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Why Merchants Need to Consider Virtual Payment 

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A virtual payment terminal is a Web-based version of a credit card swipe device that allows merchants to process orders made by mail, over the phone or online. ​

Virtual terminals facilitate payment for small and medium businesses that might otherwise have difficulty accepting credit card payments. Once the merchant has signed up for the virtual terminal service, they enter customer payment data for transactions with fields for name, address, type and number of credit card, card verification value (CVV), and so on.  ​

Virtual terminals are easier for the merchant because they don’t require specialised hardware or even software. Because payment transactions go through the virtual payment provider’s website, the third-party provider — rather than the merchant — is responsible for ensuring compliance with Payment Card Industry Data Security Standard  (PCI DSS) requirements. ​

CloudBanking virtual terminal encrypts sensitive credit card details, ensuring that information is passed securely from the customer to the acquiring bank, via the merchant. ​

Virtual payment cards are streamlining the way payments are made for both customers and merchants. Here are 4 main reasons why merchants need to consider Virtual Payment: ​

Added Security and Fraud Protection ​

Receiving online payments is more secure and credible. CloudBanking innovative technology system monitors your payments and keeps an eye on suspicious transactions. Our system is able to receive payment before completing the purchase, which helps reduce the hassle of fake and bounced checks. Online payment gateways allow you to protect your business and your customers, which consequently raises your credibility and reliability.  ​

Improve Cash Management 

It’s often challenging to manage cash flow and the monetary requirements of a business. Merchants have to pay suppliers a required payment during an agreed-upon time frame. During this time, things may get a little fuzzy when trying to determine what funds are available for payment. However, with the CloudBanking Virtual terminal program, the system allows industries of any size to manage cash flow through enhanced reporting with data capture. Instant reconciliation facilitates improved reporting on cashed virtual terminals for internal transparency. ​

Improve Accountability ​

 Another virtual payment is to improve oversight and accountability for a merchant over business’ money. When you assign virtual payment to specific suppliers or vendors, you always know exactly where your money is going, and why. Purchases made against this card are then automatically logged into your account management system. Everything is neatly processed, labeled, and accounted for—no more mystery payments. ​

It becomes easy to trace back and reconcile the transaction and reduce the number of hours spent chasing expense receipts by the accounts department. ​

 Ease of Reconciliation 

One of the biggest pains for merchants is the time it takes with reconciliation or receipt collection. The typical merchant may need to chase multiple people just to understand what the transaction was for. ​

However, with CloudBanking Virtual Terminal, you can assign the card to a specific person, a specific department, or even a specific expense code. This will allow businesses to easily reconcile expenses to the right account and easily identify the right people to ask for receipts for given transactions, saving considerable time.  ​

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Conclusion ​

A virtual payment terminal has many benefits for both merchants and customers. It will streamline the payment process, reduce costs, improve cash management, and mitigate exposure to payment fraud. With CloudBanking Payment gateway, virtual cards are a safe, secure, and easy way to administer vendor disbursements. What’s more, the convenience and improved cash flow it provides to customers can serve to strengthen merchant-customer relationships. ​

The keys to successfully implementing a virtual terminal program are to develop a detailed customer subscription or payment plan coupled with a systematic and communication program. CloudBanking is a payment gateway that gives everyday businesses access to virtual cards. 

© Copyright 2020 CloudBanking Ltd. All Rights Reserved.

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ACCOUNTING SERVICES

Run fast, accurate, and automated accounting processes through Cloud Banking’s white label portal for accountants. Simply ask your customers to log on to your dashboard so you can download all their statements and reports—making it easier for you to do their taxes. Likewise, you can make sure that our platform can help you streamline everything from financial consolidation to compliance reporting and audits.

 

Our innovative payment solutions can easily be integrated into your existing accounting, invoicing, and billing software so you can get paid faster and more secure. Interested? Start by talking to one of our business specialists today.

HIGH RISK

Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

Thus, we go the extra mile to ensure your business’ security and efficient cash flow. We provide tailored solutions and features because we understand your unique needs. You can now offer your customers a smooth and seamless journey with our innovative payment solution for high-risk industry.

HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.