Electronic Payment Software and Understanding Payment Solutions

If you are a brick and mortar business, you may have no need for electronic payment software. But if you have an online presence, accept telephone and mail orders, or take electronic checks, then this type of software is a must for your business.

What Is Electronic Payment Software?
This software is a payment solution for those businesses that accept payments or need to process payments electronically. In other words, if you accept any type of credit card or check payment without swiping the actual card or taking a paper check, then you need another way to accept and process those payments. Because this software gets approvals for and processes payments with a merchant account provider much like an actual point of sale terminal, it is known as a virtual terminal.

How to Use a Virtual Terminal
You can usually get payment software through your merchant account provider. If your provider doesn’t offer it, then it should be able to recommend one that is compatible with your merchant account. Once you have the software, you’ll be able to use it is a payment solution in two different ways.

For Your Customers to Use
Your customers will interact with your virtual terminal directly if they make a payment to your business online. It will allow them to securely enter all of their credit card information and then it will send that information to the merchant account provider for approval and processing. This type of electronic payment is easy for both you and your customers.

For You to Use
You will use a virtual terminal directly if you take payments by mail or phone. Once you have received all of the payment information from the customer, you’ll use the software to enter that information and submit it to the merchant account provider. You can do this as you receive each payment, or you can use the batch feature, which allows you to collect multiple payments throughout the day and send them as one batch at the end of the day.

Electronic payment software can help you expand your business by taking payment information in a variety of different ways. Give your customers all of the options they need today.