Virtual terminals are known for speeding up payments, but how do they do so and how can you benefit as a retailer?
If you run a business, you certainly understand the importance of taking payments quickly and accurately. Thanks to the evolution of technology, retailers have a wide array of options when it comes to taking payments. One of these options is the use of virtual terminals.
Virtual terminals have been in place for over ten years, but their acceptance is becoming increasingly widespread thanks to the advantages they offer and their ease of use. One of the main selling points of virtual terminals is that they allow business owners to take more payments and faster. If you are a retailer interested in switching from a traditional payment system to a virtual terminal, this article will explain which types of businesses could use virtual terminals and how they could increase your payments acceptance speed.
Virtual terminals are most suited to companies who accept card payments via mail order or telephone order where the customer is not present at the time of transaction.
Virtual Terminals are Fast
In turn, as a retailer, you want to give your customers the option of paying using their preferred method. Of course, you also want payment acceptance to be fast, and here’s where virtual terminals come into play.
Quick and Hassle-Free Recurring Payments with Virtual Terminals
Do you need to accept recurring payments? These are also supported by virtual terminal software, and means there is no more need to fumble around looking for receipts or going through customer databases. With dedicated virtual terminal software, retailers can easily set up automated recurring payments and create customer profiles that simplify and speed up the process.
Setting up recurring automated payments will ensure that time is saved on a regular basis and will allow you spend more time on important aspects of your business.
Issuing Fast Refunds with a Virtual Terminal
Nobody would dispute how annoying and time-consuming processing a refund is. However, this process is also faster when using a virtual terminal, as all transaction data is converted into a unique reference number that you can use to issue refunds in a matter of seconds. This will save a great of time for business owners and will reduce the amounts of information you have to keep to hand about your customers.
Virtual Terminals Handle Payments Securely
Virtual terminals feature strict security measures, such as address verification and card security code. In addition, the results of security checks are stored on a virtual server, so if you have a repeat customer you can handle the transaction even faster, as you do not need to go through the security checks all over again.
With the need for speed underpinning everything we do, there is no doubt as to the benefits of virtual terminals.
The world of payments online is becoming a lot simpler due to the advent of new technology and products like virtual terminals can also help to reduce the time small business owners are spending on admin related tasks.
About the Author
Harriet is a blogger who likes writing about technical aspects which can affect small business owners.