In today's digital world, higher ed schools are looking for ways to simplify their payment processes. Virtual payment terminals offer a convenient and cost-effective solution for students and staff to make secure payments.
This article discusses virtual terminals in higher education settings. It explains their benefits and factors to consider when choosing one. Additionally, it examines the integration of virtual terminals with payment systems.
The University of the Pacific used Transact Virtual Terminal to make their payments faster. Transact Virtual Terminal is one of our popular payment solutions.
Their success story showcases how this system helped them streamline their payment processes and achieve better financial management. To learn more about how a virtual terminal can improve your institution's financial management, keep reading!
What is a Virtual Payment Terminal?
A virtual terminal is like a cash register. It allows businesses to accept electronic payments. You can do this without needing physical card machines or traditional cash registers.
Virtual payment terminals allow businesses to accept payments from any WiFi-connected device. Transact Virtual Terminal offers seamless integration with campus technology, making it adaptable and user-friendly. It allows students to pay on campus using Apple Pay and Google Pay, making it easy, safe, and fast.
Overview: How do Virtual Terminals Work?
Virtual terminals don’t require a lot of time or effort. Here’s a breakdown of the four steps needed to process transactions:
- Log into Virtual Terminal:
Merchants access their payment processing account (such as Transact Virtual Terminal) online. To do this, you need to log in securely and go to the virtual terminal section of the payment platform. - Enter Transaction and Card Details:
On the virtual terminal page, merchants enter the necessary information:
- The total amount of the transaction.
- Customer Credit or Debit Card Details: This includes the card number, expiration date, and security code (CVV).
- Receive Transaction Confirmation:
After successfully inputting the transaction and card details, the system processes the payment. - Present Receipts to Customers:
Merchants receive a confirmation indicating that the transaction was successful. Merchants can then choose to: - Send a Digital Receipt: Typically, sent via email, providing customers with an electronic record of the transaction
- Print a Paper Receipt: We can print and send physical receipts via mail to the customer if needed.
- Or provide an option for both, if necessary.
Launching a virtual payment system on campus lets you accept student payments easily, anytime, saving time and effort. Transact Virtual Terminal integrates with various eMarket and ePayment systems, as well as back-end accounting software. Our solution is ideal for schools looking to streamline their payment processes and manage their finances efficiently.
Advantages of Virtual Payment Terminals
Virtual payment terminals are transforming the way higher education schools process payments. With improved security, increased efficiency, and enhanced convenience, they offer a range of advantages for universities and colleges.
One of the key advantages of virtual payment terminals is their advanced security features. Using point-to-point encryption and fraud prevention tools, they provide secure transactions without compromising student privacy or convenience. With Transact Virtual Terminal, students' sensitive information is protected, giving everyone peace of mind.
In addition to security, virtual payment terminals offer increased efficiency. By eliminating manual processes, institutions can streamline their payment workflows and reduce administrative costs. Integrating with current higher education systems enables easy tracking, reporting, and financial management. This not only saves time but also provides institutions with valuable insights into their payment activities.
Virtual payment terminals also provide enhanced convenience for institutions and students. With user-friendly interfaces and seamless integration with campus technology, they make the payment process easy and efficient. Students can make payments from any WiFi-connected device, allowing for flexibility and convenience.
By leveraging the benefits of virtual payment terminals, higher education institutions can streamline their payment processes, reduce costs, and improve student satisfaction. A strong tool can keep your school ahead in digital payments and make it easier for students to pay. Here are some other benefits and points to keep in mind:
- Versatility in Payment Processing: A virtual terminal supports various methods of payment acceptance, including telephone orders, mail orders, fax, email, and in-person transactions. This flexibility makes it convenient for businesses that operate in diverse environments.
- Virtual Terminals work on various devices like desktops, laptops, smartphones, and tablets. This adaptability allows merchants to utilize existing technology without the need for additional hardware purchases.
- You Don't Need Extra Hardware or Software with a virtual terminal. This can reduce costs and simplify the setup process for merchants.
- You Can Make In-Person Payments using a card reader connected to a PC via USB input. This is helpful for in-person transactions, giving businesses with a store another choice.
