Virtual Terminal Credit Card Processing Might Be The Best Choice

The demand for convenient payment solutions is rising day by day, businesses are introducing new ways to accept and process payments to stay competitive. Companies look for technology solutions that can provide you the answers to their business needs. Payment terminal serves as an alternative to traditional hardware terminals. The ability to accept and process payments on a computer is a solution developed to address companies’ offsite payment processing needs.

With virtual terminal credit cards you can:

•    Take payments over the phone.

•    Easily control your customers’ credit card numbers

•    Continue using your physical terminal as before.

•    Have an integrated gateway by processing transactions inside an online portal.

•    Easily manage payments with automatic invoicing.

•    You can work from anywhere you can access the internet.

•    You can offer options like international currency acceptance and recurring billing.

•    Bring more visibility into each transaction by real time reporting.

•    Increase safety of your transactions

•    Virtual terminals can print or email receipts and generate reports, so you can track trends over time.

Many business are offering services on subscription model, thus it becomes invaluable for them to automatically charge customers’ credit card data on a predetermined basis. Virtual payment gateways can also be used for recurring payments.  As the customer's information will be saved and can be easily accessed from data storage to process a transaction. This will help in safer transaction and also eliminate data entry and human errors.

Apart from the above advantages, transaction history and email invoicing features are the other advantages of advanced virtual terminals. These features can greatly benefit businesses by providing them more easy going process and eliminating paperwork. PCI compliance is also required for all businesses that accept credit or debit card payments.

Security Features To Avoid Electronic Theft And Credit Card Fraud When Using Virtual Credit Card Terminal

Online transactions are nameless and, therefore, appealing to fraudsters – the card and the cardholder are absent, physical card features cannot be examined, the chip cannot be read and the behaviour of the card holder cannot be observed. 

 When the bank approves an authorisation request indicating that the account exists and is in good standing i.e. that  the account is not closed or the card has not been reported stolen and that the cardholder has enough funds in the account to make the purchase at the time the  request for authorisation is made.

 

Security should be made a top priority for every client. Virtual Credit Card Terminals should be backed by PCI compliant security features designed to protect the customers. An additional security measures are required for merchants to opt for payments from local cards thus blocking foreign card transactions as the bulk of fraud attempts usually stems from foreign cards.

Some of the measures are as follow:

• MasterCard/Visa International – 3DSecure

One of thee security protocols implemented by MasterCard/Visa International is 3DSecure. The concept behind 3D Secure is that the system should authenticate the eligibility of cardholder to use a card before processing a transaction – if successful then there is a liability shift away from the merchant and their bank to the cardholder and their bank. Thus protecting the merchant against fraudsters.

• Bank Security Measures

The bank carries out their own security checks on transactions presented for  settlement and authorisation. These include checks for stolen cards, lost cards, hotcards , attempted fraud etc. The authorisation, verification and settlement is handled between  the cardholder's bank  and the merchants bank.

• Merchant responsibility

The merchant has certain tasks which include their own security checks. Always ensure while delivering that the recipient actually resides at the delivery address for follow up in case of fraud and checking that the actual credit card is in their possession.