Best Virtual Terminal - Online POS System

A virtual terminal is an online tool that lets your business accept payments using any internet-connected device such as a tablet or your mobile phone where you can manually enter payment details or retrieve saved information to process the transactions. Virtual terminals are ideal for over-the-phone transactions, mail-order businesses, or businesses that operate on the go.

What should you look for when choosing a virtual terminal?

Choosing the right virtual terminal for your business involves evaluating several key criteria to ensure it meets your needs.

1. Processing cost: The cost of processing each transaction charged by the payment processor.
2. Merchant account: You'll want a solution that fits your budget without compromising on essential features.
3. Ease of setup: User-friendly interfaces that are quick to get up and running.
4. Functionality: How well the tools allow you to operate efficiently.
5. Customer service: Reliable support can help you resolve issues quickly while using the tool.
6. Security: Ensure that the virtual terminal has advanced security measures to protect your business and customer information.

Let’s have a detailed look at each criterion before we discuss the best virtual terminal for each one.

1. Processing cost

A virtual terminal requires a payment processor to handle the transactions behind the scenes. Every time you process a payment, the processor charges a fee called a processing fee. With a virtual terminal, you can process credit cards, debit cards, and ACH transactions. The lower your processing fees, the more revenue you retain, allowing you to reinvest and grow your business. Keep in mind that credit card processing fees are lower than ACH fees.

2. Merchant account

To use a virtual terminal, you’ll need a merchant account, which gives you access to the tool and the payment processing services that handle transactions. Some payment processors, like Helcim and Square, provide free merchant accounts to access their virtual terminals, while others, like PayPal, charge a monthly fee of $30.

Payment processors who charge a monthly fee for a merchant account often require a contract, which typically spans 3 to 4 years. If a merchant wants to terminate the agreement early, they usually have to pay a cancellation fee. This contract can make it difficult for merchants to switch to a better processor if they are unsatisfied with the current service. However, Helcim offers access to a virtual terminal with no monthly fees and no contracts, providing more flexibility for users.

3. Ease of setup

The onboarding process is crucial for merchants to set up and start using a virtual terminal. In the past, when banks were the primary payment processors, merchants had to complete extensive paperwork, which could take days to process.

However, modern payment processors like Helcim have streamlined the setup process. Helcim has a user-friendly onboarding flow with guided questions and interactive tutorials, allowing merchants to quicklyset up their business when they first access the tool.

4. Functionality

Processing payments is just one function of a virtual terminal; it can do much more. Modern virtual terminals come with various tools to help you manage your business and customers efficiently. These include built-in CRM, inventory management systems, secure card vaults for storing card information, reporting features, and more. Therefore, evaluating these additional features is crucial to running and optimizing your business effectively.

5. Customer service

Things don’t always go as planned. Sometimes you need help setting up your business, or you encounter issues such as fraud or chargebacks scenarios, a helpful customer service team is essential.

Some payment processors outsource their support to cut costs, which can result in having a support team that doesn’t fully understand the system. What you need is an in-house team that knows the tool inside and out, so they can guide you step-by-step in resolving any problems.

6. Security

When it comes to money, security must be your top priority. Pay close attention to the technology the processor uses to protect your and your customers' information. What kind of encryption do they use? Can they help prevent fraud? Do they offer support for resolving chargebacks and disputes? These are critical questions to ask to ensure your transactions are secure and your business is protected.

Best virtual terminal summary

	Helcim	Square	Clover	Moneris	Stripe
Credit card processing fees	2.49% (avg) + $0.25	2.90% + $0.30	3.50% + $0.10	2.85% + $0.30	2.90% + $0.30
ACH processing fees	0.5% + $0.25	N/A	N/A	N/A	0.8%
Merchant account	Free	Free	$14.95/month	$10/month	Free
Setup	Immediately accessible for use	Immediately accessible for use	Immediately accessible for use	Immediately accessible for use	Available Available exclusively upon request
Features	Integrate with invoicing. Support both credit card and ACH payments	Integrate with invoicing. recurring and in-person payments.	Basic feature to process order online	Basic feature to process order online	Information is not publicly available

A virtual terminal with the lowest processing costs

The processing cost is the fee you pay to the payment processor when using a virtual terminal. Typically, you can process credit card, debit card, and ACH payments. Credit card and debit card fees are made up of the same components, so if a processor offers lower credit card processing fees, they will usually have lower debit card processing fees as well.

