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?
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
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
For Your Customers to Use
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
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
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.