One of the most important parts of owning and running your own business is having efficient and effective processes in place. Daily operations can be tedious and time consuming if not streamlined, and can cause for inefficient practices when it comes to dealing with customers, receiving payments, and even simple tasks required by your staff. A virtual terminal provides a number of highly benefits features as a payment solution that will benefit your business in more ways than one. Not only is it important for your business to have an efficient payment solution for your clients and customers, but it is also important to have payment options in order to provide your customers and clients the ability to make their decision on how they want to make a payment or purchase.
When businesses only provide one payment option to their customers or clients, they tend to run into a few issues, namely that they may not received their payment on time, if it is an invoice, or that the customer wishes to pay with a different means, but you are unable to provide that service for them.
These three outlined benefits of how a virtual terminal can make your business more efficient will give you the understanding of how a secondary or tertiary payment option will provide your business with smooth payment options, and your customers and clients will thank you for it.
1. On-The Go
With a virtual terminal, you don't have to worry about sending out invoices to customers or clients for payment. With the virtual terminal, you are able to access the secure web based portal through any tablet, computer and smart phone for convenience and ease when accepting payments anywhere. If your business model requires payment over the phone, or sending out paper or electronic invoices to your customers and clients, the virtual terminal is the perfect fit for your business, and will give your clients the payment options that they expect. Making on the go payments means that you do not have to chase down customers or clients for over due payments, or missed payments. With the mobile-based payment solution, you will always have access to accept credit cards no matter what the situation.
2. Recurring Billing
A virtual terminal can provide your business with many different features that will increase efficiencies, and benefit your customers and clients, but one of the most notable features is recurring billing. With the recurring billing feature, you are able to add and remove customer and client credit card information in a secure format in order to provide monthly billing on a recurring charge. With the recurring billing template you can set up multiple credit card numbers, and customer information in order to remove the hassle of having to manually enter the card numbers into the terminal, or sending out a bill or invoice to the customer each month. This will free up valuable staff to cater to different business needs that require attention.
3. Online Portal
One of the great benefits of the virtual terminal is the online portal that allows your business to monitor daily transactions, and view monthly reporting for all payments and purchases made through your virtual terminal. This function provides the ability to not only view the transactions that were done that day, but also monitor the different users that have access to the virtual terminal. This is a great feature to manage all your transactions, and if necessary inquire to a payment made from previous months, or export the data to any accounting software.
With the additional of a virtual terminal to your business, you are not only providing efficiencies for your customers and clients, but your business operations as well. The virtual is a great way to accept payments on the go, and monitor all transactions through a secure online portal.