Virtual terminal payments are done through a browser interface on a laptop or tablet. A Magtek USB card swiper can be used to bridge the physical and virtual terminal for faster card-present transactions, especially with new customers. Recurring billing payments can be set up with the virtual terminal as well for a faster and simpler experience for you and your customer.
Inputting a payment is as simple as logging into your Client Portal and selecting the “Make Card Payment” link or using the search button to find an existing due invoice or customer profile. Once the payment information is entered a digital receipt can be emailed or printed for your records. In addition, the transaction details can be logged for future reference by navigating to the transaction history.
Authorization & Settlement
Once the credit card or bank account transaction is entered into the Virtual Terminal it is sent to the payment gateway for processing. This includes verification by the card network and issuing bank, which then decides if the transaction should be approved or denied. If the payment is approved, it is then securely submitted for settlement to transfer funds from the customer’s bank account into your merchant account.
Recurring payments are a great way to simplify your customers’ purchasing experience and improve cash flow for your business. Virtual Terminal makes it easy to get started with recurring billing payments by simply entering a customer’s payment card or bank account information once, and then scheduling the recurring billing to occur on a weekly, monthly or custom basis. virtual terminal payments