Best Virtual Terminals of 2024

Use the comparison tool below to compare the top Virtual Terminals on the market. You can filter results by user reviews, pricing, features, platform, region, support options, integrations, and more.

Virtual Terminals Overview

Virtual terminals are a convenient and secure way to process payments over the Internet. They provide merchants with an easy-to-use, real-time payment processing solution that eliminates the need for any physical hardware or software installation.

A virtual terminal is essentially a web-based point of sale (POS) system that allows you to accept credit card payments directly from your customers over the Internet. The terminal’s web interface allows merchants to key in customer information, billing address, shipping information, and credit card details to securely process transactions. As soon as the payment is approved, the merchant receives notification of approval and can then immediately update their inventory systems and accounting software with accurate sales data.

The virtual terminal also provides merchants with additional features such as detailed reporting tools, quick refunds and voids functions, invoicing capabilities, fraud prevention measures, account management features and much more. With these extra functions and features available within a virtual terminal environment, merchants are able to have better control of their operations while providing their customers with increased security when making online purchases.

For added convenience and customer satisfaction virtual terminals usually come integrated with popular online shopping cart solutions such as Shopify or WooCommerce allowing you to easily accept payments on your website without the need for any third-party payment gateways. Virtual terminals also offer support for multiple platforms such as PCs, Macs and mobile devices so you can always access your terminal wherever you go.

As technology continues to advance more people are taking advantage of virtual terminals which makes them become increasingly popular among businesses worldwide due to its accessibility and ease of use. With virtual terminals being made available for low-cost fees it has become an affordable solution helping small business owners reduce costs associated with traditional POS hardware/software installations while benefiting from all the advantages that come along with acquiring payments via virtual terminals such as improved security measures protecting both buyers and sellers alike from potential fraudsters or hackers lurking in cyberspace.

What Are Some Reasons To Use Virtual Terminals?

1. Increased Security: Virtual terminals process payments using advanced encryption technology that helps protect cardholder data against unauthorized access or theft. This means customers can make protected purchases with peace of mind knowing their sensitive information is secure.
2. Speed and Convenience: Virtual terminals allow businesses to quickly and easily accept credit card payments without having to purchase any physical hardware or software. The entire system operates "in the cloud" so transactions can be processed from almost anywhere with an internet connection at any time - even after business hours when a physical point-of-sale terminal may not be accessible.
3. Cost Savings: By eliminating the need to purchase additional equipment such as a point-of-sale terminal, virtual terminals offer considerable cost savings for businesses in terms of both upfront costs and ongoing maintenance fees associated with traditional payment processing systems.
4. Greater Flexibility: Businesses can choose between different payment processors depending on which one best meets their needs in terms of features, transaction rates, customer service support, etc., allowing them to get the most out of their online payment infrastructure without being locked into long contracts or paying too much for services they don't need.
5. Streamlined Reconciliations: With virtual terminals providing easy integration into existing accounting systems, reconciling transactions becomes a breeze – no more manually matching up paper receipts or trying to decipher handwriting.

The Importance of Virtual Terminals

Virtual terminals are a vital tool in the digital payment industry. They provide secure and efficient methods of processing customer payments both on-site and remotely. This is especially important for businesses who need to collect payments quickly and accurately, without having to physically be present with their customers.

Virtual terminals offer several advantages over traditional payment methods. For starters, virtual terminals can save businesses time by streamlining payment processes. They eliminate the need for manual data entry which often proves to be laborious and error-prone. Additionally, virtual terminals support online payments, which can greatly expand a business’s potential customer base by allowing it to accept more forms of payment from people all around the world. Furthermore, they also come with advanced fraud protection features that help protect businesses against malicious activity.

From a customer’s perspective, virtual terminals provide convenience and security when making purchases online or over the phone – two benefits that cannot be overlooked in today’s competitive retail environment. Unlike traditional payment methods where customers had to provide lengthy personal information such as bank account numbers or credit card numbers, virtual terminals store this information securely so that customers don’t have to worry about sharing their private details with each merchant they purchase from. By eliminating these steps involved in checkout processes, customers can save time while still feeling secure in their transactions.

Overall, virtual terminals offer many advantages that make them an invaluable tool for business owners looking for convenient ways to process customer payments securely and efficiently regardless of their location or industry sector they operate in . Their capabilities enable businesses of all sizes to stay competitive in our rapidly evolving digital world by accepting various forms of online payments from anywhere in the world without worrying about fraudulent activity or data breaches along the way.

Features Offered by Virtual Terminals

1. PCI Compliance: Virtual terminals provide a secure way to process payments, ensuring compliance with the Payment Card Industry Data Security Standard (PCI DSS). This standard requires businesses to protect cardholder data and maintain a secure environment for conducting financial transactions.
2. Encryption Technology: Virtual terminals use encryption technologies like SSL (secure socket layer) or TLS (transport layer security) to securely process payments over the Internet by encrypting sensitive payment information during transmission.
3. Multi-Currency Processing: With virtual terminals, it's possible to accept payments in different currencies from customers around the world with just one system. This is helpful for merchants who do business globally and need the ability to transact in different currencies.
4. Easy Set Up: Merchants can easily set up their virtual terminal for use quickly and without needing any additional hardware or software installation beyond an internet connection and web browser.
5. Mobile Optimization: Virtual terminals are often optimized for mobile devices, making them easy to access when on the go or away from a computer desk.. This means you can take your terminal wherever you go and still be able to take credit and debit card payments via your smartphone or tablet device if needed.
6. Flexible Payments Options: Virtual terminals allow merchants to offer their customers flexible payment options such as credit card payments, eChecks/ACH bank transfers as well as other alternative payment methods like Apple Pay and Google Wallet - all within a single platform solution that integrates into their online store checkout page seamlessly.
7. Fraud Protection Services: As part of their package, most virtual terminal providers include fraud protection services that enable them to detect suspicious activity-related purchases quickly so they can flag them for manual review by client staff rather than completing potentially fraudulent transactions automatically.

