Top 10 Questions Merchants must ask to choose a Virtual Terminal

  1. How will your virtual terminal help my business manage credit card processing fees?
  2. How long is transaction data stored for?
  3. Can I perform a zero dollar authorization to see if card is good and then bill my client later?
  4. If I want to also accept payments with a card reader, including on a cell phone, will I get retail interchange rates?
  5. What happens if a card on file is expiring?
  6. Do you accept credit and debit cards and checks?
  7. If I change vendors, can I extract stored payment data?
  8. Can I block prepaid debit cards?
  9. Can I store both credit/debit and check data, for variable amount recurring billing?
  10. How will you protect my company from internal fraud?

Our own answers using the CenPOS Virtual Terminal:

  1. CenPOS helps your business manage credit card processing fees with proprietary patent pending least cost routing and interchange optimization technology. The CenPOS VT isn’t just a web page with fields to fill in. It’s the hub for all payment entry points whether mobile, retail, ecommerce, or web. It’s an intelligent switch that makes decisions on the fly for you, removing people, software, and hardware limitations and errors from affecting your payment processing costs. Other virtual terminals have fixed fields to fill in. CenPOS data fields appear and disappear based on many factors, including how the payment information is being received, and  fraud control settings you manage.
  2. All data is store for 7 years.
  3. Yes, CenPOS supports zero dollar authorization; check with your processor to make sure they support it.
  4. Yes, CenPOS proprietary switching technology automatically presents the correct data required to qualify for the best card not present or retail interchange rates. Additionally, this switching mitigates dispute risk by collecting and storing signatures, if required. If you offer pin debit, CenPOS will automatically prompt the consumer for their pin number, converting 76% vs national average under 25% in 2010. ALERT: if your business is mostly card not present, and you add a phone with credit card reader, for most virtual terminal solutions, you’ll have the signature as a benefit for sale, but unless you get a separate retail merchant account, you’ll still pay MOTO rates (card not present), which can cost 1% more.
  5. CenPOS will automatically notify customers with an email address on file beginning 60 days prior to expiration. Merchants can also see a list of expirations, dynamically sort/search them, and even export them if desired.
  6. Yes, CenPOS supports almost any payment method. CenPOS is future proof and will support all new payment types. Updates are virtually every month with no disruption to merchants or added costs.
  7. No, you cannot extract stored payment card information. CenPOS is a PCI Compliant solution that uses both encryption and tokenization for maximum protection. If you can extract it, can the data really be that safe?
  8. Yes. Membership, installment, and recurring billing merchants usually need this feature.
  9. Yes. You can even print out a form with the merchant token ID and the last 4 digits that the customer can sign- replaces faxed forms with exposed card data.
  10. There are numerous ways CenPOS protects merchants from internal fraud, a rising crime problem that often goes unnoticed for years, especially when a trusted, high-level employee is involved. In addition to micromanaging user permissions, and what types of transactions are even allowed, merchants can create real-time automated alerts. Additionally, the report writer provides endless opportunities for multiple executive staff member notifications of any payment aspectyou wish to track. For example, a daily email with all refunds, with credits without offsetting debits, with daily sales, with all refunds over a certain dollar amount, or with all refunds by specific employee.  By controlling access permissions, and how data is delivered, you can eliminate number fudging by a crafty employee.

    virtual terminal- cenpos

    CenPOS Virtual Terminal- repeat sale, token billing