Do I need a virtual terminal?
As online shopping continues to boom through this post-lockout summer, merchants are looking for ways to cut point-of-sale software costs, and even eliminate traditionally expensive credit card machines. The easiest answer is virtual credit card terminals, that can handle transactions anywhere, at any time and from any device. Best of all, there’s no need for the customer to even be there, as all that’s needed is an Internet connection.
Basically, virtual credit card terminals are just secure webpages that can handle credit card payments online. Accessed through a regular Internet browser, they function just like a real-life terminal. Payments are processed by simply keying in the customer’s card data, which can be provided over the phone, through a mail-order form or an online chatroom. The system then debits the customer’s card and transfers the amount (less processing fees, of course!) straight to your bank or provider account.
What’s the upside?
With a virtual terminal, there’s no need to turn down jobs because of payment methods. Perfect for small service businesses (like homecare and garden maintenance) as well professional firms offering accounting or legal services, this is the best option for filling payment method gaps.
Picking a virtual terminal provider
On this burgeoning market, it’s important to shortlist the best virtual credit card terminals for your business. This is where MS Broker Solutions can help you save money through smart choices. Concerned about confidentiality, providers may be cautious about their fees and contract commitments.
As a rule of thumb, major financial institutions (like banks) often require merchants to sign fixed-term agreements, usually for at least twelve months, with fixed monthly fees covering a specified number of transactions. Additional fees are charged for each transaction over this ceiling, together with percentage transaction fees that may vary by card brand. To get the best deal, it’s important to work with top credit card processing companies that you can trust.
But for many businesses – particularly start-ups or those operating on volatile or seasonal markets – a flat monthly fee is unacceptable, especially over such a long period of time. Some providers offer no-contract virtual credit card terminals for set monthly fees and percentage transaction fees, which may vary by the number of payments processed the previous month. For international transactions, additional cross-border and currency conversion fees can also pump up costs.
When you need help…
Professional advice from the experts at MS Broker Solutions can steer you smoothly through these choices, ensuring you get top-quality services at budget-friendly costs. For friendly guidance, call an MSBS consultant today at 888-912-6727.