• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • May 21, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Finance / Payments and Collections / 10 Tips for Selecting the Ideal Virtual Terminal for Your Business
10 Tips for Selecting the Ideal Virtual Terminal for Your Business

10 Tips for Selecting the Ideal Virtual Terminal for Your Business

1491 Views

Oct 4, 2013 By Janet Lilly

Virtual terminals are necessary for phone, fax, and mail orders, when you don’t physically have the customer’s credit card in order to swipe it. You can process credit cards from any computer with internet access. Since the terminal is browser-based, no additional equipment is necessary. A virtual terminal can also be used to process refunds and void transactions. 

 
When selecting a virtual terminal, business owners should consider several factors:
 
Annual Revenue
Some providers focus only on large businesses, whereas others focus on small businesses. The size of your company should narrow your choices by eliminating a few providers.
 
Compatibility
Make sure the provider is compatible with all your current systems and with all major payment processors.
 
Customer Service
Verify the provider offers technical help, and determine the associated fees. If you are processing credit cards at a trade show, for example, you need to know that help is available if you run into trouble.
 
Fees
Providers typically charge a per-transaction fee as well as a monthly fee. Estimate your monthly activity and see which provider best meets your needs. Some providers will let you choose whether you want your fees deducted monthly or from each transaction.
 
History
Check to see how many years of transaction history you will have access to. You’d probably like to be able to go back seven years, which is typically how far back the IRS would request information in the case of an audit.
 
Multiple Bank Accounts
If you use more than one bank account, make sure the provider can accommodate your needs.
 
Other Users
If you plan to have additional employees using the virtual terminal, determine if you want various access levels for different employees. Decide if they can process refunds or run reports.
 
Recurring Payments
If a customer is purchasing a subscription, you don’t want to manually enter the payment information each time. A recurring payment feature would be very helpful to you.
 
Repeat Payments
This allows you to process a charge from a repeat customer without having to enter the customer’s credit card information each time.
 
Security
With a virtual terminal, cardholder information is typically not stored inside your network. Rather, the data is often stored on your provider’s servers. For PCI compliance, verify where cardholder information is held.
 
Reports
Decide what information you would like to see—activity by user, by location, by time of day, by card type, and much more.
 
Virtual terminals can save your business time and money. Prioritize which features are most important to you, then find the provider that best meets the needs of your business.
 

Filed Under: Payments and Collections Tagged With: Credit Card Processing, Janet Lilly, Payments, Security

Janet Lilly

Janet Lilly

Janet Lilly is a full-time freelance writer who enjoys focusing on a wide range of topics. She specializes in small business issues and profiles of prominent industry leaders.

Related Posts

  • tis-the-season-for-online-scamsSmall Businesses at Higher Risk of Being Scammed than Large Companies
  • Witchcraft or Science – What Makes an ID Scanner Tick?
  • 5 Tips to Protect Confidential Information

Primary Sidebar

bottom line ad

Random

how-lead-generation-software-helps-your-sales-team

Sales Enablement Software – Is it Worth the Investment?

May 20, 2022 By SmallBizClub

Small Business Guide to AC Repair & Maintenance

May 20, 2022 By SmallBizClub

looking-for-a-loan--go-local--small-business-owner--go-local-

How To Make Sure You Can Pay Back a Business Loan

May 19, 2022 By SmallBizClub

Why Dropshipping Can be The Hallmark of Outsourcing for Your Business

May 19, 2022 By Efrat Vulfsons

convert-non-commercial-space-into-an-inspiring-office

5 Reasons Why Your Physical Office Layout Matters

May 19, 2022 By Boris Dzhingarov

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy