subject: What are Virtual Debit Card Terminals? [print this page] What are Virtual Debit Card Terminals? What are Virtual Debit Card Terminals?
A virtual debit or credit card terminal is a way for retailers to take payments over the phone, fax or by mail. Virtual terminals are a good way to take debit cards payments without a physical debit card appliance. All you need to take payments this way is an internet connection which is secure. Consumers credit or debit card details are manually typed in once given. This payment method is perfect for corporations that want to accept telephone payments or for those that don't have a website.
How do virtual terminals work?
At the point of sale you receive the card details from the consumer and then enter in the information manually, verifying the card yourself online with your payment processing provider.
Payment processing organisations will charge a rate in the same way that firms are charged for Chip & PIN devices; different providers will give you different rates. With virtual card terminals however you won't have to consider the cost of the terminal device.
It is best to research various payment processing companies for quotations on getting set up with a merchant account. It is advisable to obtain as many figures as you can to make an informed decision before you proceed.
Why use a virtual terminal?
There are several bonuses to using a virtual debit card machine:-
You don't need to purchase any devices.
No training is required; you can get by with very basic IT knowledge.
You are able to see all transactions in real time.
You can keep track of transactions into your account with minimum time and effort.
It is an simple way to receive payment from customers by using phone, fax or mail.
Perfect for first time organisations who don't have an internet site or physical outlet.
Suitable for businesses who sell products in magazines, radio or on tv.
Payments can be taken anywhere, and at any time of the day provided that there's internet connection whether it's through a computer or mobile phone.
Fraud Issues
Numerous retailers worry about the security of this kind of transactions. Credit and debit card processing companies take fraudulent behaviour very seriously and have systems in place to prevent consumer information falling into the wrong hands. Be sure to ask your payment processor regarding security settings for peace of mind.
