Nowadays, Virtual POS Terminal is a must-have solution for any retailer. If you are looking to sell items or services online, having a fast, reliable, and accessible checkout experience for your online shoppers is essential for any business. With over 50% of all transactions being made online in 2022, you cannot afford to have a lackluster POS system if you want to grow your business this year. Let’s find out why this tool is becoming more favored than traditional sales methods.

What is a Virtual POS Terminal? 

A virtual POS terminal is a web-based program that allows you to handle electronic payments via phone, mail order, fax, email, or in person, similar to an online checkout form. You can turn any existing desktop, laptop, smartphone, or tablet into a POS system without having to buy or install any additional hardware or software. You can attach a card reader to a PC through USB input for in-person payments, although it isn't required. Virtual terminal credit card processing is available to you if you have a merchant account with a payment gateway, an Internet connection, and a web browser.

How important is a virtual POS terminal?

Compared to typical offline payment methods, Virtual POS terminals have many features that make them more flexible.

No faults and no maintenance

Statistics show that 8 out 10 retailers will experience POS hardware problems once every year. The typical physical POS terminal is a gadget that can develop flaws, just like any electronic hardware. If you drop it, a technician or even a terminal replacement could take anywhere from a few days to weeks to get it fixed. Whereas with a Virtual POS Terminal, because there is no physical hardware, there is no point of failure with hardware. If your tablet goes out of service, you can also transfer the POS itself to another electronic on hand, or use your phone in a crunch.

In addition, a virtual POS terminal is constantly updated, supplemented with new functions and improved to respond promptly to all payment requirements. With a physical POS system, you might have to get it serviced or upgraded at a designated location. Therefore, the virtual POS system can save physical retail stores on unforeseen maintenance and replacement costs.

Various payment methods

Today, selling on digital platforms means providing your customers with a plethora of payment alternatives. While some digital alternatives to cards are available at physical terminals, such as Alipay and WeChat Pay, the number of options available online is rapidly growing. Traditional POS methods take time to update and some are locked due to hardware limitations to only a few payment options.

Hundreds of alternative payment methods are extensively used all around the world. Alternative payment methods are regional because they have mainstream approval or because they are better suited to certain needs. With a virtual POS, you can stay proactive with choosing and updating your checkout options to meet your customer’s unique preferences.

Management of remote payments 

One of the benefits of a virtual POS terminal is that it can be accessed at any time, from any location, and from any device. Nowadays, shopping experiences are becoming customer-friendly, with an emphasis on accessibility for all customers. Your buyers expect to be able to switch between physical and digital contact points. The virtual POS terminal has the huge benefit of not requiring the customer's actual presence in the establishment. So ask yourself, can your traditional POS terminal be accessed from any location?

An example of a virtual POS system successfully implementing an on-demand remote payment method is ConnectPOS. This virtual POS terminal can be used anywhere and can sync orders and customers’ information in real time to your physical store. This unique feature saves additional time on manual data entry that traditional POS hardware requires.

Top 3 notable virtual POS terminals

ConnectPOS

ConnectPOS is an industry-leading virtual POS provider with many features that will elevate a typical physical store to an omnichannel retail powerhouse. ConnectPOS not only has built-in support for existing POS hardware, making upgrading your outdated POS systems a breeze. It also offers a quintessential virtual POS in the form of an award-winning customer-facing PW Consumer App. This highly customizable app is designed to work seamlessly with almost any electronic platform: phones, tablets, or computers. A novice store owner can easily pick up ConnectPOS and instantly improve their checkout experience today with a generous 14-day free trial for the service.

Pros:

• Omnichannel support: ConnectPOS will connect with your application suite, making inventory syncing and order management a simple automated process.
• Limitless Integration: ConnectPOS is built to integrate with any eCommerce platform quickly and can be implemented as a standalone product.
• Hardware Compatibility: ConnectPOS is an especially attractive solution for retailers wanting to upgrade their checkout system.

Cons:

• ConnectPOS does not sell proprietary hardware, so stores looking for aPOS with native hardware should consider this

Payline Data

Payline Data works with a wide range of companies. However, it specializes in the medical field, offering HIPAA-compliant tools, ACH transfers, and customized pricing. Nonprofit and educational services are also given special consideration. Payline, like Payment Depot, provides strong fraud and chargeback protection.

Pros:

• Strong defraud and chargeback protection system for safer transactions.
• Healthcare-centered design streamlines industry compliance and patient protection.
• Flexible rate and pricing for scaling businesses.

Cons:

• No warehouse or inventory management tools make Payline Data a tough sell for larger retailers
• Limited customer-facing features like reward programs, self-checkout, and on-demand virtual POS

QuickBooks Payment

With the virtual terminal, QuickBooks Payments will stream immediately into your QuickBooks accounts if you utilize QuickBooks. This may be a no-brainer for businesses that only want a simple virtual terminal to accept payments over the phone. Indeed, the low cost of invoicing makes it an excellent alternative for B2B and other invoice-type sales.

Pros:

• Compatible with QuickBooks makes this POS method attractive to businesses wanting to streamline their accounting process.
• US-centered payment methods like Paypal, Venmo, American Express, and more, provide faster transaction time.

Cons:

• No hardware compatibility with existing POS systems
• Lack of dedicated features for building customer relationships: reward programs, customer data integration to CRM, and outside-US payment methods

Virtual POS, In a nutshell

Virtual POS terminals are the future of retail and eCommerce businesses. This innovative take on payment eliminates the friction of traditional, physical POS systems and provides more customer-friendly features for faster, safer, and more engaging shopping experiences. If you want to know more about Virtual POS, or want to try out one yourself, contact us today for a free hands-on demo of our leading POS system.

Source: Cloud POS