A Wireless Terminal is essentially an electronic device that processes your payments using electronic cards. The electronic devices are able to read the information on the card and charge the associated account in a post transaction that is forwarded to the processing bank from the payment processor.
A virtual terminal offers the same services and then some with the following key differences that make it a superior choice to processing payments:
1. Universal Access
A virtual terminal uses the Internet and a secure URL to process payments in real time. The virtual terminal runs remotely on that secure site, meaning that any Internet connection will get you access to the payment system that will allow you to process transactions instantly and hassle free.
This also means that more than one user can be logged in to the same virtual terminal to process payments, getting more value from a single terminal portal. As long as you have a virtual terminal, there are no downtimes as compared to the communication issues, and technological issues associated with wireless terminals which exclusively manage the connection that processes your payment receipts.
2. Device Independent
This means that you do not need a specialized electronic device to process or swipe electronic cards, a Tablet computer, smartphone, or even a desktop computer can perform the same task as would a wireless terminal. If your wireless terminal breaks down, you will have to replace it to continue processing payments, but a virtual terminal only needs a compatible device to get running again.
3. Secure and Private
When your clients are entering their authorization pins or signatures on the wireless terminal, the one thing that is always in their minds is how their privacy can be compromised, since their is no way of knowing whether the virtual terminal is secure enough to keep their information private.
A virtual terminal logs onto the payment processing secure URL through a secure and encrypted connection, which means there is no chance of interception or violation of your clients privacy.
4. Affirmed Feedback and Reporting
It can be frustrating dealing with payment challenges that occur through processing after the situation has passed. Wireless terminals are subject to fault, and they cannot provide reporting that assures you that all the transactions went through as intended.
With a virtual terminal, you can pull all the reports in the manner which you prefer, affirming the completion of transaction and a quick resolution of errors and challenges before escalation.
5. No Monthly or Equipment Maintenance Fees
You will not incur any monthly fees for processing your virtual terminal since all the services run on a remote site. The only resource you need to have is Internet access. With wireless terminals, you are required to process fees related to the secure wireless connection that the device uniquely connects through, as well as all implied and actual equipment maintenance and replacement costs should your wireless terminal break down during service. They are specialized devices, and often proprietary, which means they attract premium repair costs should anything happen to them while in use.
Receiving Payments does not have to be a subjective and structured effort, anything like this means that you are losing precious operational time in processing payments, as opposed to an easy, maintenance free, and reliable virtual terminal that will process all your received payments securely and quickly to allow more time for sales activities in the generation of more revenue. Financial systems are supposed to offer your business convenience and value, not to be another expense in your report as the cost of operation.