1. Understanding the expanding options for online payments
The diversity of payments encourages consistent customer relationship building, placing accessibility above all. While a hardware POS system can streamline the in-store experience, it is currently understood that we cannot completely predict the current pandemic climate for businesses. The solution to this is utilising the mobility of virtual terminals.
2. Getting to know virtual terminals
Essentially, a virtual terminal is simply a software with the same functionality as a physical POS system. It allows merchants to accept payments with a payment card, typically a credit card, without requiring the physical presence of the card. This is not to be confused with e-commerce, which operates slightly differently, placing more emphasis on the customer to complete the transaction. However, both describe a commercial transaction that are facilitated through the internet.
3. The advantages of virtual terminals
While both virtual terminals and e-commerce have their respective advantages and disadvantages, virtual terminals have a shift of focus towards merchant control. In other words, virtual terminals work specifically for merchants who take orders over the phone. This can take your business mobile and develop a truly unique bridge to your customers. A merchant is able to do this without the need for upfront hardware costs.
Not only this but virtual terminals are aligned with the PCI DSS security standards, meaning there are no additional fees when establishing the necessary security measures for your terminal.
4. How BMS can help
Our virtual terminals cater to merchants who wish to accept more payments in context-heavy scenarios, by allowing an omnichannel experience, you can help retain customers. Meanwhile, the terminals will remain at a fixed rate of processing fees – the same rate as physical POS systems. This means you are not spending more for simply wanting to expand your operations.
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