Here are the top processors with the lowest credit card processing fees:

Processor	Canada	US
Helcim	2.39% (avg) + $0.25	2.49% (avg) + $0.25
Moneris	2.85% + $0.30	2.85% + $0.30
Square	2.90% + $0.30	2.90% + $0.30
Stripe	2.90% + $0.30	2.90% + $0.30
Clover	3.50% + $0.10	3.50% + $0.10

ACH transactions often have a flat fee per transaction, typically ranging from 0.5% – 1.5%.

Processor	ACH fees	Fee is capped at
Helcim	0.5% + $0.25	$6 (under $25K)
Stripe	0.8%	$5

In terms of pricing, Helcim offers the lowest credit card and ACH processing fees compared to other well-known payment processors.

Why are Helcim’s credit card processing fees lower? It’s because Helcim uses the Interchange-plus pricing model, which allows you to access the true cost of each transaction. In contrast, other processors often use a flat-rate model, charging the same price for all transactions regardless of their actual cost.

A virtual terminal with a free merchant account.

Since a virtual terminal is an online tool, you need a merchant account to access it and process payments. Helcim, Stripe, and Square offer free merchant accounts, allowing you to start using a virtual terminal without paying any monthly fees.

In contrast, Clover and Moneris charge $14.95/month and $10/month respectively for their merchant accounts. Additionally, you may need to sign a 3 to 4-year contract to maintain your account. The monthly charge and contract are due to Clover and Moneris offering tailored solutions for businesses such as retail, hotels, and restaurants with complex operations.

Overall, if your business only needs a tool to accept payments over the phone, online, or at different locations, Helcim, Stripe, and Square are ideal low-commitment solutions. However, if your business has sophisticated operations, such as a hotel, restaurant, or retail store, and needs a virtual terminal as an add-on tool, Clover and Moneris are better options.

Easy-to-setup virtual terminal

As an online tool, the setup process for a virtual terminal should be easy.

For Helcim, Square, Clover, and Moneris, once you have your merchant account, the virtual terminal will be visible in your merchant dashboard, ready for immediate use.

For Stripe, a virtual terminal is not part of their out-of-the-box solutions. You’ll need to contact the Stripe team to set up the API and get the virtual terminal ready in your dashboard.

Overall, if you’re looking for a quick set-up virtual terminal, Helcim, Square, Clover, and Moneris offer a virtual terminal that is ready to use right away once you have your merchant account.

Virtual terminal’s functionality comparison

Helcim, Square, Clover, Moneris, and Stripe offer built-in customer relationship management (CRM) and inventory management tools to help you manage your products and customer information effectively.

While the functionality of a virtual terminal is straightforward - processing payment online using a computer, there are some differences between Helcim’s virtual terminal and others.

Helcim: Helcim's virtual terminal integrates seamlessly with the invoicing and customer management tools. This allows you to easily pull due or overdue invoices and specific customer data to process transactions immediately.

Square: Square's virtual terminal includes features for recurring payments and in-person transactions within the virtual terminal. This integration means you can manage in-person payments and create subscription plans all from a single interface.

Moneris and Clover: These processors provide tailored systems for businesses with complex operations, such as retail, hotels, and restaurants. Their virtual terminals can serve as valuable add-on tools for in-person transactions.

Stripe: Stripe's virtual terminal is not an out-of-the-box solution, so its functionality details are not publicly available. Merchants need to work with the Stripe team to set up the API, functionality and add the virtual terminal to their toolbelt.

