A virtual payment terminal is a software solution that turns your computer, tablet or smartphone into a secure credit card processing machine. It allows you to take remote payments over the phone, via email or online invoicing, or when customers aren’t standing in front of you.
To accept credit or debit card payments using a virtual terminal, you simply log into your processor’s interface, enter a customer’s payment information and process the transaction. The processor then contacts the issuing bank to verify the customer’s card is valid and that funds are available before depositing payment into your account. You can also set up recurring payments with a virtual terminal to streamline your business’s cash flow and eliminate the hassle of chasing invoices.
The best virtual terminals have flexible pricing and features that match your business’ needs. They prioritize security and follow PCI-DSS standards to protect sensitive payment data. They are also designed to be as user-friendly as possible. The best virtual terminals will let you customize their interface to fit your preferences and make it easy for you to understand and use.
Some virtual terminals come with a Magtek USB swiper that bridges the gap between physical and virtual terminals, eliminating the need to manually enter each transaction by hand. They are also ideal for card-not-present (CNP) transactions, like mail request/phone order or recurring payments, that don’t involve the card being present physically. virtual payment terminal