Any exchange of goods or services will involve payment, the lifeblood of any business in any industry. The types of payment you accept may not seem to impact your business’s success, but that is increasingly not the case. As consumer payment options broaden, so too must the variety of payment types you accept. This means the time is now to consider adding a virtual payment terminal to your POS system.
Virtual Payments Can Reduce PCI DSS Compliance Risk Factors
Ease of access and security are challenges that small businesses constantly work on maximizing for the benefit of their customers. Any business, regardless of size, must adhere to some level of compliance with payment card industry data security standard (PCI DSS) to stay on the right side of their card brand compliance obligations. These rules serve to protect both you and your customers against the risks of data compromised events and fraudulent activity, the liability of which could not be mitigated unless the payment environment had validated compliance with PCI DSS.
Virtual payments add extra layers of security protection to every transaction. In addition to having faster options for resolving and strengthening payment encryption, payment types receive additional support and attention from virtual payment providers. The big players in the virtual payment game—such as Apple, Google, and PayPal—are constantly upgrading the supporting technology in the background against emerging threats so you don’t have to.
Know Your Virtual Payment Options Before You Start
The term “virtual” typically refers to cloud-based technologies that appear to be real in front of the user. Virtual payments operate in the same way, providing the ability to pay virtually from an app and have those payments instantly transfer into the account of the receiving merchant. Some of the most notable providers of virtual payment options include:
- Amazon Pay
- Apple Pay
- Google Pay
Although electronic checks technically qualify as a virtual payment option, these are rarely seen in a small business. It is important to note that although the cloud-based POS technology that powers virtual payments may give you the ability to select and use almost any form of virtual payment type, some POS systems are more capable than others at utilizing specific payment types. It will be important to choose a POS system that accommodates the payment options most desired by your customer base.
Virtual Payment Processing Can Save You Money
The use of “virtual” in any type of description will also invoke thoughts around the expense of adding any cloud-based technology. But this is hardly the case when it comes to small business POS systems. These are built to scale with small business operations, making them affordable for a business of any size. In addition to reducing infrastructure costs, a small business POS solution will offer you payment acceptance costs as well.
Selecting a POS partner that continues to work with you after your POS solution is in place is just as important as the type of POS technology you choose. This includes payment processing, the terms of which can be unyielding and inflexible. But with the right POS partner at your side, you will see a reduction in payment acceptance fees and gain the flexibility you need to quickly make changes to the virtual payment types you accept in your business.
Choosing to Accept Virtual Payments May Mean a POS Refresh
As exciting and as full of opportunity that the acceptance of virtual payments can be, the stark reality is that your current POS solution may not be up to the task. Review the minimum POS system requirements for the support of virtual payments in the checklist below. This will tell you if you are ready to go as-is or if an upgraded or replacement POS system is in order:
- Cloud-based data management and software functionality.
- Support for mobile devices, including the provisioning of a POS app.
- The ability to integrate multiple channels, such as a website, into the POS system.
- The ability to pay through all of your channels, not just in person.
- Favorable payment processing for any virtual payment type you are considering.
If your current POS platform is missing any of these, you may find yourself unable to properly implement and support virtual payments. To obtain the benefits of virtual payment acceptance, you will need to upgrade or replace your POS system with one that meets all of the above requirements.
A Virtual Payment Terminal Starts You on the Road to Success
Businesses looking to move toward a cashless model or to develop a contactless strategy have sparked a push toward virtual payments. Taking full advantage of the benefits associated with the ability to accept virtual payments starts with an expert’s touch. An experienced POS solution provider will guide you to a perfected mix of POS features and affordability that is long on ROI and short on inconveniences and hidden payment processing costs. Building a partnership with talech is more than buying powerful POS tools like a virtual payment terminal to spark your growth. It is about adding long-term support, flexibility, and a partner that stands beside you long after your POS solution has been implemented.
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