Credit Card Machine Alternatives
Virtual terminals can free up your business from credit card machine leases and equipment failures. If you take the bulk of your cards over the phone, or online, then you may have no need for a physical terminal with a receipt printer.
For Card Not Present (CNP) transactions the use of a virtual terminal can save a lot of money on processing, and virtual terminal software may free up your employees from the need to call in card numbers from the field or remote locations. .
MOTO Payment Processing
In the year 2014, virtual terminals are the top choice for MOTO and CNP vendors in retail, collections, and phone payment services. Mail order houses will often integrate applications into their CRM and order-taking systems so the acceptance of cards is a seamless part of the sales experience. Other sellers may work well with online portals, software solutions, and even smartphone-enabled apps that collect information to be authorized and processed remotely.
While most people think of the savings in using such software, another key selling point comes in the security available with pretty much every current program or online portal. Programs that store credit card information put liability on the organization that holds the data, so many older applications have been upgraded so no numbers, expiration dates, or CVV codes are kept on store systems. Instead, this information rests with the vendor. As an example, should a company laptop with such software get stolen, the thief would not be able to take any cardholder data because (1) there would be password protection on the program and (2) no information is stored on the laptop. From a PCI-DSS compliance standpoint, this means that your business can spend a lot less time on compliance and self-assessment, and you don't have to worry about bad publicity from data breaches. Should the vendor get hacked, and should information leak, all the bad news would be on the processor or software brand..
Payment Gateways are key to the success of the programming, and as a consumer you want to make sure you negotiate the lowest gateway fees and processing costs as possible. When changing payment processors, it is important to understand the total costs, as sometimes the gateway provider may have a cheaper monthly gateway fee but have much higher aggregate costs when it comes to card processing. In the industry, we have seen people feel like they are saving $30 a month on gateway fees by going direct, but find out that they are paying an additional $500 for all of the cards that they authorize in a month. As it turns out, payment gateways cost money to use no matter who you go with, and a processor's markup may also be paying for the maintenance and compliance that they are taking on while extending the priveledge of access to consumers.