Virtual terminal with exceptional customer service

Sometimes, things don’t go smoothly. While processing payments, lots of merchants face issues like:

• Account deactivation: Accounts may be deactivated without clear reasons.
• Fund holds: Funds can be held for days or weeks due to random investigations.
• Technical issues: System outages, software glitches, or connectivity problems can cause delays and result in lost sales.
• Fraudulent transactions: Fraud transactions lead to information risk and chargeback.
• Chargebacks and disputes: Customers disputing charges can lead to chargebacks and held funds, with resolution processes that are time-consuming and costly.

When you contact Helcim for support, you won’t have to deal with bots, long hold times, or scripted responses. According to Trustpilot, here are Helcim’s ratings compared to other credit card processors:

• Helcim: 4.2 stars
• Clover: 4.2 stars
• Square: 3.8 stars
• Stripe: 2.3 starts
• Moneris: 1.8 stars

Helcim is known for our human-centric customer service. Whenever you face an issue, the team is ready to assist you until it is fully resolved.

Secured virtual terminal for your business

60% of U.S. credit card holders have been victimized by fraud, and 45% have experienced fraud multiple times. As a result, security is the most important factor in payment processing as it protects your business and customer information from digital threats.

Helcim, Square, Clover, Stripe, and Moneris all implement advanced security measures to safeguard customer and business information from unauthorized access.

For example, Helcim uses AES-256 encryption for all sensitive merchant and cardholder data, including names, card numbers, expiry dates, and cardholder addresses, to meet PCI compliance.

Maintaining PCI compliance is also essential for protecting sensitive information and avoiding hefty fines. Helcim, Square, and Stripe help you stay PCI compliant at no extra cost. In contrast, Clover and Moneris may charge annual fees ranging from a few hundred to thousands of dollars for PCI compliance.

By choosing a provider with robust security measures and affordable compliance options, you can protect your business and your customers' data effectively.

Get a free virtual terminal

Follow these two simple steps:

• Sign up for a Helcim merchant account for free.
• Start collecting payments with the Helcim virtual terminal.

With the Helcim virtual terminal, you only pay transaction fees—no monthly fees, hidden fees, or long-term contracts. Helcim can help you save around 24% in processing fees.

If you are currently with other processors and want to switch, Helcim's Merchant Buyout Program can help you transition smoothly and hassle-free.

Here’s what you can expect:

• Receive step-by-step support on how to migrate your product, customer, and your customer’s tokenized card information to Helcim.
• We’ll waive up to $500 in processing fees to cover your cancellation costs including early termination fees or equipment leases.

Break up with your current provider for better service, lower fees, and many free payment tools. Switch to Helcim today!

Break up with bad rates.

Feeling stuck with your provider? We'll waive $500 of your processing fees when you switch to Helcim.

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FAQ

What is a virtual terminal?

A virtual terminal is an online payment processing tool that lets you process payments without needing a physical card reader. Through a secure web-based interface, you can manually enter payment details and process remote transactions like phone, mail, or online orders.

How much does a virtual terminal cost?

The cost of a virtual terminal varies depending on the payment processor. Some providers, like Helcim and Square, offer free access to their virtual terminals. Other processors like Clover and Moneris may require a monthly fee and a long-term contract, with fees ranging from $10 to $15 per month.

What are the benefits of using a virtual terminal?

The virtual terminal's main benefit is its flexibility to process payments from any internet-connected device, making it ideal for remote or on-the-go businesses. It eliminates the need for expensive hardware and supports various payment methods, including credit and debit cards, as well as ACH transactions.

What hardware do I need to use a virtual terminal?

To use a virtual terminal, you only need a device with an internet connection, such as a computer, tablet, or smartphone. No additional hardware, like card readers, is required.

Are virtual terminals safe?

Yes, virtual terminals are safe because most payment processors use advanced security measures to protect sensitive information. For example, they use AES-256 encryption to secure data during transmission and adhere to PCI compliance standards.

Can I accept international payments with a virtual terminal?

Yes, you can accept international payments with a virtual terminal. Most virtual terminals support multiple currencies and international credit card transactions, allowing you to process payments from customers worldwide. However, it’s important to check with your payment processor to confirm their specific capabilities and any additional fees that may apply for international transactions.