Virtual payment processing solutions are online payment portals designed for business owners who process credit card transactions from offline sources (such as a phone call) in order to serve a remote customer base. Virtual payment processing solutions are extremely beneficial to small and medium sized businesses that operate and deliver services remotely. Such business may include but are not exclusive to call-in centers and order desks, as they can securely process credit cards and offer a real-time secure payment experience to their customers. Virtual payment processing solutions support the Recurring Payment setup for customers to pay monthly fees and bills on a scheduled basis which eliminates repetitive administrative duties and facilitates a hands free long term revenue stream.
How do Virtual Payment Processing Solutions Work?
A Virtual payment processing solution can be utilized as long as there’s a web browser and an internet connection. For example, MONEXgroup offers a user-friendly web form merchants can quickly login and enter their customer’s information, order details, dollar amount, whereby credit card info… then click Submit and the virtual transaction is complete! A merchant account is developed with a portal displaying a comprehensive set of manageable payment functions including: transaction details, refunds or voids and transaction authorization. These features allow merchants to process secured PCI compliant credit card payments, from virtually anywhere!
Operating the Virtual Terminal is simple. At the time of checkout, the credit card information is manually keyed-in by the merchant into a basic straightforward form. Transaction authorization takes place on a secure back-end and credit card information is encrypted via the SSL (Secure Socket Layer) Certificate (Virtual Payment Processing Solutions). Customers can then receive a receipt via email.
Who is a good candidate to use the Virtual Payment Processing Solution?
The following list of merchants are great candidates for employing virtual payment processing systems:
Merchants and business owners without a storefront to physically interact with customers
Mail and telephone order companies with multiple call center users
Small Internet businesses that wish to offer a more interactive alternative to E-Commerce orders via their websites
Virtual Payment Processing Solution is NOT ideal for you if…
You receive more orders than you can enter by hand
You have a store or restaurant where customers need to physically visit to purchase
You need extensive customization of your order form
Advantages of Virtual Payment Processing Solutions
According to MONEXgroup.com, virtual payment processing solutions have the following advantages for merchants:
Quick and simple data entry of Cardholder ID through an intuitive user interface.
A convenient key-in of transaction information with immediate fulfillment
Reliable and fast payment processing with accessibility to your funds within 1 business day
Unlimited user accounts with multiple roles for each staff member
Track transactions per employee with detailed reporting tools
A secure merchant portal which incorporates Tokenization into credit card processing with an additional layer of protection
The merchant portal allows the business owner to check transactions and track sales reports effectively
Accessibility to information can be tailored to different users and this could be segregated to administrative, sales or managerial roles
A recurring billing option with email notifications is easy to set-up and can be issued at specific time intervals for targeted customers
Reporting of purchase history, frequency and amounts can be generated with different timeframes and for different customers by building customer profiles
Types of Payments a Merchant can get with Virtual Payment Processing Solutions
The merchant’s payment types may vary according to their payment gateway, but usually, merchants can process Visa, MasterCard and AMEX. Some payment processing solutions may also support recurring billing for easy processing of scheduled payments. Additionally, many virtual payment processing solutions will allow merchants to process refunds or returns (Types of Payments with Virtual Payment Processing Solutions).
Additional benefits of virtual payment processing solutions include easy and accessible reporting, first rate security features and little overhead costs for merchants.
Reporting
Virtual payment processing solutions provide merchants the capability of creating and viewing reports, which includes individual transactions, report details, refund reports, sales reports by date or card type (Virtual Payment Processing Reporting)
Security Measures of Virtual Payment Processing Terminals
Since virtual payment processing solutions require processing through an already secured payment gateway, they benefit from the security features the associated with established payment gateways such as encryption, gathering of sensitive information for decoding, address verification services, tokenization and card verification value (CVV) and more.
What Kind of Infrastructure Do You Need?
The only equipment needed for a virtual payment processing solution is an internet-connected computer
A standard printer is also recommended, allowing merchants to easily print a receipt for a customer and print reports for their business
Costs
Costs for virtual terminals vary depending on the payment processing service provider and their associated gateway. Pricing models may include monthly charges, per-transaction fees, percentage fee and markup amongst other costs. To encourage merchants to sign up, some processing companies may offer a free virtual terminal as part of a package when you register for a payment gateway.
Why Partner with MONEXgroup on Virtual Payment Processing Solution
As a national merchant service provider with over 15 years of experience, MONEXgroup has partnered with small and large businesses and delivered diversified payment processing systems to enhance their daily business operations. Through personalized support and superior customer service, MONEXgroup has emerged as a market leader in helping merchant accounts run their businesses. The benefits of partnership are not limited to accepting debit and credit cards, but to the security and reliability of service. MONEXgroup offers our merchant accounts with competitive rates, first-class payment processing systems, latest technologies in the payments industry and a highly secure PCI compliant range of products. Our Virtual payment processing solutions offer the unique feature of setting up the service as Seasonal. Business owners who run seasonal businesses have the liberty to turn their virtual payment gateway on and off their as their operation opens or closes for the season. Take our client Izzy Charters for example; this merchant runs a seasonal fishing tour business where the owner takes his customers on salmon and trout fishing expeditions. He’s been a satisfied customer because MONEXgroup ensures his funds are made available to him the next business day. The Virtual Payment Processing system is easy to use, and the Sales Rep is friendly and always available. The Virtual Terminal is ideal given its simplicity – it’s easy to understand, especially for those who are not very tech savvy. Moreover, the system is highly secure with PCI compliance. We invite you to watch Izzy Charters’ Testimonial Video on our YouTube channel!
When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs. Request a Cost Comparison Analysis today.
Call: 1.866.767.7253 and ask about our latest promotion.
Lindsey Lu
MONEXgroup
Marketing Communications Specialist
llu@MONEXgroup.com
T: 1.866.286.7787 – EXT: 240
The post Everything a Business Owner Needs to Know about Virtual Payment Processing Solutions appeared first on MONEXgroup | Debit & Credit Card Processing.