How a Virtual Terminal Benefits Your Business
June 15 2016 |
Are you in a business-to-business industry? Do you often receive MOTO (Mail Order/Telephone Order) requests from your patrons? For B2B professionals, a virtual terminal is a great addition to your point of sale (POS) device or as a standalone option.
- It’s easy – you simply open an online page and enter the customer’s information, just like you do when you shop online yourself.
- It’s convenient – you can log into your virtual terminal from anywhere, even if you’re at home or on vacation.
- It’s smart – you can track all your sales online in real time through your payment gateway.
Manually-entered transactions processed on a POS terminal bear higher risk due to the fact that they were not processed using chip-and-pin technology. Transactions processed through a virtual terminal bear risk as well; however, two additional VT functions, AVS and CVV, make all the difference when it comes to the level of risk.
The Address Verification System (AVS) is a system used to verify the address of the cardholder. The system will check the billing address provided by your client to ensure it matches the address on file at the credit card company.
The Card Verification Value (CVV) is an extra code printed on debit and credit cards. CVV for Visa and MasterCard is the final three digits of the number printed on the signature strip on the back of the card. CVV for American Express appears as a separate 4-digit code on the front of the card.
With a virtual terminal you can rest assured that the client placing the order on the other side of the phone line has the physical card in front of them (CVV) or knows the address of the cardholder (AVS).
If your business is processing a lot of card-not-present transactions, a virtual terminal is the way to go and you should definitely consider the increased security and convenience it offers.