Virtual Credit Card Terminals
By Kent Pinkerton
Virtual credit card terminals are the best means for processing credit card payments. They are perfect for any business that accepts credit card payments by phone, fax or e-mail. Virtual credit card terminals are a safe, browser-based interface that allows you to authorize, process, and manage credit card transactions, using any computer with an Internet connection. You do not need a physical credit card terminal.
As they reduce complexity and expenses, virtual credit card terminals are suitable for businesses of all sizes. They are commonly used in utility companies, mail order businesses, call center operations, newspapers and magazines, insurance companies, charities, and service companies. With virtual credit card terminals, you can manually enter credit card transactions for mail or phone order sales, refund money to a customer's credit card, automatically bill customers for recurring charges, check the status of transactions, run a variety of reports, and capture previously authorized transaction.
Virtual terminals are software-based credit card terminals enabling you to quickly capture and authorize credit card transactions in real time. When the process is complete, the merchant receives an authorization number and the server stores the transaction details. Transactions are automatically settled at the end of the day and the reports are generated within two to three business days.
Compared with POS (point of sale) terminals, virtual credit card terminals are very fast. Other features of virtual credit card terminals include address verification service, customer and merchant email notifications, recurring payments, and detailed reporting capabilities. Automatic item sub-total calculation, credit card swipe card option, automatic tax calculation, automatic shipping calculation, item discount calculator, billing and shipping data fields, and coupon or rebate calculator are the added features of virtual credit card terminals.
Unlike other software packages, virtual credit card terminals do not need licensing fees and fees for upgrades and customer service. The cost is always associated with authorizing and processing of credit card transactions. Most software-based credit card terminals utilize flash memory to store the software.
Credit Card Terminals provides detailed information on Credit Card Terminals, Credit Card Terminal Systems, Wireless Credit Card Terminals, Credit Card Processing Terminals and more. Credit Card Terminals is affiliated with Credit Card Processing Software.
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While virtual credit card terminals might not have upgrade and licensing fees, this does not guarantee that merchants who use them will automatically lower their expenses. Often, merchants who use virtual credit card terminals pay higher monthly and per item processing fees than those who use traditional POS terminals.
Most processors do charge upfront license fees to merchants who use virtual terminals, so it is misleading to say that fees are “always associated with authorizing and processing credit card transactions.”
Furthermore...merchants should know that no up-front licensing fees usually mean that they are signing up for a proprietary gateway, such as Linkpoint, that cannot be used if the merchant decides to switch processors. This means that merchants who decide to get better pricing or service elsewhere are forced to purchase new, non-proprietary solutions. This could even lead to added programming costs if the website’s shopping cart is integrated. The point is that anything of value is never truly free.
So, virtual credit card terminals are not the solution for every merchant. Sometimes an old Verifone Tranz 330 may be right for a business. Other times a local software solution may be best—it’s up to the merchant to get all the facts before signing up for a “lower cost” virtual credit card terminal.
Douglas J. Mack, president of OHMS, Inc., has over 11 years of experience in the Merchant Service industry and is the owner of What Every Merchant Should Know. He is a small business advocate and an active member of his local business community in Columbus, Ohio. Have a question for him? You can reach Doug at 888.708.8948 x104 or via e-mail at dmack1@cpsoh.com.
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