What is a payment gateway?
Start accepting online credit card payments with a payment gateway. Whether you are an online business or an offline retail store a payment gateway provides you with a secure way of taking customer payment online. Card payments can be accepted online via the customer entering their details into your website. Customers can also make payment by giving you their details over the phone. Telephone payment are processed via a virtual terminal.
Top 20 Payment Gateway Providers
- PayPal Payments Pro
- Amazon Payments
- Cardinal Commerce
- Zoho Checkout
What is a virtual terminal credit card machine?
A virtual terminal credit card machine refers to the presence of an online based credit card processing service that enables a merchant to accept credit card and personal/business check transactions directly on their website. This is a very convenient way for businesses both large and small to do business online, and since research has shown that consumers are more likely to make purchases that are convenient, it would prompt any business to jump on board to enable online credit card processing. Using a virtual terminal credit card machine is a secure, effective way to boost sales and generate new leads.
Who can use a virtual terminal credit card machine?
Virtually anyone who is looking to receive payments for goods purchased or services rendered can use a virtual terminal credit card machine! Some good examples of virtual terminal credit card machine usage includes accepting credit card transaction via phone, fax and email, handling orders for a mail order company, processing credit card payments, and collecting donations for charities and other good causes. Of course, you’ll also find everyday businesses, and many utility companies, taking advantage of the convenience and round-the-clock service that a virtual terminal credit card machine has to offer.
So, what can I do with a virtual terminal credit card machine?
With a virtual terminal credit card machine, you can handle transactions without having a customer physically in front of you quickly and flawlessly. You can use the service to manually process credit card transactions for phone and mail orders, process refunds when needed, set up recurring bills for customers who wish to have such an agreement, check on the status of transactions and sales, and pull up previous transactions as needed. As you can see, you can do a lot with a virtual terminal credit card machine!
What services come with a virtual terminal credit card machine?
While the exact specifications and costs can vary from one merchant provider to the next, in general you can expect to benefit from the following features of a virtual terminal credit card machine:
– Being able to accept all major bank issued credit cards and bank debit cards (these are debit cards that are connected to checking accounts, but can be run as a credit card for ease of use), and also personal checks
– Offer all of your services and receive payments for those services in one place
– Choose the equipment and/or software that’s right for you!
– Competitive per transaction charges and other fees
– 24/7 customer support
You can start accepting online payments by setting up a merchant account with a payment gateway. A merchant account act as a business bank account which allow businesses to accept card payment. In essence a merchant account is where fund are received and held before being released into your account. For online payment the role of the payment gateway is to approve or decline the transactions
How does an Online Payment Gateway work?
There are several steps involved when a payment is made online through the payment gateway
The customer finds the product or service they want and enters their credit or debit card details online. This information is the sent to the payment gateway.
The payment gateway creates a secure link to allow fast transaction processing between your business, credit card processor and the customer. Customers cans see if their online payment has been successful within second.
The payment is then settled if it has been successful and sent to your banks so that your company can receive the payments.
Have a website that you need to take online payment from? If yes – get a quote for a payment gateway right now.