Ralph Schneider and Frank McNamara, two great minds who founded Diners Club, revolutionized the payments industry by introducing the credit card in 1950. It can therefore be said that the modern payments industry has been founded by a concept that was launched almost seven decades ago. The concept was immensely powerful and it was evident that it would shape the future of the payments ecosystem.
Per the latest statistics, 70% of consumers have at least one credit card. In the United States alone, there are 1.06 billion credit cards in use. When asked about the future of this payment method, 60% of Americans believe the US will soon become a cashless society.
The aggressive increase in the usage of credit cards has pushed the industry to design solutions that can help merchants (from small business owners to Fortune 500 companies) to accept card payments more safely, quickly, and easily than ever before. That’s why such a vast number of new point of sale systems, standalone credit card readers, and several other payment devices have been recently introduced.
Understanding virtual terminal payments.
Virtual terminals are one of the many ways of processing credit card payments. They are an invaluable tool that can help both brick-and-mortar stores and ecommerce businesses accept cashless payments. While a virtual terminal’s function is similar to that of a traditional credit card terminal, the fact that it let’s you process credit card payments online (without using a credit card reader) is what makes it “virtual.”
Virtual terminals allow you to securely accept payments through a webpage on your internet browser. At North American Bancard, our Virtual Terminal is accessible through Payments Hub, our secure online merchant portal.
Reasons for the increasing popularity of virtual terminal payments.
Even though there are a wide variety of credit card processing options out there, virtual terminals are rapidly increasing in popularity among all types of businesses. One of the most significant reasons why companies use this credit card payment processing method is because it lets them accept payments for mail and telephone orders, as it does not require a cardholder to be physically present on site.
They are an affordable way to grow your business.
One of the smartest ways to grow a business today is by providing a variety of payment methods to your customers. By offering multiple payment options, you can attract completely new customers. While accepting cash payments, stores also let the consumers pay with a credit card. Since it increases the customer base, adding card payment methods will surely boost sales for your business. Basically, virtual terminals assist in business growth and increase profits.
They add recurring payment functionality.
If you’re pondering over the question of whether you need to add a virtual terminal when you already have a physical card terminal, the answer could lie in recurring payment functionality. It is a feature that traditional credit card readers do not offer. At North American Bancard, our Virtual Terminals allow you to process recurring payments in just a few simple steps.
Virtual terminals offer enhanced data protection and security.
One of the primary concerns of consumers is the protection of their sensitive data, including their card details. It is due to this reason that you as a business owner have to choose an option that securely stores all your customers’ private info. Virtual terminals are a smart choice as they can securely store customer details, in compliance with applicable PCI DSS regulations.
Let North American Bancard help you increase your sales by offering expanded payment options and added convenience through access to our secure Virtual Terminal.