123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

The Virtual Terminal And Accepting Telephone Payments

Profile Picture
By Author: Angelo everton
Total Articles: 323
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Credit card purchases are on the increase, and many businesses and merchants require ways of accepting credit card payments while also reducing the costs associated with traditional merchant accounts. By adopting a virtual credit card terminal service, merchants can plug into the credit card payment market in a cost effective manner and at the same time gain an efficient point of sale system.
How does a Virtual Terminal Work?

Virtual credit card terminals work in a similar way as a standard handheld credit card unit, taking and batching credit card transaction data for processing with the customer's bank.
Like a standard physical terminal, virtual terminals accept all relevant credit card data (card number, expiry date, transaction amount), pass it across the credit card network and process the response received by the bank that issued the credit card. Standard terminal hardware needs a physical card reader and a processing device, the virtual terminal processes transactions on a computer monitor via the internet.

A virtual terminal solution allows businesses to accept credit and debit card payments over the telephone, in real time, and can serve as an excellent call centre payment solution. The credit card number and expiry date can be easily typed in to a web based form, followed by any other relevant transaction data. Once all relevant data has been submitted, the secure web server sends an authorisation request in the background, returning the bank's decision to the merchant in 3 or 4 seconds without the need for any further input.

Virtual Terminal Features & Benefits
In addition to credit card processing and batch functionality, virtual terminals can include a number of features not usually found with standalone terminals.
Advanced reporting - the results of these reports can be exported to an excel spreadsheet or accounting software.
Advanced transaction features such as recurring billing for repeat customers. .

Customisable - allows companies to collect information and details from their customers that are specific to their business, which helps with their reporting process.
Cost effective - a virtual terminal eliminates the expense of a physical, dedicated credit card terminal. Such card terminals can be expensive for merchants, particularly those with several locations.
Highly portable - offering mobile merchants or merchants without a permanent location the ability to easily accept credit card transactions over the phone, or face to face with the customer.
Security - by using a virtual terminal you are removing any PCI compliance obligations on behalf of the merchant and you are not storing any sensitive cardholder information.
What are the requirements?

A lot of businesses are using virtual terminal services because they are less expensive to run and more convenient to use than the dedicated or hand held units. The virtual terminal tool is browser-based so no installation is required on the merchant's side, simply a computer that has internet connectivity.


While every effort has been taken to ensure the accuracy of this article it is recommended that you seek up-to-date professional advice. For specific advice in relation to virtual terminal services and related payment topics, please contact Realex Payments directly at online payments .

Realex Payments can help you setup a virtual terminal service. For more information please visit their website at www.realexpayments.co.uk.

Total Views: 93Word Count: 533See All articles From Author

Add Comment

Investing / Finance Articles

1. How Can One Earn From Stock Markets While Studying In College
Author: finology ventures

2. A Beginner’s Guide To Opening A Bank Account
Author: Arjit Chalmela

3. What Are The Categories Of A Business Loan?
Author: Arjit Chalmela

4. 4 Reasons Why You Should Consider Investing In Elss Funds
Author: Shashank Bhaskar

5. Top Benefits Traders Get When Trading Forex Online
Author: Sina Sinry

6. How Can You Benefit From Nri Mutual Fund?
Author: Shashank Bhaskar

7. Esg Investing: Explained & Simplified
Author: QuantumAMC

8. 4 Strategies For Investing In Sip
Author: QuantumAMC

9. What Is A Forex Trading Demo Account?
Author: Katarzyna Nakonieczna

10. How To Buy And Invest In Ethereum
Author: Jesse Sayla

11. Everything You Need To Know About Liquid Funds
Author: QuantumAMC

12. What Happens When Brokers Go Bankrupt Or Are Busted
Author: finology ventures

13. Can Forex Trading Lead To Quick Riches?
Author: rohit ch

14. The Importance Of Fund Management Company
Author: Avendusgroup

15. How Elss Should Be Chosen To Complement Existing Portfolio
Author: QuantumAMC

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: