Introduction
A Virtual Terminal is a web-based payment application, that enables merchants to securely accept debit or credit card payments via a link, email, text or telephone, without the need for the card or the customer to be physically present. They are typically used by call centres, travel agents, hotels and restaurant reservations.
Pay by Link is the most common payment processed by virtual terminal. Merchants will set up and send customers a web payment link through the virtual terminal, with a agreed payment amount. This safe and convenient tool is best suited for customers who are unable or don’t want to share their sensitive card data remotely.
Mail Order / Telephone Order (MOTO) is where a customer provides their payment details to the merchant, who confirms the amount with the customer before manually entering their payment details into the virtual terminal.
Your Virtual Terminal Policy, Terms and Conditions
Key Points to Include in Virtual Terminal Terms and Conditions:
Customer Consent:
A clear statement that the customer is willingly providing their card details and authorizing the transaction.
Payment Details:
Always clearly state accurate information regarding the product or service being purchased, the total amount due and any applicable fees.
Card Information Required:
Make it clear of the card details needed like card number, expiration date and CVV code.
Data Security:
Outline your commitment and internal processes to handle card information securely and in accordance with Payment Card Industry Data Security Standards (PCI DSS).
Address Verification:
Maybe state a requirement to provide billing address to verify the cardholder's identity, if required.
Dispute Resolution Process:
Information on how the customer can contact the business regarding any issues with the transaction and what the process will be to come to a solution for them.
Third-party Processing:
If using a payment processing service, mention their name and any associated fees with the transaction to the customer.
Important Considerations
Clear communication:
Explain all terms and conditions in plain language and ensure the customer understands before processing the payment.
Record keeping:
Maintain records of all phone transactions, including customer details and confirmation of the purchase.
Employee training:
Train staff on proper procedures for taking payments over the phone, including security protocols and customer service best practices.
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