Top 6 businesses that benefit from virtual terminals

Whether you’re running an auto repair shop, need a good restaurant payment system, or are a freelancer wanting to accept credit cards, there are many POS solutions available to you. The good news is you've got choices! The right solution depends on the type of business you own or run. 

As today’s consumers embrace credit cards as a preferred payment method, merchants must respond accordingly. One tool they can leverage are virtual terminals—a virtual point of sale that allows businesses to accept card-not-present transactions by manually entering credit card details over the phone or online. These web-based solutions transform merchants’ devices into credit card machines and enable them to securely process one-time and even recurring payments. Here are five types of businesses that can benefit most from implementing virtual terminal payment processing.

Auto repair shops
How do auto repair shops benefit from payment processing solutions?

Here’s a common scenario: someone drops their car off for a service but can only pick it up after work when the shop is closed. If you have a virtual terminal, that customer can pay over the phone and grab the car after hours. Or maybe you’re out doing a post-repair road test and can’t be on-site to take payment from another customer. You can just leave the keys in the person’s car and settle up afterward (assuming you trust them…). This flexibility isn’t possible with all payment processing solutions or the traditional countertop POS system.

Restaurants
What is the best restaurant payment system?

A virtual terminal is an electronic card payment system used by restaurants to accept debit and credit card payments directly from your customers. It’s good for curbside and tableside ordering and turning pretty much any device into a restaurant POS system. If your customers aren’t buying your food through delivery apps, they are phoning in their orders. Direct orders are preferable, of course, because you don’t have platforms like Uber Eats and Skip the Dishes skimming off the top. A virtual terminal allows processing orders over the phone and streamlining delivery. And if you’re offering curbside pick-up, it’s a must-have.

Professionals
Get a virtual terminal built for professional service businesses

Professional services—think law firms, medical clinics, and accountants—don’t operate as they once did. In-person visits were more common pre-pandemic, and subsequently, so was in-person payment. With the advent of teleconferencing platforms like Zoom, payments have also moved online. Another plus: virtual terminals allow you to set up recurring billing. This feature is ideal for these types of businesses that invoice monthly.

Beauty salons
How can salons benefit from a virtual terminal?

Virtual terminals are excellent salon POS systems because of the immense convenience they provide for customers who schedule their appointments online. After the COVID-19 pandemic, cashless transactions were a huge hot topic, and keeping store owners, and staff safe became a huge priority.  Reducing the need for handling cash is a huge benefit. Virtual terminals can also help salons increase their reach through online marketing and promotions.

New businesses
What are the most flexible payment processing solutions for new businesses?

Virtual terminals are a good solution if you’re setting up shop and need to accept payments immediately. You don’t need any hardware—just an internet connection. There is no waiting around to receive a physical POS solution that needs to be shipped and installed. 

Pro tip: They’re also a good option if you have limited counter space.

Freelancers
How can freelancers benefit from a payment processing solution?

Writers, graphic designers, and other remote workers don’t necessarily interact with their clients in person. Furthermore, they tend to work on larger projects that last weeks and even months. Accordingly, they don’t process large transactions and definitely don’t need an entire POS system. A virtual terminal will help them provide payment choices to clients and accept payments over the phone or online.

Conclusion

Virtual terminal credit card processing presents many benefits for merchants. If your business isn’t using virtual terminals, then you may be missing out on an opportunity to make more money. In addition to the convenience factor, they are also super secure. Payments are PCI compliant—they get sent to a payment gateway and undergo either encryption or tokenization. 

You can find out more here if you’ve thought about getting a virtual terminal so you get paid on your smartphone, tablet, or computer. You can also get in touch with one of our payment professionals today—they’ll be happy to go over your options and set you up with the right solution for you and your business.