If you’re an e-commerce entrepreneur, then you probably already know that one of the most important moves that can help you grow your business is to choose the right virtual terminal for online payments.
How do virtual terminals work?
A virtual terminal is an online solution that changes your computer into a payment processing device. Basically, it’s the way through which payments are done virtually. Before you can use a virtual terminal, you’ll first need to log into a secure website. It’s through this site that you’ll be able to enter your customer’s payment information into your computer.
Once a merchant enters a customer’s information on your website, the information gets electrically sent to the merchant bank, then to the issuer’s bank, and finally back to the merchant bank. Usually, the money reaches the merchant’s account a day or two after the transaction is made.
5 Recommended Virtual Terminal Payment Gateways:
1. Powercash 21 Payment Terminal Technology
- Has a very easy-to-use user interface
- Requires minimal setup procedure
- Has an e-commerce merchant account
- Has a PCI DSS (Payment Card Industry Data Security Standard) level 1, secure environment
2. Square
- Offers a flat fee payment option for merchants
- Provides analytics
- Fast and efficient
- Good for small businesses
3. Shopify POS
- Offers multi-channel commerce
- Quite secure and fast
- Very easy to use
- Can be customized
- Offers in-built management tools
4. PayPal Payments Pro
- Accepts Visa, MasterCard, and American Express
- Accepts payments in over 20 currencies
- PCI compliance can be simplified
- Fast and secure
5. Dharma Merchant Services
- QuickBooks integration
- Automated recurring billing
- Good for established businesses
- Offers custom fundraising for non-profits
- Offers good customer support
5 Factors to Consider When Choosing a Virtual Terminal for Your Online Business:
1. Price
Be sure to note how much you’ll have to pay as a monthly fee, as well as how much you’ll be required to pay per transaction. Have a nicely planned budget to help you determine what you can comfortably settle for.
2. User Interface
A virtual terminal should be easy to set up and easy to use. Most companies offer an online tutorial. It’s also important to check if there are any available customer support offers.
3. Payment Options Available
Look for features such as online invoicing, in-store and e-commerce, recurring payment setup, etc. Make sure the virtual terminal you choose caters to all your business necessities.
4. E-Commerce Integration
Make sure the chosen virtual terminal matches the e-commerce platforms of your choice. Compare different options, and pick one that works best for you.
5. Security
High level of security should be your primary concern. It’s important to make sure that your payment processor is capable of providing the highest level of security.
Conclusion
Researching before choosing a virtual terminal will help you find the perfect one for your business. Checking out the various options available in the market, the advantages and disadvantages, and also the user reviews are some of the factors to look at when conducting research.