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Here at WePay recently unveiled our latest innovation, the Virtual Terminal. It’s a way for businesses to accept payments in a way not used very often but is a huge untapped market: over the phone.
Wait, over the phone? Weren’t companies doing this years ago? Why is this a big deal? And what year is it, anyway?
Yes, it may sound weird, but phone transactions aren’t exactly common, mainly because online companies haven’t had a good, secure way to accept them. However, there are tons of customers out there that don’t like to use the Internet or new tech but still like to buy cool stuff.
The Virtual Terminal works just like a little terminal by your register would. The customer owes you money. Maybe they’re a client and you just sent them an invoice. They call your number, and you type in the payment with the terminal through your computer. It gets logged into WePay, you get the money, and the customer is finished. It’s that simple.
So why is this such a big deal? Other payment processors have historically had a horrible time with accepting phone payments as there has been no mechanism set in place. Basically, it was thought that offline payments are one thing and online payments are another, and never the twain shall meet.
However, that’s simply not the case. Business is business, and you have to go where the customers are and use the tech they want to use. If they don’t like using the web or entering their info through the web, they can just call you up instead.
Expanding Your Business
One of the things we tried to keep as simple as possible are the fees. The Virtual Terminal costs just 4.9% plus $0.30 per payment. That’s it! No other hidden fees or anything else will come your way.
This is another reason why companies and other payment processors have never tried something like the Virtual Terminal before: complication. As you probably know, credit card companies can make things rather difficult with various percentages and other restrictions on your business.
At WePay, our goal is to make it as simple as possible for new businesses to get started, and that includes keeping our offerings simple and direct. When customers can pay you how they want, they tend to buy more. And you don’t have to jump through hoops to collect their money.
Here’s hoping the Virtual Terminal can help you get paid faster and with fewer hassles!