Would My Business Benefit From Using A Contactless Virtual Terminal?

by Stax

Every business operates differently. The one thing they all have in common is that every business accepts payments. New payment tools that help your business grow and provide a high-quality customer experience are in high demand. With a focus on contact-free payment solutions, contactless virtual terminals do just that. The touch-free payment solution allows your business to accept credit and debit card payments with nothing more than a computer and an internet connection.

The contactless virtual terminal is a smart solution for businesses that take payments online or over the phone. So, what is a contactless virtual terminal and how can your business benefit from adding it to your payment solutions?

What Is a Contactless Virtual Terminal?

Contactless Virtual Terminals are web-based applications that allow you to enter credit card details manually via the internet. This solution allows you to accept payment over the phone or in person from your computer without needing a physical card reader.

Built for recurring billing and online invoicing, a contactless virtual terminal is fit for businesses that primarily operate over the phone, handle online invoicing, or have recurring monthly memberships. An added benefit of using a contactless virtual terminal is the increased flexibility in accepting payments over the phone, online, and in-person without ever having to use a physical card.

How Does a Contactless Virtual Terminal Work?

Powered by a payment gateway, a contactless virtual terminal provides payment processing and authorization services through an online platform. Without any required hardware you can get paid faster and more conveniently while still offering you the flexibility to accepting credit cards, debit cards, and ACH payments. Simply log into your virtual terminal through a computer or smartphone, enter payment information into a form, and with the click of a button, the system processes the payment.

Virtual terminals also verify the purchase, issue customer receipts, and report all transactions within the dashboard. The business dashboard shows sales trends in a simple view, making you aware of growth or areas of concern for your business.

A contactless virtual terminal can also serve as a backup to your point of sale (POS) system. Having a virtual credit card processing terminal on standby adds additional flexibility and simplicity to your business.

Can My Business Use a Contactless Virtual Terminal?

A virtual terminal is fit primarily for businesses such as food delivery services, professional services, freelancers, and healthcare providers. These businesses often conduct most of their business over the phone, submit electronic invoices, or have recurring monthly membership services fees.

Having the ability to take payments by phone or online by adding a virtual terminal to your payment offerings allows increased flexibility and accessibility. Providing a more seamless payment option also improves your customer’s check-out experience. Faster, more secure, and effortless transactions provide opportunities for more sales in less time and less abandoned sales due to a hassle-free shopping experience.

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Is the Contactless Virtual Terminal Secure?

As a business owner, you must safeguard payment information. Not doing so could create distrust among your customers and seriously impact your business. Virtual credit card processing terminals provide several up-to-the-minute security features, keeping your customers’ financial information safe. All payment data submitted via the contactless virtual terminal must go through PCI Compliant procedures. This makes sure that your customers’ sensitive information is always safe.

Because the transaction takes place through a payment gateway that utilizes data encryption or tokenization to secure sensitive information during transmission accepting payments with the use of a virtual terminal is secure. Despite these built-in safeguards, it’s important to be cautious. Human error is still a factor. Making sure your employees never write down credit card information on a piece of paper or store it in any way outside the contactless virtual terminal.

What Are the Benefits of Using Stax Contactless Solutions?

With Stax not only will your business have access to the wholesale card-not-present rates, but you’ll also gain access to the contactless payments tool kit including the Stax Contactless Solutions. In addition to a full-featured invoicing and billing platform, you’ll have the option of creating an online shopping cart for your business and the ability to communicate with your customers quickly and efficiently through 2-way text messaging.

Perks of the Contactless Virtual Terminal:

• Instant Online Shopping Cart – Add items or services to your catalog, publish them to your online shop in one click. No domain purchase needed
• Text2Pay – Text message requests have a 97% open rate with an average customer response within 90 seconds. With 2-way text messaging Merchants and customers can talk back and forth, make changes, and even pay.
• Customer & Catalog Management – Track relevant customer information, including tokenized cards. Store catalog items and keep track of inventory and sales against certain goods or services.
• Quick Payment for Keyed-In Phone Payments – If a customer orders over the phone for curbside pickup, employees can key in payment information while on the phone.
• Recurring & One-Time Invoicing – Send professional electronic invoices via email or text. Customers can pay via email or text. Set up recurring payments or invoices for the customers as needed.

Whether it’s invoicing, recurring billing, pay by phone, contactless payments, or a one-click shopping cart, Stax offers multiple virtual payment options that can help your business succeed.

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Reach out to Stax for a custom quote today.