Can a Virtual Terminal Get You Paid Faster?

The addition of a virtual terminal has been a trend among small business owners who are looking to branch out and engage new customers. Virtual terminals allow for smoother transactions overall and make it easier for both parties to conduct business in virtual storefronts or through online or app-based ordering scenarios. But, as proven as they are in orchestrating new forms of faster and safer transactions, can virtual terminals quicken the rate at which funds land in your bank account?

It is important to first develop an understanding of how a virtual terminal works. This includes knowing where transaction data goes after a sale, how you can manipulate this information, and most importantly, how the virtual payment processor transfers funds from the customer to you. In addition to making you more knowledgeable, you will also be well-positioned to make proactive, informed changes to the types of virtual payments you accept as well as to define the circumstances.

The addition of a virtual terminal has been a trend among small business owners who are looking to branch out and engage new customers. Virtual terminals allow for smoother transactions overall and make it easier for both parties to conduct business in virtual storefronts or through online or app-based ordering scenarios. But, as proven as they are in orchestrating new forms of faster and safer transactions, can virtual terminals quicken the rate at which funds land in your bank account?

It is important to first develop an understanding of how a virtual terminal works. This includes knowing where transaction data goes after a sale, how you can manipulate this information, and most importantly, how the virtual payment processor transfers funds from the customer to you. In addition to making you more knowledgeable, you will also be well-positioned to make proactive, informed changes to the types of virtual payments you accept as well as to define the circumstances.

Know the Essentials of Virtual Terminals

Implementing virtual terminals seems easy enough on the surface. However, you must have a precise mix of features to ensure that payments received via a virtual terminal are added to your accounts as quickly as possible. Just as there are four walls holding up your business, there are four walls holding up the maximized power of the virtual terminal. If your POS solution is missing any one of these, you are likely not getting the most successful results from virtual terminal technology.

1. Cloud-Based ePOS

Having POS technology that is both digital and based in the cloud is a non-negotiable element of a successful virtual terminal strategy. Cloud POS features allow transactions to move unencumbered from the customer and their portal of choice, on through to the payment processor, before finally landing in your account. All transaction data should be sent into your ePOS software as well for in-depth reporting and other vital business purposes.

2. Data Management

Using ePOS technology presents you with a powerful data management platform. Using cutting-edge data encryption and storage techniques, you can monitor the results of every transaction and have the results of every sale instantly reflected in your digitally kept inventory. These advanced data management features will tell you when invoices are overdue or when funds have not yet transferred into your account so you can take proactive measures to correct any issue of non-payment.

3. ePOS-Enabled Mobile Payment App

Obtaining a mobile payment app from your ePOS provider aligns you perfectly with the technical capabilities of virtual payment terminals, and to the expectations of the customer. A mobile payment app adds the ability to quickly accept virtual payments in addition to traditional payment types and gives you new options for improving customer service. Contactless experiences can be crafted, and table-side or aisle-side services are now available.

4. Online POS Software Tools

One cannot simply accept virtual payments without having a virtual presence. POS-integrated ordering websites solve this issue and give customers additional areas through which to engage your brand. Online invoicing software joins the mix as well, adding even more options that offer conveniences to your customers and to your bank accounts. The mix of these online tools and the advanced data management of cloud-based ePOS systems will streamline the way you get paid.

Improve the Speed of Invoice Resolutions

Virtual terminal payment processors are able to quickly process transactions and get you paid, assuming you are using the right ePOS technology. But resolving invoices muddies the waters a bit, since receiving payment from these transactions is reliant on rapid customer response to an issued invoice. So how can you leverage a virtual terminal, and ePOS software, to construct an invoicing process that gets money into your accounts faster?

The most competitive POS solution providers are those that integrate web-based invoicing software in addition to virtual payment options into the POS technology they provide. This presents business owners with multiple options for the management of customer payments, and the enhanced ability to digitize all aspects of a transaction. This speeds up the invoicing and payment process, which in turn shortens the time it takes for funds to enter your accounts.

Gain Accurate Export into Third-Party Accounting Tools

As mentioned earlier, the ability to monitor every transaction and to quickly determine the funding status of each is imperative for small business owners. With tight margins, you can ill-afford to have the revenue you need to operate your business sitting in limbo. The advanced data management that comes as a part of the modern POS system gives quick visibility into payment bottlenecks and allows you to export this information to third parties as required by your business.

Keeping your accountant in the know about the status of resolved and unresolved accounts is vital to their ability to construct an accurate financial picture of your business. A capable ePOS system presents you with accurate reporting, while seamlessly sending this information into popular third-party accounting tools. This gives your accountant, and other third parties you specify, the ability to view the health of your accounts and to provide the guidance required to resolve pending issues.

The Virtual Terminal Speeds Up More Than Payments

Except for cash, the near-instantaneous nature of virtual payments will get the funds from any transaction into your pocket faster than any other type of transaction. But virtual terminals, when they are integrated into cloud-based ePOS software, will deliver speed in other areas of a business as well. Inventory, accounting, and sales reporting all become highly accurate and can provide up-to-the-minute views into the inner workings of a business.

The virtual terminal is a trending technology with many options. Selecting talech to help add this capability to your POS functionality will yield more than a precision-based technical solution. You will also gain an experienced business partner that helps to align your new technology with your business model to drive success.