Some business owners might not realize this, but they have the choice of using a virtual terminal for their credit card transactions. When most business owners think of ways to accept credit cards, they are used to carrying the electronic little devices that they keep by the cash register, in order to accept credit card payments. However, there are some businesses in some instances that find that accepting plastic credit cards is impractical. As such, here’s a look at why merchant account virtual terminals might be great for some businesses, and what type of businesses they can be used for.
Phone payments: Many times, people find that they need to make payments over the phone. They need to make payments for all sorts of transactions with their credit card; they might purchase something over the telephone, they might pay a bill, or they might want to donate funds. When this happens, obviously they can’t present their credit cards in person. This is when a business needs to have a merchant account that is equipped to accept credit card numbers over the phone. They will have a virtual terminal equipped in their computer systems. When the caller presents their credit card numbers along with the expiration date, the information is processed through a computer. This allows businesses to accept these funds over the phone, and the transaction can go on as it would in person.
Bill payments at payment offices: When a person goes to pay utility bills, such as their electric bill, their cable bill, or their phone bill, they will stand in line, and present their credit card to the cashier at the window. However, these cashiers won’t be equipped with the same type of merchant account machines as other businesses might. Therefore, they will a have virtual terminal equipped into their computers, with special equipment that will be able to read the credit card numbers, and insert the numbers into the system. Once the system shows that the funds have been approved, then the funds are applied through the computer system to the customer’s account. This allows a person to make sure their payment is made in real-time, and at the same time, the payment is recorded in the system for the utility company.
Fund raising campaigns: Nonprofit organizations raise funds in one of two ways. They will raise funds on the phone, or they were raise funds by mail. In either instance, the donors cannot present their credit cards in person. They will either have to fill out a form with their credit card numbers on it, or they will have to place the credit card order over the phone. In some cases, with technology the way it is, a donor can even place their donation over the Internet. All of these instances will require for the fund raising organization to have a merchant account that is equipped to accept these credit card payment virtually.
As anyone can see, when a business has a merchant account that is set up with a virtual terminal, this opens up many possibilities, so that they can accept funds, and create revenues for themselves.
About the Author: OJ Thomas is the VP of Veritrans LLC which is a merchant account provider that offers virtual terminal and online credit card processing services for businesses of all sizes.
Veritrans Merchant Services
1301 Regents Park Dr, Houston, Texas 77058