- You Will Need Internet Access and a Web Browser: To use a virtual terminal, a good internet connection is important. Merchants can easily access the virtual terminal from anywhere using a standard web browser.
- You'll Also Need a Merchant Account and Payment Gateway for the virtual terminal to work. The merchant account facilitates the receipt of funds, while the payment gateway securely processes the electronic transactions.
- Convenience and Accessibility: The virtual terminal's online nature and compatibility with various devices make credit card processing convenient and accessible. This is particularly beneficial for businesses that need flexibility in how and where they accept payments.
A virtual terminal helps businesses with payments by providing a flexible platform for various payment methods and settings.
University of the Pacific + Transact Virtual Terminal = Success Story
An example of successful virtual terminal implementation is The University of the Pacific's decision to switch from manual payment processing to Transact Virtual Terminal. This transition allowed them to improve financial management capabilities while significantly reducing administrative costs. The University of the Pacific had happier customers who enjoyed faster processing and better security measures.
What to Consider Before Choosing a Virtual Payment Terminal
When selecting a virtual payment terminal for higher education institutions, there are several important factors to consider. These considerations will ensure that the chosen solution meets the specific needs and requirements of the institution. Here are some key points to keep in mind:
- Security: Security is of utmost importance when handling financial transactions. Make sure the online payment system has strong security features like encryption, tokenization, and tools to prevent fraud. This will protect sensitive student and institutional data, providing peace of mind for all parties involved.
- Integration: Seamless integration with existing systems is crucial for efficient payment processing. Transact Virtual Terminal easily connects with your school's student information system, financial software, and other relevant systems. This will streamline workflows, eliminate manual errors, and provide accurate and up-to-date financial information.
- User-Friendly Interface: Transact Virtual Terminal features a user-friendly interface that is easy to use for both administrators and students. Intuitive design and clear instructions will ensure a smooth payment experience, reducing the need for additional support and training.
- Flexible Payment Options: Consider the payment options supported by the virtual payment terminal. The virtual terminal you choose should accept a wide range of payment methods, including credit cards, debit cards, and mobile wallets. This will cater to the preferences of students and provide a convenient and inclusive payment experience.
- Reporting and Analytics: The virtual payment terminal should offer robust reporting and analytics capabilities. This will enable institutions to gain insights into payment trends, track revenue, and make data-driven decisions. Customizable reports and real-time analytics will provide valuable information for financial planning and forecasting.
- Customer Support: Ensure that the virtual payment terminal provider offers reliable customer support. Friendly customer service and fast technical support is a must in case any issues or questions come up during virtual terminal implementation or day-to-day operations.
By considering these factors, your school can choose a virtual payment terminal that meets your specific needs, enhances security, streamlines payment processes, and provides a simpler payment experience for everyone.
Virtual Terminals and Transact
Transact Campus offers virtual terminals that provide higher education institutions with a secure, convenient, and cost-effective payment solution. Our virtual terminals seamlessly integrate with various eMarket and ePayment systems, enabling quick and secure order processing while eliminating manual errors. For example, universities can leverage Transact Virtual Terminal for student payments, streamlining the process and improving cash flow.
By implementing Transact Virtual Terminal, higher education institutions can experience several advantages. These include improved security, increased efficiency, streamlined payment processes, and improved financial management.
Our virtual terminals prioritize the security of payment transactions, ensuring the protection of sensitive data. They also enhance efficiency by eliminating manual errors and speeding up payment processing. With seamless integration into existing systems, institutions can enjoy streamlined payment processes and gain real-time insights for informed financial decision-making.
Virtual Payment Terminals: The Bottom Line
In conclusion, virtual terminals are an ideal payment solution for higher education schools. They offer improved security measures, increased efficiency, and streamlined processes that enable students to make payments quickly and securely. With Transact Virtual Terminal, your school can easily add it into various eMarket and ePayment systems, as well as back-end accounting software.
The University of the Pacific's virtual terminal success story is just one of many. If you'd like to experience a more successful payment processing system on campus, Transact can help. To learn how your school and students can benefit from Transact Virtual Terminal, reach out and chat with one of our team members and see a live demonstration.
