A virtual pos terminal is a software-based system that allows a merchant to process credit and debit card payments without the need for hardware. This software can turn any laptop, tablet, or computer with a compatible Internet connection into a point-of-sale (POS) terminal. It also lets businesses take payment over the phone or in the mail, which is great for professional services such as accountants, doctors, and lawyers who can’t always meet with their clients in person.
When a customer places an order online or over the phone, they can pay with their credit or debit card and complete the checkout process on a website, mobile app, or virtual POS terminal. Adding a virtual terminal to your business can help you build relationships and grow sales outside of your physical location.
Virtual POS terminals are especially helpful for retailers that sell products online or over the phone and need a way to take credit cards in addition to cash or checks. The software can be accessed anywhere with an Internet connection and can work on any device, including smartphones and tablets. It can also be integrated with accounting and CRM software, which makes it easier to handle customer accounts.
As with any transaction, virtual POS terminals have fees associated with them. Keyed-in transactions are more expensive than swiped transactions, as the processor needs to verify that both the customer and their credit or debit card are present before processing a payment. To keep your costs low, choose a provider with reasonable rates and follows standard fraud prevention practices. virtual pos terminal