A Virtual Terminal is an integral part of any ACH Integration. Virtual Terminals are web-based hubs that facilitate the secure acceptance of single and recurring payments via ACH [echeck] or credit/debit cards, and provides decline handling.
Transactions can be instant or scheduled, and scheduled transactions can be single future or recurring transactions. Businesses can utilize ACH Virtual Terminal Providers for transactions by organizations who have preexisting credit card merchant accounts. Payment data entry can be accomplished in a numerous ways (e.g. file upload, manual data entry, or machine read), and most major back-end processors offer gateway communication. Additional hardware is available for machine read data entry for both ACH and credit card transactions.
ACH Virtual Terminal Providers offer the following benefits:
- Recurring Engine
- Recurring payments can be enabled with the ability to use backup payment method.
- Anti-Fraud Tools
- Address verification
- Velocity controls
- Advanced checking account verification tools
- Identity verification.
- Comprehensive and Useful Reporting
- Ability to export reporting into multiple formats
- Create templates for your specific needs.
- Payment Scheduling
- Accept one-time payments for the present/ future date, and use multiple scheduling options for recurring payments.
- Intuitive Interface
- Makes payment processing and reporting simple.
- Secure Payment Processing
- Level 1 PCI compliant with credit card tokenization to ensure data integrity.
- Virtual Terminal Gateway
- Can be connected to multiple back end credit card processors.
- ACH Website Payment Tools
- Quickly create a secure hosted payment page with custom fields and the ability to take one-time or recurring payments.
- Email Receipts
- Offer customized messaging for your customers
- Automated messages are an excellent opportunity for cross-selling/upselling customers.
You may also leverage integration via ACH Virtual Terminal Providers. This allows for a hybrid solution of using the Virtual Terminal along with the integrated solution.
Businesses can utilize the VT as a stand-alone tool for complete payment management. Along with a marketing plan to help ensure maximum customer participation in your Autopay program. Each customer acquired is worth approximately $75 per year in operational savings to your business.