How virtual terminals can improve customer experience

How virtual terminals can improve customer experience

Virtual terminals have become essential for businesses aiming to stay competitive, as they enable convenient acceptance of payments anywhere and anytime. They offer several benefits that improve the overall customer experience:

Convenience and accessibility

• Virtual terminals allow customers to conveniently accept payments from anywhere, at any time, with an internet connection.

Speed

• A fast and efficient way to process payments, typically taking only a few seconds. This speed can significantly reduce customer waiting times and improve overall satisfaction.
• They allow multiple users to access and use the payment system simultaneously, which further enhances efficiency and reduces wait times.

Seamless and secure

• Virtual terminals provide a simple and easy-to-use interface that guarantees a seamless payment experience.
• These terminals incorporate advanced security features and encryption protocols to safeguard sensitive customer data.

Streamlined reporting

• Virtual terminals offer businesses an efficient way to manage their transaction information. By providing digital receipts and transaction histories, businesses can easily access and organize their financial data, eliminating the need for manual paperwork and streamlining accounting processes.
• Blink's virtual terminal also automates the receipt process, so businesses can save time by avoiding the need for manual email confirmations. This not only benefits the business by improving efficiency but also enhances customer satisfaction by providing instant notifications to customers.

What types of businesses use virtual terminals?

Payments over the phone can be a valuable option for businesses that offer customer support or have a phone-based sales team.

Industries such as call centres, insurance companies, utility providers, and subscription-based services can greatly benefit from accepting payments over the phone. This convenient payment method allows customers to make transactions without the need for a physical card or online access.

It is particularly useful for customers who may not have access to the Internet or prefer not to make online payments. By offering phone payments, businesses can provide their customers with a seamless and efficient payment experience, enhancing convenience and satisfaction.

Additionally, accepting payments over the phone can help businesses reduce payment processing times, minimize errors, and improve cash flow. Overall, businesses that prioritise customer convenience and seek to provide multiple payment options can leverage phone payments to serve their customers better.

How do virtual terminals work?

Here is a detailed overview of how virtual terminals work in Blink:

1. Login: Users start by logging into the Blink platform using their credentials.
2. Payment entry: Once logged in, users can enter the payment details, including the customer's payment information, such as credit card details or bank account information.
3. Authorisation: After the payment details are entered, the virtual terminal initiates an authorisation process to verify the customer's payment method and ensure there are sufficient funds available.
4. Approved or declined: The authorisation process determines whether the payment is approved or declined. If approved, the transaction proceeds to the next step. If declined, the transaction is cancelled, and the customer is notified.
5. Settlement: If the payment is approved, the virtual terminal initiates the settlement process. This involves transferring the funds from the customer's account to the merchant's account. The settlement process may take a certain amount of time, depending on the payment method and banking processes.
6. Receipt: Once the settlement is completed, a receipt is generated and sent to the customer. The receipt provides details of the transaction, including the amount paid, the date, and any additional information related to the purchase.

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By following these steps, virtual terminals in Blink provide a secure and efficient way for businesses to accept payments from customers, enhancing the overall customer experience.