With so many shoppers abandoning malls for online shopping and even going cashless, POS systems are being replaced by virtual payment terminals. These are simple to use devices that allow merchants to take credit card payments in their own stores or offices, without the expense of point-of-sale hardware.
Virtual POS terminals are also ideal for companies that need to accept card payments on the go, like travel or car rental agencies or independent service professionals. These mobile solutions can be connected to a smartphone or tablet and allow employees to process sales while traveling. Because they aren’t tethered to an actual POS system, virtual terminals also save on unforeseen maintenance costs that may be necessary with a physical point-of-sale hardware system.
One of the best features of a virtual POS is the ability to accept mail or phone order (MO/TO) payments, also known as card-not-present transactions. These types of payments are made by entering a customer’s credit card information into the virtual POS, which then transmits that data to the card processor for verification and processing. These payments are perfect for businesses that have customers located in places far from the business itself, such as hotels and spa centers.
There are several POS virtual terminals to choose from, including the PayPal Virtual POS Terminal, which has fast transaction times and seamless integration with QuickBooks. Another option is Payline Data, which offers a robust vPOS that works well with high-risk accounts. However, it lacks customer engagement features and warehouse and inventory management tools that some users might require. virtual pos terminal