Credit Card Virtual Terminal Benefits

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Whether you’re a hospital, law firm, eCommerce, doctor’s office, retail, B2B, or any business that accepts credit cards in a card not present (CNP) environment, there are significant benefits in using a PCI Compliant Level 3 virtual terminal.  Previously discussed in blogs were the benefits of Level 3 Processing, and how it significantly saves B2B companies 40 to 175 basis points on their credit card processing fees when accepting business, corporate, and purchasing cards.  For more information on B2B Level 3 Processing click here.  Today’s blog will focus on other benefits Level 3 virtual terminals have that can increase revenue, save time, and simplify payment acceptance.

Many companies today accept payments for various situations where a customer is not present, such as by phone, e-billing, B2B payment acceptance or needing to make additional payments after making a card-present transaction.   Whatever the situation, if a merchant accepts payments in a CNP environment, using the right PCI Compliant Level 3 virtual terminal is critical.

Securely Storing Card Information on File

Let’s take an example of a doctor’s office where they previously accepted a co-pay from a patient at the office.  Using a PCI Compliant Level 3 virtual terminal, the patient’s card information is then securely stored for future transactions.  A balance becomes due based on the insurer’s decision.  The office administration is challenged with capturing balances through phone calls, invoicing, collections, or a future visit from the patient.  With a signed upfront agreement with the patient, the credit card on file can then be used to pay the receivable. 

Credit card security is critical.  PCI Compliant Level 3 virtual terminals do not store the credit card information on a merchant’s computer hardware or software.  Instead, using encryption and tokenization, the card information is secure in a PCI Compliant cybersecurity vault away from the merchant’s premises.  A gateway is a company that holds the encrypted data and securely passes the token to the processors and banks.  The benefit to the merchant is that their customers’ card information cannot be compromised, and PCI Compliance scope is diminished.  The card information is not accessible to employees or intruders.  Only the card type and the last four digits of the card are visible.   The token can be accessed by approved users for future transactions.  The token is not accessible for other online transactions.

It should be noted that with a PCI Compliant gateway, there are two potential risks to a merchant.  The first is the initial entering of the card information by an employee.  It is possible an employee could retain the card information for personal use.  To deter theft, strict policies including prosecution and termination must be in place and signed by employees.  PCI Compliance mandates company policies regarding the proper handling of credit card information must be written and adhered to.    Secondly, merchants must have the proper firewalls and malicious software protection that is mandatory for PCI Compliance.  If an attacker has placed malicious software on a merchant’s server or software, then a keylogging program could potentially record all keyed in information.  Almost every business has anti-virus, malicious software programs in place.

Recurring Billing

Level 3 PCI Compliant gateways offer recurring billing providing payment acceptance flexibility to merchants and their customers.  To see how recurring billing is a benefit, let’s continue using a doctor’s office as an example.  A patient has numerous tests, x-rays, and the doctor’s consultation fee.  The balance is unknown until the insurance determination.  The balance owed is $1,000.00, and the office learns the patient cannot pay the balance.  With a Level 3 virtual terminal using recurring billing, the office can set up a payment plan that is suitable for both parties.  The office easily sets up the number of payments for the desired amount.   Both the customer and merchant receive notification each time the automatic transaction occurs.  Collecting balances is simplified, while flexibility implies empathy for the patient’s finances.   The doctor/patient relationship remains healthy versus calls for payments, collections, and invoicing with past due or harsh messages.

E-Billing

Level 3 PCI Compliant gateways can also offer Email Billing (E-billing) as an option.  E-billing is an effective resource in an account receivable’s toolbox.  E-Billing simply sends an email to customers allowing them to pay their bill using their credit card.  E-Billing software within the gateway allows for customization, branding, timing, and reporting. 

Terminal Customization

One of the best features of a Level 3 virtual terminal is allowing for flexibility in customization of the fields.  Let’s say the doctor’s administration would like to add to their transactions specific information such as an invoice number, customer number, insurance information, or other items, with a Level 3 virtual terminal any of these fields can easily be created.  The information within the created fields can be made optional or required.  Once the field is created it retains the information for future use.  Fields can be deleted, created, and changed.  The doctor’s logos and branding can be easily uploaded for emails or e-billing.

Unlimited Users

All Gateways are different.  Some charge fees for a limited number of users, and then increase fees for additional users.  Most companies prefer PCI Compliant Level 3 gateways that have unlimited users for the same monthly access fee.  Administrative users will have managed permissions to other users and their created categories allowing them limited access to functions needed.  Administrators can not only add and delete users, but also create permissions, change passwords, and give certain reporting features.  Administrative users may also give reporting access to other management.

Application Program Interface (API)

Level 3 PCI Compliant gateways allow for the integration of an Application Program Interface (API).  The gateway's software may be programmed into compatible shopping carts, websites, or other accounting programs.  If a merchant does not have an IT department that has capable staff to install the gateway’s API program, an outside vendor can be sourced. 

Robust Reporting

Level 3 PCI Compliant gateways have robust reporting.  Reports are available for individual transactions, batches, users, changes made to fields, and numerous other options.  New reports can be created, deleted, and retrieved manually, or sent automatically at a set time and date to the desired users.

 Free Demonstration and Analysis

A PCI Compliant Level 3 virtual terminal demonstration and analysis is available by clicking the schedule appointment button to the right of your screen or leaving a message through the contact tab. An evaluation of how credit cards are currently being accepted can help determine if a PCI Compliant Level 3 virtual terminal will increase your bottom line and simply payment acceptance.  If business, corporate, or purchasing cards are accepted,  we can also determine how much Level 3 Processing will reduce processing fees.  

