Basic Facts You Need to Know About Virtual Terminal

All of us have made credit card payments in a card-present setting and know how it works. You just swipe a credit card through the
credit card processing
> machine; it reads the information stored in the card’s mag-stripe and the data are then transmitted to the card issuer, who would either authorize or decline the transaction. That’s it. Now, what happens if your customer Makes the order over the telephone and wants to make a payment the same way? Well, that’s when you need the virtual terminal.

What Exactly is Virtual Terminal?

Virtual terminal
is the web-based version of the physical credit card machine. Both do the exact same things, which are to collect the payment information, encrypt it and transmit it securely between the merchant and their processing bank. The only difference is that, Instead of reading the cardholder’s account data from the card’s mag-stripe, the virtual terminal collects it from a payment form, which is filled out by the merchant in a browser. The best thing about virtual terminals is that they can be accessed from anywhere web access is available, from a computer or a smart phone.

If you have ever paid any of your utilities bills online, you would have used a virtual terminal. The only difference between paying your own utility bill and processing someone else’s payment is in the first instance you are doing it for yourself, while in the latter the payment is coming from your customer’s credit card account.

There are virtual terminals that can be set up to enable you to accept ACH payments, in addition to bank cards. You should not take it for granted, though, and if you need ACH processing, make sure that you ask your prospective processor if they support it.

How to Process Recurring Payment Plans?

Some merchants’ business operations involve the charging of fees for products or services that are delivered over time. For example, an auto insurance plan typically involves regular monthly payments of the same amount that are charged on a pre-arranged schedule. These are called
recurring payment plans
and in theory can last indefinitely, until the service is canceled by the customer. Similarly, a payment plan can be agreed-on for the purchase of, say a refrigerator. In such cases both the payment amounts and the number of payments will be pre-defined and the plan will be automatically discontinued when the last payment is made. These are called
installment payment plans
.

Virtual terminals provide the best platform for setting up recurring and installment payment plans. It enables you to store your customer information securely on your processing bank’s server. Then you can use the built-in managed billing service to manage your payment plans.

How Much Do Virtual Terminals Cost?

Ideally, your pricing plan to
accept credit cards
would be based on the
flat rate merchant account
pricing. You should try to get the
merchant account
together with the virtual terminal and the payment gateway (there are offers out there for a
free Authorize.Net merchant account
). Your cost will vary by vendor and processor, but there are certain parameters you can use for guidance.

*
Set-up cost.
Some processors may ask you for a set-up fee, but you should stay away from them. You can easily find a vendor who would set it up for free.

*
Monthly fee.
Your monthly fee can be anything from $10 to $30. Don’t pay more than that, because all virtual terminals do the same thing; there is is no need to be going overboard.

*
Authorization fee.
Your authorization fees should not exceed $0.10 per transaction.

In addition to these fees you will have your merchant account fees. As I suggested above, your best option would be to get your services as a package, which typically guarantees a discount.

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