Ask the Experts: Are There Virtual Terminals for Virtual Businesses?
Question: One of my banking customers is a freelancer. She recently asked if she could take payments from her clients via credit card. Is it possible for freelancers like her to process payments like this?
The short answer is yes, absolutely. With freelancers making up over one-third of the U.S. workforce, we make it a point to cater to the needs of this important and growing sector of merchants. UMS partners with services like TSYS to make it possible for merchants to have their own virtual terminal. TSYS WebPASS allows merchants to accept payments from any computer connected to the internet, with or without a card present. TSYS is completely web-based with all transaction data stored on a secure host. It gives you many key capabilities beyond just accepting payments, such as the ability to create customer records, save card numbers securely, key in invoice numbers, and email receipts. TSYS also features a recurring payments module allowing for merchants to easily create and manage billing schedules.
TSYS WebPASS is just one of the virtual terminal offerings at UMS. We also have partnerships with Authorize.Net, Network Merchants Inc. (NMI), and Merchant e-Solutions. Browse our gateways page to see which terminal is right for your business or merchant.
Virtual terminals present a great opportunity to freelancers, merchants, and non-profits big and small. They give you all the payment processing capabilities you need right at your fingertips. So long as you have a computer (and for card-present payments, a USB card reader), you’re good to go. Any time, any day of the year.
Not only do they have the potential to increase revenue, but they also enhance organization and improve efficiency. With all your customer records and invoices available in one easily searchable database, you’re bound to spend less time on bookkeeping and manual payment processing. UMS’s virtual terminals take the guesswork out of accepting payments so that you can spend time doing the work that really matters.
In addition to freelancers, who now make up about 36 percent of the U.S. workforce, telecommuters (those who work from home) now represent over 5 percent while those in coworking spaces number 542,000. These three subsectors of the economy are becoming increasingly large and influential; you’ve probably noticed the shifts in your own bank. Are you ready to establish your bank as a leader in catering to the unique needs of freelancers, telecommuters, and coworkers? Visit https://www.umsbanking.com/ to learn more about virtual terminals as well as other offerings. As always, you’ll have access to our 24/7 expert help desk. Contact UMS Banking today to get started!