As a small business owner, you’re juggling multiple priorities on a daily basis. One minute you’re helping customers, the next you’re sending invoices. As well as, checking on unpaid invoices, and trying to keep your cash flow equal. When payments come in at different times or are complicated and difficult to collect, it can add a lot of stress to the situation. That’s why so many small business owners are finding success using virtual terminals. A virtual terminal is a faster and more flexible way for your business to collect payments. All without having a physical card reader or waiting for a check to clear.
With a virtual terminal, you will be able to accept payments at any time and from anywhere. Whether your customer is making an instant payment by telephone, paying an invoice online, or billing you for a monthly invoice, everything can be processed within the same secure online payment system. With a virtual terminal you can keep your business organized and your customers will know that they can pay you on time. Even while the business can continue focusing on growing instead of the administrative tasks associated with collecting payments.
What is A Virtual Terminal?
A virtual terminal is a web-based payment processing service used by businesses to enter customer credit card information and process a transaction in real-time. By using a terminal, businesses no longer have to swipe a card. Simply, type the customer’s credit card or bank details securely into an online portal, the transaction is completed in seconds!
Virtual terminals provide businesses with a way to accept payments for items. Such as, phone payments, invoices sent via email, deposits, and membership dues. There is no need for any specialized hardware or equipment to use virtual terminals. All that is needed is an internet connection. For many small businesses, the majority of their sales are processed through virtual terminals.
Why Small Businesses Choose to Use a Virtual Terminal
The cash flow of a small business can make or break it. Payments coming in slowly can create issues when it comes to payroll, inventory, and day-to-day business. However, a virtual terminal will eliminate delays because you are able to charge when the customer is ready to pay.
Instead of waiting to receive payment through a check or invoice for several days or weeks, you are able to complete the transaction as soon as they pay. Additionally, every transaction is digital, providing you with a simple way to track total revenue. Furthermore, with tracking payments, it gives you less of a chance of making a mistake.
Enhancing Customer Experience with Virtual Terminals
Paying for your purchases should be straightforward, fast, and professional, a virtual terminal enables customers to pay in these ways. When someone calls into your business to place an order, you can process their payment instantly. If your customer prefers to be billed on a monthly basis, this can also be established quickly and easily. In the event of a failed payment, you will know immediately, allowing you to address any issues quickly.
This seamless experience builds a level of trust and confidence with your customers. Ultimately, resulting in having a greater likelihood of doing more business with you moving forward.
How a Virtual Terminal Improves Daily Operations
A virtual terminal isn’t simply used for collecting payment, it helps keep businesses organized and on top of things.
The virtual terminal gives businesses the opportunity to:
- Send phone and invoice payments right away
- Accept ACH bank transfers and card payments
- View every transaction from a single dashboard
- Access deposits, balances and full payments
- Eliminate errors from manual processing and reduce missed payments
By consolidating everything within one location, business owners can take the guesswork out of their finances and save time.
Ongoing Payments Made Easy
Small business owners rely on repeat payments for their businesses through membership and/or subscriptions or via monthly payment plans, and a virtual terminal allows business owners to easily accept payments from customers using stored payment information.
After entering their payment details once into the virtual terminal, the business owner can simply run a payment on a schedule, rather than having to send out invoices, chase payments, or remind them to make their payment on time. Using a virtual terminal to process payments gives business owners a predictable, consistent income each month.
Built-In Security for All Transactions
Security is critical to the success of most businesses, and this is especially true when you take a customer’s payment information via a virtual terminal. When customers give a business their payment information, they expect that their information is protected. A virtual terminal will secure sensitive information through the use of PCI compliant systems and processes and will create a secure connection with the business they provide their payment information to.
All virtual terminal systems are compliant with PCI and have built-in fraud protection measures to protect both the business and the customer from financial harm. When using a virtual terminal, a business owner does not need to worry about managing security as it is handled by the virtual terminal service provider.
Why Gulf Management Systems Is the Best for a Virtual Terminal
Gulf Management Systems offers a unique payment processing solution for small businesses that combines the benefits of simplicity, reliability and affordability through the convenience of a virtual terminal. With our virtual terminal, you can easily accept all of your customers’ payments. Such as, ACH, eCheck, credit card, debit cards, all without having to change the way you run things.
The GMS virtual terminal allows you to accept electronic payments from a single secure dashboard. You can take payments using whatever method your customers prefer. The platform has built-in reporting tools so you can run one-time charges or recurring billing, manage member accounts, and view all transactions in real-time.
The platform also offers a simple way to manage your revenue. Daily or monthly reports can be viewed, printed, and exported through the system, you will receive alerts when any payment fails or is returned and you can update your customer’s payment information including expiration dates and account details. As an added benefit, because the terminal is PCI compliant, your customer’s sensitive payment information is securely stored on the server. Therefore, the responsibility of initial compliance is no longer your responsibility.
What makes GMS stand out is its combination of excellent support with top quality payment processing software. If you want a reliable technology platform and a reliable cash flow, partner with GMS today and make your business operations easier.