Whether you’re a hospital, law firm, eCommerce, doctor’s office, retail, B2B, or any business that accepts credit cards in a card not present (CNP) environment, there are significant benefits in using a PCI Compliant Level 3 virtual terminal.  Previously discussed in blogs were the benefits of Level 3 Processing, and how it significantly saves B2B companies 40-175 basis points on their credit card processing fees when accepting business, corporate, and purchasing cards.  For more information on B2B Level 3 Processing click here.  Today’s blog will focus on other benefits Level 3 virtual terminals have that can increase revenue, save time, and simplify payment acceptance.

Many companies today accept payments for various situations where a customer is not present, such as by phone, website, e-billing, or needing to make additional payments after making a card-present transaction.   Whatever the situation, if a merchant accepts payments in a CNP environment, using the right PCI CompliantLevel 3 virtual terminal is critical.

Securely Storing Card Information on File

Let’s take an example of a doctor’s office where they previously accepted a co-pay from a patient at the office.  Using a PCI Compliant Level 3 virtual terminal, the patient’s card information is then securely stored for future transactions.  A balance becomes due based on the insurer’s decision.  The office administration is challenged with capturing balances through phone calls, invoicing, collections, or a future visit from the patient.  With a signed upfront agreement with the patient, the credit card on file can then be used to pay the receivable. 

Credit card security is critical.  PCI Compliant Level 3 virtual terminals do not store the credit card information on a merchant’s computer hardware or software.  Instead, using encryption and tokenization, the card information is secure in a PCI Compliant cybersecurity vault away from the merchant’s premises.  A gateway is a company that holds the encrypted data and securely passes the token to the processors and banks.  The benefit to the merchant is that their customers’ card information cannot be compromised, and PCI Compliance scope is diminished.  The card information is not accessible to employees or intruders.  Only the card type and the last four digits of the card are visible.   The token can be accessed by approved users for future transactions.  The token is not accessible for other online transactions.

It should be noted that with a PCI Compliant gateway, there are two potential risks to a merchant.  The first is the initial entering of the card information by an employee.  It is possible an employee could retain the card information for personal use.  To deter theft, strict policies including prosecution and termination must be in place and signed by employees.  PCI Compliance mandates company policies regarding the proper handling of credit card information must be written and adhered to.    Secondly, merchants must have the proper firewalls and malicious software protection that is mandatory for PCI Compliance.  If an attacker has placed malicious software on a merchant’s server or software, then a keylogging program could potentially record all keyed in information.  Almost every business has anti-virus, malicious software programs in place.

Recurring Billing

Level 3 PCI Compliant gateways offer recurring billing providing payment acceptance flexibility to merchants and their customers.  To see how recurring billing is a benefit, let’s continue using a doctor’s office as an example.  A patient has numerous tests, x-rays, and the doctor’s consultation fee.  The balance is unknown until the insurance determination.  The balance owed is $1,000.00, and the office learns the patient cannot pay the balance.  With a Level 3 virtual terminal using recurring billing, the office can set up a payment plan that is suitable for both parties.  The office easily sets up the number of payments for the desired amount.   Both the customer and merchant receive notification each time the automatic transaction occurs.  Collecting balances is simplified, while flexibility implies empathy for the patient’s finances.   The doctor/patient relationship remains healthy versus calls for payments, collections, and invoicing with past due or harsh messages.

E-Billing

Level 3 PCI Compliant gateways can also offer Email Billing (E-billing) as an option.  E-billing is an effective resource in an account receivable’s toolbox.  E-Billing simply sends an email to customers allowing them to pay their bill using their credit card.  E-Billing software within the gateway allows for customization, branding, timing, and reporting. 

Terminal Customization

One of the best features of a Level 3 virtual terminal is allowing for flexibility in customization of the fields.  Let’s say the doctor’s administration would like to add to their transactions specific information such as an invoice number, customer number, insurance information, or other items, with a Level 3 virtual terminal any of these fields can easily be created.  The information within the created fields can be made optional or required.  Once the field is created it retains the information for future use.  Fields can be deleted, created, and changed.  The doctor’s logos and branding can be easily uploaded for emails or e-billing.

Unlimited Users

All Gateways are different.  Some charge fees for a limited number of users, and then increase fees for additional users.  Most companies prefer PCI Compliant Level 3 gateways that have unlimited users for the same monthly access fee.  Administrative users will have managed permissions to other users and their created categories allowing them limited access to functions needed.  Administrators can not only add and delete users, but also create permissions, change passwords, and give certain reporting features.  Administrative users may also give reporting access to other management.Application Program Interface (API)

Level 3 PCI Compliant gateways allow for the integration of an Application Program Interface (API).  The gateway's software may be programmed into compatible shopping carts, websites, or other accounting programs.  If a merchant does not have an IT department that has capable staff to install the gateway’s API program, an outside vendor can be sourced. 

Robust Reporting

Level 3 PCI Compliant gateways have robust reporting.  Reports are available for individual transactions, batches, users, changes made to fields, and numerous other options.  New reports can be created, deleted, and retrieved manually, or sent automatically at a set time and date to the desired users.

Free Analysis

As a Certified Payments Professional with over 21 years of experience, Tim Ruegsegger can provide a free analysis to determine if a PCI Compliant Virtual Terminal with Level 3 capabilities is right for your business. Tim is very unique as he is independent, has over 40 banks, processors, and third party vendors to find the right solution for a merchant's needs. Tim always has his customer's best interest at heart.  To schedule an appointment with Tim click the "Schedule Appointment" tab found to the right of any page.

 

Topics:

Credit Card Processing Fee Mitigation, Virtual Terminals

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