Every day, dozens of companies enter the online market place and set up merchant accounts. This method of sending or receiving funds allows them to promote and sell their products or services to a wider audience around the country or around the globe. The tool they use to conduct financial transactions is known as a virtual terminal. Let’s take a closer look at what virtual terminals are and how they operate.


Online Point of Sale

A virtual terminal is a web-based online tool that operates the same as a physical point of sale (POS) device in a store. Although some point of sale machines can be used in conjunction with a computer, these days virtual terminals are loaded into your computer via software or an app. A virtual terminal makes the same type of financial transactions as any other machine, but the difference is that the software application is connected to an online host (a bank or credit card company). The terminal can be utilized using any type of web browser that is connected to the internet.


Why Do Companies Use Virtual Terminals?

These days, if you’re company doesn’t do business online, then you ‘virtually’ do not exist. ClearPay helps companies establish a greater presence online by setting up merchant accounts and equipping their websites with virtual terminals. This gives companies the opportunity to do business using almost any form of eCommerce payment such as credit cards, debit cards, or even eChecks.


How Does a Virtual Terminal Benefit Your Business

Over the last decade, many business owners have utilized ClearPay to set up their virtual terminals online. They have discovered several advantages and benefits to conducting online financial transactions using this format:


●        Companies can process mailed-in or called-in payments with relative ease regardless of the type of payment that is mailed in (credit card, check, etc.).

●        Payments can be scheduled at regular intervals using advanced software features. Recurring clients can choose auto-pay methods so that they don’t have to return to the website every time they want to make a payment.

●        Customer information can be securely stored and accessed each time a transaction takes place. This saves a tremendous amount of time for both the company and their clients.

●        Companies can opt out of using expensive, space-consuming hardware and set up a merchant account directly from a computer, smartphone, or tablet.

Set Up a Virtual Terminal Today Using ClearPay

ClearPay offers a broad range of virtual terminal products and services that make it easy for your business to easily take off online. Call us today at 800-306-8457 and let us get you started from start to finish. We are Wisconsin’s most trusted payment processing company!