A virtual POS terminal is useful for small businesses that don’t always have access to a physical point of sale (POS) device. It can be accessed from any device with an Internet connection.
It allows you to accept credit card payments over the phone or via email or fax. It can also be used for recurring payments, such as weekly lawn care or monthly accounting services.
Flexibility
Using virtual POS terminals allows merchants to process credit card and debit card payments over the Internet or by phone. Unlike traditional point of sale (POS) terminals, these systems use a browser and internet form to capture payment data. They can be used by a wide range of businesses, from restaurants to professional services, such as accounting firms and doctors.
These terminals can be accessed through any compatible device, including tablets and smartphones. Moreover, they require minimal hardware and software maintenance. This helps reduce cost and improves the customer experience. Most of these systems are cloud-based, which means they have fewer problems than local systems that depend on hardware.
These systems are a great option for businesses that need to expand their payment methods. They allow merchants to take payments via a secure invoice link, by phone, or through an online checkout page on their website. They also let them set up recurring payments to optimize their cash flow.
Security
Virtual POS terminals allow businesses of all sizes to receive non-cash payments and refunds wherever they are. They provide flexibility and convenience for both buyers and sellers. They are available on most mobile devices and work on all major e-commerce platforms. They also help businesses avoid payment disruptions due to technical difficulties.
Keeping these systems secure is essential to protecting POS data from cyber attacks. To mitigate the risks, organizations should ensure their employees lock down devices at the end of each day, keep track of corporate-issued devices throughout the day, and place them in locations only authorized users can access.
Another important security measure is to encrypt POS data as soon as it gets received by the terminal and when it is sent to the POS software server. This way, customer information will never become exposed to hackers. In addition, it is important to log all system access that involves POS data. These logins should be kept for a year in case of an intrusion or data breach.
Integrations
Virtual POS terminals provide businesses of all kinds with the flexibility to receive non-cash payments anywhere, anytime. The system offers a variety of payment methods and can be integrated with almost any shopping platform or developer API, including e-commerce websites and mobile apps. It also supports recurring payments, which save time and money for both the merchant and the customer.
Unlike physical terminals, virtual terminals require no special equipment to operate. All that is needed is a computer or smartphone with an internet or data connection and a payment gateway. Merchants log into the virtual terminal interface and either send a digital invoice link to customers or manually key in transaction details. The cardholder then pays through the invoice link or provides their credit card information directly to the merchant.
The virtual terminal can also process ACH, eCheck, and debit transactions. It allows for the acceptance of multiple currencies and automatically saves repeat customer profiles and payment data for faster, safer purchases. The software is PCI-compliant and secure, with full security features to ensure maximum protection for sensitive customer information.
Cost
A virtual POS terminal can be used to process credit card payments from anywhere. It is an essential tool for businesses that provide a fast, accessible shopping experience for buyers. The terminal can be accessed via any device with an internet connection and can process phone sales, invoices, and recurring payments. Several providers offer virtual terminals, but not all of them are equal. Some offer interchange-plus pricing while others charge transaction fees and monthly costs.
Virtual terminals are suitable for many types of businesses, including restaurants, retailers, professional services, and delivery service providers. They can also handle card-not-present (CNP) transactions, such as phone or mail orders. These type of transactions typically cost more than those in which the customer is present because it requires a higher level of security. They can also be used to process ACH payments and bank account transfers. Many small business owners choose PayPal as a virtual payment solution due to its brand recognition and simple transaction fee model, which does not have any monthly charges.