The Merchant Processing Guru Tip#11: Online terminal solutions & uses. A good on-line, virtual credit card processing terminal should have many functions and options that serve a great many purposes. I will list all the ways a great on-line virtual terminal should be able to serve you, no matter what business you are in:
1. Process credit card orders seamlessly on the back-end of your web-site. This is the most common use and what the on-line terminal was developed for. A terminal that does this smoothly and seamlessly is a huge asset to your business.
2. You can log-in to your gateway terminal and enter credit card information yourself. This is what the term virtual terminal is referring to when it replaces a piece of equipment and becomes your terminal for processing transactions. This is good for people who don’t want or don’t need a machine and who don’t swipe cards, only key-enter them.
3. Use your virtual terminal wherever you go, at events or trade shows where you want to take orders on the spot. Plug in a little USB mag-swipe reader to your laptop and swipe cards via your computer and your on-line gateway (must have an internet connection). Again a virtual terminal replacing expensive equipment. Especially good for the occasional need to accept face to face credit card transactions away from an office.
4. Set up your terminal for monthly recurring billing. There are many benefits to this one. First of all the convenience to set up recurring billing accounts without expensive software. The ability to set them up from anywhere. Also, the virtual terminal is the most secure place to keep credit card information, behind the security of an online secure gateway. If you are going to store this information anywhere, this is the place!
5. Lastly, for those of you who still get a lot of checks, you can set up check acceptance via the secure gateway which can also be set up as recurring billing in the form of an ACH straight from a client’s bank account. Sound risky? Again, there is no place more secure to keep this information than on a third party secure gateway!
A good on-line virtual terminal should have these features and be easy to use. A user-friendly Gateway with all this flexibility can make a huge difference to any small business and not only save you money but make you money. I will talk more about the benefits of an online secure gateway in my next tip about mobile processing solutions.
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