Cheapest Virtual Terminal Available in North America

Imagine you're a small business owner who runs a thriving online store. One day, you receive a large order over the phone, but your current payment processing solution isn’t equipped to handle phone orders efficiently. Frustrated, you spend hours manually inputting payment details into your outdated system, only to encounter errors and delays that leave your customer dissatisfied. You realize you need a better solution to streamline your payment processing for remote and phone orders. This is where virtual terminals come in.

In this article, we aim to identify the cheapest virtual terminal available in North America, helping you choose the best option to enhance your payment processing.

What is a Virtual Terminal?

A virtual terminal is an online payment processing tool that allows businesses to accept credit card payments without a physical card reader. It enables merchants to enter customer credit card details manually on a web based software or the mobile app, making it ideal for phone or mail orders.

What are the features of virtual terminals?

Key features of a virtual terminal payments include the ability to process credit and debit cards transactions securely, manage customer data, accept payments and generate reports. Virtual terminal credit card processing offers flexibility and convenience, especially for businesses that operate remotely or handle a significant volume of phone orders.

Some other names for Virtual Terminal include:

• Online Terminal: Emphasizes the use of an internet connection to process and accept payments.

• Virtual POS (Point of Sale) Terminal: Highlights the similarity to physical POS systems but in a virtual format.

• MOTO (Mail Order/Telephone Order) Terminal: Specifies its use for transactions that occur over the phone or through mail orders.

• Payment Gateway Terminal: Often used interchangeably, although payment gateways can include both customer-facing and merchant-facing functionalities.

• Web-based Terminal: Focuses on the accessibility from web browsers.

• Keyed-In Terminal: Indicates the manual entry of payment information by the merchant.

• Remote Payment Terminal: Stresses the capability to accept credit and debit card payments from remote locations

Criteria for evaluating virtual terminals

When evaluating virtual terminals, several factors need to be considered to ensure you choose the best option for your business to process payments:

• Transaction Fees: The cost per transaction can significantly impact your bottom line, especially if you process many customer payments.

• Monthly Fees: Some providers charge a monthly fee for access to their virtual terminals.

• Setup Costs: Initial setup fees can vary, with some providers offering free setup while others charge a fee.

• Ease of Use: A user-friendly interface is essential for efficient virtual terminal payment processing.

• Customer Support: Reliable support can help resolve any issues related to virtual terminals quickly and efficiently.

• Security Features: Ensuring that the virtual terminal complies with PCI standards and offers robust fraud prevention measures is crucial for protecting your business and customers.

Top virtual terminal providers in North America

Several leading providers offer virtual terminal services in North America. The top contenders include:

• Helcim

• Square

• PayPal

• Stripe

• Authorize.Net

• Clover

Each provider offers unique features and pricing structures, which we will compare in detail.

Detailed cost comparison

To determine the cheapest virtual terminal which is our main criteria, we’ll break down the costs associated with each provider:

The comparison table summarizes the costs and key features of each provider, highlighting the differences in their virtual terminal credit card processing services.

Helcim: The cheapest virtual terminal

Introducing Helcim Virtual Terminal

Helcim stands out as the cheapest virtual terminal available in North America. Here's an in-depth analysis of Helcim’s virtual terminal credit card processing:

• Transaction Fees: Helcim charges a competitive 2.8% + 25¢ per transaction(card not present), which is significantly lower than other providers.
• Monthly Fees: You can access the Helcim Virtual Terminal for free—no monthly fees, hidden charges, or contracts.
• Additional Features: Helcim’s virtual terminal includes comprehensive features such as customer management, invoicing, and detailed reporting, making it a robust solution for businesses of all sizes.

Why choose the Helcim Virtual Terminal?

Helcim’s virtual terminal offers several advantages that make it the best choice for businesses seeking the cheapest virtual terminal in North America:

• Cost-effectiveness: Helcim’s low transaction fees provide significant savings so that you can boost your bottom line and grow your business.
• Ease of Use: The user-friendly interface simplifies virtual terminal payment processing, allowing businesses to manage transactions efficiently with any credit or debit card. Our virtual terminal integrates with our invoicing tool and CRM system, letting you process due/overdue invoices and charge repeating customers faster.
• Comprehensive Features: Helcim’s virtual terminal includes essential tools for customer management, invoicing, and reporting.
• Excellent Customer Support: Helcim’s responsive customer support says no to canned or one-size-fit-all response. We are committed to provide tailored support to ensure any issues are quickly resolved, minimizing disruptions to your business.

Why is Helcim cost-effective? (Interchange plus pricing model)

Helcim is a cost-effective option compared to other virtual terminal providers due to its competitive interchange-plus pricing model. Unlike flat-rate pricing, which charges a fixed percentage plus a fee per transaction regardless of the card type, interchange-plus pricing involves the actual cost (interchange fee) set by the credit card networks plus a fixed markup (e.g., 0.3% + 8¢ per transaction for Helcim). This model can be significantly cheaper, especially for businesses processing a variety of card types, including debit cards which have lower interchange fees.

For instance, while Square and PayPal charge around 3.5% + 15¢ for card-not-present transactions, Helcim’s 2.8% + 25¢ rate for similar transactions is lower, leading to savings that add up substantially over numerous transactions. Additionally, Helcim's no monthly fee and comprehensive features like customer management and invoicing further enhance its cost-effectiveness, making it an ideal choice for small to medium-sized businesses looking to optimize their virtual terminal credit card processing costs.

What’s more with Helcim you ask?

Other useful features with Helcim include:

• Accepting ACH payments
• Sending invoices/receipts directly through email
• Storing customer information for future use and much much more

What are merchants saying about the Helcim Virtual Terminal?

Here is what Thomas Glover from SEQUOIA PUBLISHING INC has to say about Helcim virtual terminal:

Even Miles Parenteau from AIRCLIX PHOTOGRAPHIC SCANNING SERVICES loves our virtual terminal:

Many satisfied customers like above consistently praise Helcim for its affordability and reliability, making it a top choice for businesses looking to streamline their virtual terminal credit card processing.

Conclusion

Choosing a cost-effective virtual terminal is crucial for businesses that rely on remote or phone payments. Helcim emerges as the most affordable option in North America, offering competitive transaction fees, valuable features, and excellent customer support. By selecting Helcim for your virtual terminal payment processing needs, you can reduce costs, enhance efficiency, and focus on growing your business.

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