By Erica Houskeeper on May 26, 2020
Given the challenge our nation is facing with the COVID-19 pandemic, merchants need to pivot and find new ways to accept payments. As some consumers worry about germ-ridden cash and credit cards, Payanywhere merchants have already turned to a safe and simple alternative: the virtual terminal.
A virtual point terminal is the web version of a physical credit card terminal or POS machine. It’s a software application that is hosted online, usually on the service provider’s servers, that can be accessed from any web browser.
Payanywhere is a web-based system that does not require any software to be downloaded or installed. The terminal allows merchants to accept phone, online, and other card-not-present payments. Its reporting and management tool provides a central location with advanced features to help merchants optimize their business.
The Payanywhere acceptance feature can help merchants accept remote payments over the phone, so no credit or debit cards need to exchange hands. Best of all, merchants can access the virtual terminal for free by logging into their Payments Hub merchant portal, then navigating to the virtual terminal page and start accepting card-not-present transactions today.
How to accept credit card payments by phone
As more stores are offering delivery and curbside pick-up in the age of COVID-19, consumers are increasingly calling businesses by phone to place orders. For more secure transactions and potentially lower processing costs, merchants should consider virtual terminal to accept card-not-present payments by phone.
One of the most straightforward ways to accept a credit card over the phone is to simply ask your customer to read off the card number, expiration date, and CSV code while you type the information into your credit card terminal at the point of sale.
Keep in mind that accepting credit cards over the phone is less secure than accepting a card physically at the point of sale. To account for this higher risk of fraud, credit card processors generally charge higher rates and per-transaction fees for card-not-present transactions, including keying in card information over the phone.
Virtual terminals, meanwhile, may allow you to bring down your costs of accepting credit cards over the phone with what is called Level 2 or Level 3 processing. By capturing additional information that helps verify the authenticity of the transaction, Level 2 and Level 3 processing reduce the rate the processor charges you for phone transactions.
The advantages of a virtual terminal are many. You don’t have to buy, rent or lease a traditional credit card terminal if you’re processing credit card transactions without a signature. One of the most significant benefits of a virtual terminal is convenience, as all you need is a computer and an Internet connection with access to a virtual terminal.
Virtual terminals are generally an easy and inexpensive solution for merchants, especially as business owners navigate curbside pick-up and delivery payment options in today’s ever-changing marketplace. Learn more about setting up a virtual terminal by contacting Sekure today.