using a payment application that allows you to process payments directly in your accounting software. These applications can streamline the process immensely, as well as reduce errors and increase security.
Those are the basics on how to process payments online. We hope this information has been helpful, and encourage you to reach out if you have any questions.