Virtual Terminals can offer a great, low cost vehicle for accepting payments. They are inexpensive, easy to deploy and access can be implemented on almost any employee’s computer that is connected to the web. Here are the top features we recommend looking for when choosing a Virtual Terminal for your business.

Multiple Permission Levels: Keeping tight controls on payment access for employees can be vital to insuring the integrity of your payments and accounts receivable process. Look for functionality that will limit reporting visibility, transaction type and volume thresholds based on the individual users.

B2B Payments: If your company sells Business-to-Business it will be key to accept level 2 and level 3 transactional data(see more HERE). Certain Government(B2G) and Purchasing Cards (B2B and Large Transactions) will require this in order to authorize, approve and settle a transaction.

Interchange Optimization: Employees will always choose the path of least resistance when inputting transactional data which means higher interchange costs. Be sure and choose a virtual terminal with optimization options allowing merchants to save on costly Visa and Mastercard expenses. Certain processors and/or the gateway can assist with the additional data.

Reoccurring Billing: Taking a payment is one thing. Tokenizing and securely storing it is an entirely different animal. Reoccurring payments are important not just for membership-based businesses but for companies looking to support follow-on transactions, upsells or for any transactions occurring at a later date. If you are looking to set regular timing intervals, make sure the VT can support custom frequency and allows you to alter the transaction amount.

Security: PCI security is paramount to any company who accepts payments. Ensuring your Virtual Terminal is PCI Compliant is a must have, however it doesn’t necessarily lower your exposure. Sniffing software and Malware can live on individual computer stations or networks, scraping PAN data. Using P2PE devices will help limit card numbers from being collected on an infected device or workstation. As with any company accepting credit cards we recommend you follow your SAQ schedule and best practices.