THE FUTURE HAS ARRIVED!
A “Virtual” Terminal can be a web based terminal or a PC based terminal that enables businesses and merchants to process both checks and credit cards from any personal computer in a secure, reliable, and cost effective fashion. Virtual Terminals utilize ACH (Automated Clearing House) which has matured to be one of the most powerful payment systems in the U.S. today.
With access to checking and savings accounts, and in most cases for lower cost than credit card acceptance, a Virtual Terminal is the perfect payment processing solution for many businesses.
Conventional paper checks can be scanned in and transformed into an electronic deposit. The software is easy to use and allows for faster deposits.
Benefits of a Virtual Terminal:
• Achieve fraud reduction.
• Single platform reporting of all electronic transactions.
• For web based terminals: access and process transactions from any Internet connection.
Features of a Virtual Terminal:
Virtual Terminals provide cash management, loss prevention, and receivables management with a net reduction in operating costs. The systems are auto-mated, precise, reliable, and allow merchants to:
1. Accept checks and credit cards.
2. Setup recurring payment programs.
3. Provide online reporting.
4. Real-time check and credit card authorization.
5. Automatically convert online reports into Word, Excel, Crystal, and Adobe formats.
Check Conversion Benefits
Speed Access to Funds:
• Checks are electronically converted.
• Funds are available within two business days.
• There is no waiting to take the deposits to the bank or for checks to clear.
• Eliminate the hassle of recording paper checks and making manual deposits.
Did you know?
If you simply use the MICR to read a check account number and the check is not filled in, it is not check truncation. If the check is filled in and you use the MICR to process the check through the ACH network, then it is check truncation.
Notice must be provided to your customers informing them that their checks will not be returned along with the bank statement.