Money makes the world go around, and helps keep your business running. When your business can accept more than one method of payment, you are that much more competitive with retailers of similar products. An online virtual terminal helps you to build a relationship with your customers. Restaurant and retail businesses frequently use credit card readers to accept payments other than cash. Here are three business benefits of online virtual terminals.
- Payment Processing
Virtual terminals give customers the convenience of calling or mailing in payments. Businesses benefit because they can process these payments at a low rate. A virtual terminal is ideal for businesses who do not wish to charge physical credit cards. For many businesses, accepting physical credit card payments is the least expensive option. Processing payments may be easier than you think. Once you log into your account, type in the credit card information and then submit it. Once submitted, the transaction is processed, and the funds are deposited into your business’s bank account. It can take up to two to three business days for the funds to appear in the account.
- Recurring Credit Card Payments
Recurring credit card payments are convenient for your clients because payments are automatically drafted from their bank account, and clients don’t have to worry about missed payments and late fees. You don’t have to worry about tracking down your customers for payments. Setting up recurring credit card payments is as easy as entering the credit card information and then setting the recurring payment date. The terminal will do the rest of the work. Recurring credit card payments increase your cash flow and provide a convenience factor for your customers.
- Customer Data Storage
Customer data storage is an advantage for your business for future transactions. One thing you don’t want to do is to violate any rules of PCI DSS. Using a virtual terminal will store your customer’s credit card information without breaking any rules, and gives you peace of mind because your customer’s information is securely stored. Using a terminal will not put your business at risk for data breaches. Losing sensitive customer information is one thing you want to avoid.
You want your business to be as successful as possible, and to achieve this goal, you need to make sure that you have the tools that your customers can use to benefit. At the end of the day, you want the best for your business. In order to compete with your competition, you need to be organized and have tools that make things easier for your customers. These terminals are a great way to take a lot of the grunt work off of your staff so that they can focus on more important areas of the business. These three benefits will help your business to climb the ladder more efficiently toward success.