Whether you’re out in the field or on the go, virtual terminals are fully capable of making accepting payments onsite easy and convenient.
In the world that we live in today, connected and technology-enabled, and largely remote-friendly, flexibility is everything, especially when it comes to when you’re paid. While eCommerce and point of sale (POS) systems tend to hog the limelight, there’s a reliable behind-the-scenes workhorse responsible for processing millions of payments: the virtual terminal.
Whether you sell from home or on the go, virtual terminals are a robust solution for submitting credit card charges without a traditional card reader or website checkout.
What Is a Virtual Terminal?
A virtual terminal is an online payment processing interface that enables businesses to enter credit card and ACH transactions from any computer with internet capability. Consider it a virtual credit card machine, minus the machine.
Use cases include:
- Taking payments on the phone or online
- Invoice or remote service fee processing
- Helping with donations or subscriptions
- Accepting payments for field service or mobile service businesses
In contrast to conventional POS systems, virtual terminals don’t need any hardware, so they’re perfect for businesses on the go, at off-site locations, or using hybrid models.
The Growing Need for Virtual Payment Flexibility
The world after 2020 forever altered how enterprises are run. The status quo is now remote work, mobile services, and hybrid sales models. Consequently, being able to facilitate payments anywhere, anytime, with no requirement for a storefront or dedicated POS device, is absolutely critical.
It is only by offering such flexibility that speed, security, and professionalism can be maintained, requirements that are facilitated by virtual terminals. But not every is a well-crafted contraption, and a lot of them do still come with clunky interfaces, hidden fees, or outdated security measures.
Key Benefits of Virtual Terminals
1. Remote Payment Flexibility
Choose to accept payments anywhere, in the office, on the go, or at home. No hardware required, all you need is a device with an internet connection.
2. No-Code, No-Hardware Setup
Avoid a complex setup, virtual terminals are 100% cloud-based. Just log in and you’re ready to accept payments.
3.Safe and Secure
Most platforms are PCI-DSS compliant and come with security measures such as tokenization and fraud protection for the safety of the business and the customers.
4.Manual Billing Made Simple
Quickly key in card details for phone payments or one-time bills. Ideal for businesses that need to interact with customers before payment is collected.
5.Choose Recurring or One-Time Payments
Get the options for both one-time billing and recurring billing, meaning the terminal can be used for subscription services or ongoing client work
Who Uses Virtual Terminals?
Virtual terminals are popular and suitable for several business sectors:
- Healthcare clinics collecting patient fees by phone
- Freelancers and consultants billing clients remotely
- Home service providers like plumbers and electricians accepting payments on-site
- Nonprofits taking donations without in-person events
- Law firms, accountants, and salons managing recurring or remote billing
In short, any business that needs payment flexibility outside of a physical checkout counter can benefit from a virtual terminal.
Is a Virtual Terminal Right for Your Business?
If you’ve ever had to wait to send an invoice, delayed a payment until your customer was in person, or wished for a faster way to process a phone order, then yes. Virtual Terminals take the friction out of your payment system, allowing you to get paid faster, serve more customers, and streamline your business.
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