Types of Users That Can Benefit From Virtual Terminals

• Small Business Owners: Virtual terminals allow small business owners to accept payments from customers anytime, anywhere without having to install hardware or software.
• Startups: Startups often have limited funds to invest in technology. Virtual terminals provide an affordable solution for accepting customer payments quickly and securely.
• Freelancers: Working remotely or at a client site? Virtual terminals enable freelancers to accept card payments online, eliminating the need for traditional point-of-sale systems.
• Nonprofits: Accepting donations is essential for nonprofits. With virtual terminals, organizations can collect donations anytime, anywhere without incurring high credit card fees like they would with physical locations.
• Online Retailers: With virtual terminals, online retailers can process one transactional payment quickly and securely via credit cards and other forms of electronic payment options.
• Event Planners: Event planners often need a convenient way to collect money from their attendees or sponsors. Virtual terminals provide an easy way to track multiple transactions while managing billing information securely in one place.
• Restaurants/Bars/Food Trucks: Whether you’re running a restaurant, bar, or food truck—virtual terminals offer an efficient way to process customer payments without investing in additional POS equipment and software. This allows these businesses more flexibility when it comes to organizing staff and scheduling orders as well as tracking sales data in real time.

How Much Do Virtual Terminals Cost?

The cost of virtual terminals for payments varies depending on the provider. Generally, you can expect to pay a one-time setup fee (if any) as well as a monthly or annual access/subscription fee and payment processing fees. Depending on which features your business needs and which payment processor you use, prices may range from $20-$50 per month up to $100+/month for more advanced plans.

In addition to the subscription costs, there are usually transaction fees associated with credit card processing when using a virtual terminal. For example, your provider might charge a flat rate per transaction plus a percentage of the total value processed. This could range anywhere from 2%-3% or higher depending on the volume that your business processes each month. Some providers may even offer tiered pricing which could increase discounts if you reach certain levels of transactions in a specified period of time. Lastly, some providers may offer additional services such as fraud protection or loyalty programs at extra cost as well.

Overall, the cost of virtual terminals for payments depends on what type of service you need and which particular payment processor you decide to partner with – so it's important for businesses to shop around and do their research before committing to any particular plan or service agreement.

Risks To Be Aware of Regarding Virtual Terminals

• Data Theft: A major risk associated with virtual terminals is the possibility of data theft. Hackers may be able to access sensitive customer information, including credit card numbers, addresses and other contact information.
• User Error: With virtual terminal payments, errors can occur due to user input mistake or technical issues on a server. This could lead to incorrect charges for goods and services or customers not receiving what they paid for.
• Security Breaches: In addition to the potential for hackers to gain access to customer data, there is also a risk of security breaches from malware and computer viruses that can attack a payment processing system.
• System Outages: Virtual terminal transactions rely on an internet connection in order to process payments successfully. If this connection suddenly fails, then it could mean that customers are unable to make their purchases until the problem is resolved.
• High Transaction Fees: Many merchants feel that virtual terminal transaction fees are too high, making them cost-prohibitive for certain types of businesses. These fees can add up quickly if you process a large number of transactions each month.

Types of Software That Virtual Terminals Integrate With

Software that is capable of integrating with virtual terminals for payments can generally fall into two categories: point of sale (POS) software and payment acceptance software. POS software includes a variety of solutions such as restaurant management, retail systems, hospitality systems, medical office solutions, and more. These types of software are designed to streamline and automate the checkout process for customers. Payment acceptance software focuses on providing secure payment processing tools like credit card readers, mobile wallets, contactless payments, etc. This type of software provides merchants with fraud protection safeguards and other features in addition to facilitating virtual transactions. Both POS and payment acceptance software can be integrated with virtual terminals to provide fast and secure customer experiences when making online payments.

What Are Some Questions To Ask When Considering Virtual Terminals?

1. What types of payment services does the virtual terminal provide? Does it support all major credit cards, debit cards, and ACH/bank transfers?
2. Does the virtual terminal offer different versions to choose from (e.g., cloud-based or installed)? If so, what are the advantages and disadvantages of each?
3. Is the virtual terminal PCI-compliant and secure against data breaches?
4. How easy is it to set up a new account or process transactions within the virtual terminal?
5. Does the pricing structure offer competitive rates in conjunction with any applicable discounts or promotions?
6. Are there any additional services included such as fraud protection, analytics tools, customer service support, etc.?
7. Does the service have an API available for custom integrations with other software solutions that may be needed for certain business operations?
8. Will ongoing maintenance costs exist after the initial implementation of a virtual terminal system?