VIRTUAL PAYMENT PROCESSING
A virtual terminal is an online application or operating system where a merchant can check his/her transactions and get a detailed inquiry of it. By using virtual terminal a merchant can accept the payment without physically using the credit card. It will permit you to receive your payment anywhere at any time without being necessarily available there. You can even process the transaction once you get the card details of your customer over the phone or mail. It is the solution which will turn your computer into a payment-processing device. Unlike physical POS counterparts; virtual terminals can easily handle recurring payments.
HOW IT WORKS
Processes swiped retail transactions. Card details over the phone or email, manually. Enter ACH transactions, manually. Generates automated response Generates receipts Confirms transaction with the bank Captures previously authorized transactions Confirms transaction status
Electronic Payment Processing Electronic payment is the process of transferring money electronically from one bank to another bank. All it needs is to install an electronic device called POS (point of sale) for performing the transaction. ATMs also come under electronic terminals that let you bank almost virtually any time. To extract cash, make deposits, or transfer funds between accounts, you generally insert an ATM card and enter your PIN. Electronic payment processing will help to get instant payments right away at the time of the transaction. But it has one flaw, it will restrict you to accept recurring payments and bulk transaction by its limited services but still, it is far better than any other payment process like depositing checks and all.
We can give you the best solution for your business. We Merchant Stronghold provide payment processing without any hassle. We trust you will choose the right merchant service provider for your business. Merchant Stronghold has expertise in getting High Risk Merchant Accounts. If you want to know more, get in touch with Merchant Stronghold.
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