Amidst the summer holidays, with the kids driving me crazy (how we survived lockdowns I’ll never know) and mother nature just not being kind with the weather, my escapism has been working hard behind the scenes on developing my service offerings to suit the flexible requirements of a tradespeople, retail, and hospitality business payment solutions.
Probably like most people, the word ‘virtual’ immediately sends shivers down my spine since the beginning of the pandemic; it was the buzzword of the year and hard to get away from, but whilst the thought of another ‘Zoom’ meeting or virtual networking event sends me to the gin, I must admit there is a place for virtual products in the world – none more so than Virtual Terminals.
So, let’s get the explanation out the way. A Virtual Terminal is a secure web page that a business can access, which allows them to accept payment with a debit/credit card without requiring the physical presence of the card. It is called “virtual” because it functions like a credit card terminal but through a software application rather than a physical terminal (not a Microsoft Teams meeting request in sight – Yay).
Even the most techno-phobic can use this product without fear. Your customer calls you with their details, you enter these into the form on the website page and then hit send – the money will hit your bank quickly, and the card owner has assurances with anti-fraud security. It is that simple.
There are a few advantages to having this system beyond taking payments quickly and easily without your customer being present. For example, you don’t need to invest in expensive point-of-sale software or traditionally expensive credit card machines. Therefore, it is perfect if you are a small business and not taking a high volume of card transactions but want this payment option for customers. If you run a business that predominantly takes sales by phone or email, this is a cost-effective solution. If you need a physical terminal, the virtual terminal can act as a backup should that fail. You can also receive real-time reports, quickly refund money, and allow for multiple users if you have a team.
However, the biggest reason I am promoting Virtual Terminals as a payment solution is the freedom and flexibility it offers businesses. If the last year has taught us anything, it’s that the world is unpredictable, and if the projections are correct, we could be in for a bumpy winter with COVID restrictions coming into force. Who knows, I hope not, but isn’t it better to be prepared and have a plan b in place.
The beauty of a Virtual Terminal is that transactions can be carried out anywhere, from any device and at any time, if you have an internet connection. So, you immediately have the flexibility to run your business from home or any given location, which is peace of mind that you can remain reactive in any situation, keeping your business open for longer with minimal disruptions.
If you are interested in finding out more or want some advice on what payment solutions would work best for your business, give me a call on; 0790 616 1197 or email me your requirements at: carl@eabsolutions.co.uk
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