When you are shopping for a virtual terminal payment gateway, you should look at a variety of factors instead of just comparing fees. The best providers are those that offer a wide range of services and features that fit your needs. This way, you can find the right solution to help your business grow and thrive.
Virtual Terminal Credit Card Processing
A virtual terminal allows merchants to process credit cards and ACH payments when receiving mail-in, fax, or phone orders. It is accessible through a web browser and does not require extra hardware. This type of payment gateway enables recurring billing, accounting software integration, and other advanced features.
Unlike physical point-of-sale (POS) solutions, virtual terminal transactions are typically considered card-not-present (CNP) and carry higher fraud risks, which means you may incur more fees. To mitigate these risks, you should make sure the virtual terminal you choose enables robust security measures like identity verification and fraud detection systems.
To begin, a customer will either email the merchant an invoice link or manually provide their transaction details in the virtual terminal interface. After entering the data, the terminal will then submit the transaction for authorization and settlement. If approved, the merchant receives confirmation and the customer is emailed a receipt.
When evaluating virtual terminal payment gateway options, be sure to consider whether the provider offers end-to-end encryption. This feature helps protect sensitive data within the payments system and during transmission by masking it with tokens that are meaningless to anyone except the processor. This helps minimize PCI scope and liability and can keep your customers safe from data breaches. virtual terminal payment gateway