Convenience in making payments is now more in-demand than ever in this digital age. Consumers use credit and debit cards to make payments and companies process these payments many different ways. Any business that uses the Web to take payments can use a virtual terminal to facilitate those transactions. Virtual terminals are easy-to-use, secure and verifiably compliant, so transactions can be done quickly and safely.
A credit card virtual terminal is a web-based program that functions like a credit card processor. To use it, the agent simply logs in using a standard web browser, navigates to a menu to process the transaction and then manually enters customer data on a dashboard. Because the software runs online, a virtual terminal offers many distinct advantages over a physical terminal, such as:
- Portability: Mobile payments are easy with a virtual terminal. As long as you are able to connect to the Internet, you can process payments.
- Instant reporting: Virtual terminals offer real-time reporting data. Managers can quickly access reports that are current up to the last transaction. This is very useful to collection agencies that want to keep a close eye on revenue, cash flow and revenue-by-channel. This information can be tracked and shared with other departments in your organization, helping them create better processes that will align with your objectives.
- Automated billing: Some virtual terminals include the ability to set up recurring billing for clients you work with on a regular basis.
- Compliance. Virtual terminal software is required to be PCI-DSS compliant.
A credit card virtual terminal adds convenience to making payments; it is one more offering you can make to your accounts to help them pay down their debt quicker and easier. To learn more about how BillingTree’s virtual terminals can help your business, contact BillingTree or call us at 877-424-5587.