So, to help you better understand the best merchant account options out there, we’ve conducted in-depth, extensive research into the payments industry and its top companies. How we analyse and rate virtual terminal providersĪt Expert Market, it’s our aim to provide you with the most accurate, up-to-date, and transparent product and service reviews possible. And if you’re in retail, you can sell your latest stock over the phone, or generate payment links for customers remotely. If you run a restaurant, you can use a virtual terminal to accept deposits on tables, or advance payments on big bar tabs. Virtual terminals are suited for all businesses that sell stuff. When the funds clear, ka-ching – you’ll see the cash in your business account. This authenticates the transaction, moving your customer’s money to your merchant account. When you take a MOTO payment with your virtual terminal, it goes through a payment gateway. Every UK business needs a merchant account in order to accept contactless and chip and pin transactions. So what does a merchant account actually do? Well, it basically serves as a kind of holding pen for the funds you receive, before they’re sent to your business bank account. Conveniently, virtual terminals usually come as part of a package offered by a merchant account provider. To start using a virtual terminal to take MOTO payments, you’ll need a merchant account. Do I need a merchant account to use a virtual terminal? You can take MOTO payments over the phone or through the mail (that includes fax, email, and the postal service). Virtual terminals accept payments called MOTO (Mail Order/Telephone Order) transactions. Put simply, a virtual terminal acts as a kind of digital credit card machine for small businesses – because, of course, your customer (and their card) doesn’t have to be physically present. There’s usually no software to download, meaning you can access it from anywhere with an internet connection. It’s a secure webpage that you log into to enter your customer’s credit or debit card details. You can also start by cluing up with our FAQs (which you can jump to in the list to your left), or answering a few quick questions about your business to receive tailored quotes.Ī virtual terminal lets your business take payments over the phone, without the need for a separate phone line – or any specialist equipment. Scroll on to get stuck into our expert reviews of the best virtual terminals in the UK – for small businesses and beyond. We’re here to answer all these questions, and more. But which one is cheapest? Which is the most secure? And which virtual terminal is the best for small businesses? There are just so many providers in the UK, and all of them want your custom. What’s less easy is choosing the right virtual terminal for your business. You don’t even have to have a website – all you’ll need is a computer with an internet connection, and a merchant account to capture the funds. You just log in to a secure webpage, enter the customer’s card details, and voila. Neither your customer – nor their card – needs to be present. Well, it’s got nothing to do with video games – or airports.Ī virtual terminal is actually a simple, affordable way of taking payments over the phone.
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