There are many benefits to using a virtual terminal, but you need to consider the needs of your company before deciding if this solution is right for you. A virtual terminal is an online method that allows you to accept credit card payments.
When you have a virtual terminal, it means that you can log in on any computer with an internet connection. This online platform will allow you to accept credit card payments from your customers.
Why is a virtual terminal important? Here are a few benefits of this system:
- Store Customer Information: A virtual terminal makes it easy for you to store customer information, including their credit card numbers. This environment is PCI compliant, which means that the card will be truncated so you won’t be able to see the card information. In the unlikely situation where an employee hacked into the system, they wouldn’t be able to view the customer’s sensitive financial information.
- Features of Virtual Terminals: Inside the terminal, you have the option to setup unique features, such as recurring billing and payment invoices that are sent out to clients. A system for recurring billing is huge because it reduces the time that you need to spend entering the credit card information for payments every month. Instead of wasting your time on this busy work, the system can automate the monthly payment process. Then, you can spend that extra time on business development or any other tasks that need to be addressed for your company.
- Steady Cash Flow: With the right payment processing system and service offerings, you can create a steady cash flow for your company with the recurring billing feature. The system will bill your clients on a certain day every month, quarter or year. You will receive the cash, helping to boost the profitability of your company.
- Customer Experience: People are comfortable with online transactions. In fact, many people agree that they prefer the digital communication rather than receiving invoices in the mail. The customer will be able to maintain services, without having to write a check or look for the invoice in the mail.
If you have questions about setting up a virtual terminal, then you can reach out any time. I am always here to help!