With increased numbers of individuals using the Internet to pay for everything they need (including tuition, student fees, textbooks, and college gear), educational institutions need to be able to process credit cards on their websites. It’s an important way to maintain competitive advantage and to enhance convenience.
A virtual terminal is a way to accept credit card payments online that we’re hearing a lot about, but should you have one? Let’s examine how the tool might help your college.
Customer Convenience to Close Sales
As the world moves at an ever-faster pace, people want convenience and instant gratification. No longer are websites just used as sources of information. While you do advertise your products, college bookstore goods, etc., on your website, savvy colleges know that it is now a point-of-sale for many products, fees, and services. Time is of the essence to students today, and a virtual terminal can help move a customer from browser to buyer instantly.
Easy Software Installation
Many companies have created software to make the set-up of your virtual terminal fast and easy. Getting started does not require any programming or HTML skills. You simply cut and paste the buttons you need into your website.
Software interfaces are becoming increasingly user friendly as well. Simple, elegant design has replaced clunky programs that are difficult to navigate and often crash.
Unlike bank-based credit card merchant accounts, offering a virtual terminal solution eliminates the need for lengthy applications, credit and background checks, and long-term contracts. Sign-up is free, and usually an organization can begin accepting payments in just a few minutes.
Get Paid Virtually Anywhere
A virtual terminal can now also be used in connection with mobile phones, allowing you to get paid whether you are on campus or traveling for business or at lunch. Customers still receive receipts and have the peace of mind that goes with a secure credit card processing system.
In a competitive market, obtaining a virtual terminal has recently become more cost-effective. Sign-up fees, monthly charges, and hidden fees are eliminated by the newest vendors, reducing your credit card processing costs. More dollars can go to the bottom line.
All in all, recent technological advances show there are good reasons for educational organizations to have a virtual terminal. It’s a powerful way to increase revenue through online sales that is now affordable to all.
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