Merchant-Centric Fintech Innovations: Revolutionizing Online Payment Systems

There have been many applications along with many other payment options available for our day to day payments. With the advancement in the Fintech industry the solutions and options for payments have also revolutionized in a greater manner making each transaction safe and secure. A POS machine or card terminal is among those many options which we often come across when we visit any grocery store or may be our saloon for a makeover, the technology is specifically curated for merchants only.

The ease to make the payment in a glance is really time saving and entrusted with safety. 

Online banking, using QR codes as images, payment apps are among the many merchant service providers along with many others are available but only if the merchant is dealing with the customer face to face. No one even in these prevailing times of financial fraud dares to share their card or bank account details to make the payment, it’s advised also to visit by yourself and then verify and make the payment. 

Now, imagine if it’s required to make the payment by sharing your card or bank account details. There is no way, you are doing it, right and if it’s a merchant payment it must be involving some large amounts, which many a times is considered as dangerous. To cover this NPI(New Payment Option) has been coming into this large picture of Fintech and specifically the merchant service providers industry. It is providing the merchants with the option of virtual card terminals.

What Is A Virtual Payment Terminal?

The New Payment Innovation, completely understands how important it is to select the right payment solution for your business demands. To serve this purpose they are providing virtual terminal solutions alongside their expert EPOS systems, sleek card machines, and online payment services enabling you to take all payments from anywhere with NPI within a few taps with some minimal charges attached.

A virtual terminal used for processing credit card payments is a web-based application that can take transactions remotely quite easily. It provides you with the options to accept payments over the phone, through the email, or by post by inputting the card information secretly into a gateway on a tablet, smartphone, or laptop.

A virtual card terminal has been developed to eliminate the need for a physical point of sale system. Which needs the user to put in the payment information manually. For ensuring the payment security, merchants must fulfill the requirements for PCI compliance. The merchant service provider will take care of compliance for you oftenly, so you can unhurriedly and worry free continue taking safe payments.

What Businesses Need A Virtual Payment Terminal?

With this ever evolving world there are diverse demands and user needs and to supply the same many varying businesses types are being established. It brings a boom with itself and for the Fintech industry because the demand is increasing, the supply will also be planned. We will discuss some major business types which could require the Virtual payment terminal.

Healthcare Businesses

Dental clinics, doctors, counselors, and other healthcare providers regularly take appointments over the phone calls or the e-mails. With the introduction of Virtual payment terminals, they can easily secure those appointments by taking a deposit or a booking payment directly at the time of when the client is making them. Asking for a deposit is a secure way to reduce the number of no-shows and to compensate with losses in case of missed appointments.

Hotels

Same goes with the hospitality industry also, it’s also bound to face no-show situations and to cope up with the same they ask for deposit to save the booking. Now with the introduction of this Virtual payment technology it has become easier and feasible for them to ask for the deposit payments and if in  case they need to settle the full payment prior to the booking, it’s also easily doable now, with the client knowing that they are using a safe payment interface.

Personal Care Businesses

Wherever the need arises for the prior booking, the need for deposit and booking amount comes along for the merchant to be on the safer side and to adjust with the losses. Personal care business involves like beauty salons, which most of the time book the appointment over the call, now while talking to the customer over the call the payment can also be done and booking can be confirmed.

Retailers

Purchasing commodities on a large scale is what retailers are required to do everyday. They also complete the orders involving the high amount of inventory. With the e-commerce revolution people are looking for sellers online and when they contact and are satisfied with the responses they can easily make payment with the Virtual payment terminals easily. This saves the time of both parties and declutters the trouble and complexity such transactions usually experience.

Conclusion

It was a time centuries ago when commodities were traded for commodities, the world and its masses really didn’t feel any need at that time for the MONEY thing, see now everything is revolving around money. With the growth of Financial technology, many methods have come up to make the payments from one corner of the world to the another corner, along with this comes the spamsters and fraudsters mafia which deceives people and takes their information and do the transactions with ingenuine consents.