VIRTUAL TERMINAL SOLUTION FOR MANAGING PAYMENTS ONLINE MAR 06, 2015
Virtual Terminal is an application that is ho sted online to create a merchant dashboard with log in information only accessible through internet connection and web -browser. It is the web version of the Credit Card POS terminal. In this article, MONEXgroup will highlight the features and benefits of Virtual Terminal solution for merchants who are looking to accept Credit Card payments through online payment management software.
“Virtual Terminal is secured with PCI compliance.”
Virtual Terminal is a simplified payment infrastructure built for merchants who run small -to-mid-sized businesses and deal with phone-in orders or a remote customer base. With the Virtual Terminal’s comprehensive set of payment management functions, all transaction details are obtained to process sales, authorization, refunds or voids on any web browser. Virtual Terminal is secured with PCI compliance that includes a Secure Socket Layer (SSL) developed for onlin e Payment Processing Solution. The features of accepting Credit Card payments with Virtual Terminal are:
1. Logging in to the application with unique user ID which comes with multi -tiered access 2. Building a customer database by generating full contact information 3. Creating customer profiles with transaction details or history of records 4. Managing all payments by creating a set of transactions and grouping them 5. Settling automatic batches of marked tra nsactions for retrieval of information, storage of data or production of order review 6. Customizing an Email Receipt (E -Receipt) to be sent to the customer’s inbox automatically One of the advantages of Virtual Terminal is the Interchange Rate (%) Optimizati on for Card-NotPresent transactions. In the absence of a POS terminal and as the Credit Card is not physically swiped to the POS machine to process payments, the cardholder information will be inserted to the Virtual Terminal by the merchant. The Interchange Rates (%) in this case vary depending on the Level of Data security (Level I, II, III) provided by the Virtual Terminal software and the authorization of the cardholder information when scanning their data online. Therefore, a supportive Virtual Terminal that is built for Card-Not-Present transactions like Orbital Payment Gateway ensures merchants with a full range of online tools to securely process their transactions in the absence of the POS terminal with the options of “authorization only, authorization and capture, refunds and voids”. This functionality comes in support of features such as Address Verification System (AVS), Account Verification and Card Verification Valu es, including Visa’s CVV2 (Card Verification Value 2), MasterCard’s CVC2 (Card Validation Code 2), American Express Card Identification Number (CID) and Discover’s CID fraud reduction programs. Such security standards ensure the scalability of payment proc essing and optimize the Interchange Rates (%) for merchants who are processing online credit card payments on regular basis (Orbital Virtual Terminal User Guide, (pg #16), November 2014).
Orbital Virtual Terminal supports the full range of payment methods:
Visa ®
MasterCard ®
®
Discover American Express ®
Gift Card
Carte Blanche ®
JCB
For some merchants, additional payment methods are:
Debit Bill payment (PINless) Bill Me Later ®
International Maestro ® European Direct Debit
Virtual Terminal Process: After logging-in to the merchant dashboard, accepting credit cards to process payments with virtual terminal solution requires merchants to enter their customer’s billing information to automatically generate the receipt for the order. A Token ID will be created based on the cardholder’s information where the merchant will need to enter the Token ID to process the invoice. The merchant can always email their customers with the receipt i n a timely manner as the process is automated. What are the benefits of virtual terminal solution to merchants who are looking to accept Credit card payments online with MONEXgroup? Recurring Payment Setup Customer Profile E-Receipts Customers can pay monthly fees and bills Merchants can create profiles for their Merchants can email their customer an in scheduled, recurring installments. customers and save relevant information electronic receipt for their records, a such as buying history and payment convenient and environmentally information. friendly alternative to traditional paper receipts. Online Shopping Cart System Seasonal Products or Businesses Process Credit Cards via Mail Merchants can turn their website into a Virtual Terminal solution can be Order/ Telephone Order processing terminal by Virtual Terminal suspended during off-season months, so Merchants can receive instant Solution and leveraging the use of their merchants do not pay any monthly fees. response by keying in the credit card Virtual Merchant ID number. There is no cost to re-activate. information on their computer, tablet, or Smartphone. Security Product Database Data transmission is protected using (SSL) Merchants can add, manage and edit a protocol; industry- standard Secure full product list (categories, pricing and Sockets Layer. titles). This will allow them to assign an Sensitive Transaction data is secured auto tax system to their products and behind internal layer defenses that prohibit track their performance. direct access to transaction databases, unless provided with an authorized access role.
When partnering with the number one payment processor in Canada; MONEXgroup virtual terminal solution 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.