The best virtual terminal without a merchant account varies by need. Three keys to vendor selection are PCI Compliance enhancements, lowering credit card processing fees, and flexibility.
All virtual terminals merchants review are likely level 1 PCI Compliant (short for mandatory Payment Card Industry Data Security Standards), but how will the solution help enhance compliance? For example, if the merchant has customers that are ‘not present’, such as for business to business phone orders, what other ways will the payment gateway help improve PCI DSS compliance? One method is a hosted pay page where customers can make payments online. The whole PCI picture should be taken into consideration.
Every merchant wants to pay as little in fees as possible, though it may not be the driver on selecting a merchant services provider. Often, larger companies have intertwined business arrangements such as tying a credit line to a requirement to maintain a merchant account with the bank. The biggest savings may not be the merchant account, but interchange management. Interchange comprises over 95% of fees a merchant pays. A virtual terminal solution that automatically optimizes interchange management is far more valuable than one that relies on employees to do the right thing.
If there’s one thing that’s certain, it’s that technology and business processes will change. Choose a solution that not only meets your needs today, but future needs as well. For example, a huge percent of companies want to convert to electronic billing, but they’re not quite ready yet. Think about the future and choose a virtual terminal that is flexible and scalable for future needs.
Consulting with a payment professional that knows how to probe for information, can help merchants uncover and define current and future needs. It may lead to an unexpected results, and even a better value virtual terminal solution.
Virtual Terminal without merchant account solutions review:
- Authorize.net ® is one of the oldest virtual terminals that does not require a merchant account. Pros: integrated into many software solutions, offers token billing via optional Customer Information Manager (CIM), low cost of entry and per transaction fees. Cons: Limited reporting records, interchange qualification is largely determined by user practices. Supports level 3 data via API only.
- 3Delta Systems, Inc.® specializes in level 3 data processing. Pros: supports level 3 data and token billing. Cons: Users have no access to records of level 3 processing transaction detail; blog Author does not have sufficient knowledge to further comment.
- The CenPOS virtual terminal is a robust problem-solving, enterprise solution. CenPOS automates interchange management, has unique time-saving level 3 processing methods, works with with all payment sources, and offers numerous solutions to reduce PCI Compliance burden including customizable online pay pages, token billing, electronic billing & payment.
CenPOS exclusives for solutions listed in this article:
- The only virtual terminal that supports level 3 for retail, MOTO (mail & telephone order), and electronic bill presentment and payment.
- The only virtual terminal to automatically generate a PCI Compliant and Card Brand Acceptance Compliant credit card authorization form for customer signature, for each card stored.
- The only transparent level 3 processing that allows merchants to see what data was actually sent with a transaction.
- The only solution that supports ‘token’ billing with all four methods: variable on-demand, fixed recurring, installment, and any variable amount, ACH or credit card, on any schedule.