Unlike POS hardware that must be physically present to process payments, virtual terminals allow merchants to accept card and ACH payments over the phone, by email, or through a digital invoice link. This can give your business access to the growing global e-commerce market without the need for additional equipment or a point of sale (POS) system.
With a virtual terminal, you can use a computer, tablet, or mobile device to securely enter your customer’s credit card information for processing. The payment gateway then sends the transaction to the card network and the issuing bank for verification. Once approved, the virtual terminal automatically displays a confirmation to the merchant and initiates the settlement process. The process of transferring funds from the customer’s account to the merchant’s bank typically takes a few days.
Using a virtual terminal, you can easily take a credit card payment over the phone by selecting Charge Now or search existing due invoices and customer profiles for an invoice or payment that needs to be processed. You can also add a payment to an existing invoice or customer profile by clicking on Attach and choosing from the options in the dropdown. PCI-compliant virtual terminals also save repeat consumer credit card information for faster future purchases, and can help reduce costly chargebacks. virtual terminal payments