It’s no secret that we’re doing business—and paying for goods and services—in new and exciting ways. Contactless options, including online shopping, curbside pickup, and delivery services are more popular than ever because they’re convenient for your customers.
All of these shopping options aren’t just changing the customer experience. They’re forcing businesses to take a closer look at their operations and find ways to streamline them to keep up with customer demands for cashless transactions. You can send online invoices, process payments, and ship products while limiting face-to-face interactions.
The rise of digital payments outside of eCommerce
When was the last time a customer paid you in cash? While some businesses are almost completely cash dependent, others might never even receive a cash payment. The hard truth is, even in previously cash-heavy businesses, customers have begun to use less cash and are relying more on debit or credit card payments.
If you operate an online store, almost all of your interactions with your customers take place online. They can purchase what they need on your website without even talking to you. If you run a restaurant, your customers may call to place an order, pay for it over the phone, and get delivery to their home or office—a service that doesn’t usually require face-to-face contact. Digital payments aren’t limited to eCommerce businesses. Take, for example, an electrician who schedules appointments with customers through a website, mobile app, or text message. The customer is able to set up the appointment through digital means. The electrician then does the work on-site and can send an online invoice allowing the customer to pay using a website or mobile app.
What are virtual terminals?
Think of a virtual terminal as an online portal that allows you to turn your smartphone, tablet, laptop, or desktop into a credit card processing machine. Your customer gives you their credit card information, and you enter it into the virtual terminal. The terminal then sends the customer’s information to a payment processor. With a virtual terminal, you can accept all major credit cards using your smartphone, tablet, or computer.
A new way to do business: Virtual terminals and online invoicing
If your business operates online or relies on mobile services, a virtual terminal can be a game-changer. After you set up your virtual terminal, you and your employees can enter payment information, set up authorizations, and send digital receipts to your customers.
Virtual terminals can work in tandem with online invoicing. Online invoicing is a service that makes it easy to create and send an invoice to customers through email. They just need to click the link in the email you send them to complete their payment. No more printers, envelopes, or stamps required!
Benefits of using virtual terminal and online invoices
Whether you have a dedicated call center where employees take orders, operate a freelance business from a home office, or offer services to customers who don’t require face-to-face contact, virtual terminal and online invoices make it easy to get paid. All you need is your smart device, an internet connection, and a payment processor.
Virtual terminal or online invoice solves these common problems:
- Compliance with security requirements. Built-in features like two-factor authentication and encryption help make sure your transactions are safe and secure.
- Processing payments efficiently. It’s streamlined and easy-to-use so that you can process payments quickly no matter where you are.
- Maintaining and storing special equipment. Your virtual terminal exists online, so you never have to worry about how to store or access it.
Eliminate waste. Virtual terminal and online invoices reduce the amount of paper you use, and no one has paper or envelopes to throw away.
Safrapay can be your alternative payment partner
Less than two years ago, digital payments accounted for $3 trillion of the money businesses brought in. That number has only increased in the wake of the pandemic—even in economies around the world that previously relied on cash.
Safrapay’s integrated suite of payment, business banking, and financial products gives you the tools your business needs to thrive in a changing commercial landscape. We offer virtual terminals, online invoices with payment links, and other payment solutions that can help your business succeed.
We don’t just give you a payment solution. With our partnering bank Safra National Bank of New York, Member FDIC, we also offer business bank accounts, business credit cards, and financial products that help you manage your business more efficiently so you can concentrate on the day-to-day process of running your business and keeping your customers happy.