Virtual merchant accounts offer the ability to take credit cards anywhere there is high-speed Internet access. Business owners who previously had difficulty obtain
ing a credit card merchant account or had to use a “knuckle buster” credit card machine can now accept credit cards and verify the transaction in real time.
The virtual merchant account operates over a broadband Internet connection, completing transactions virtually. Where traditional credit card swipe machines use a phone, it is now possible to use a mobile terminal.
The entire transaction is handled virtually and online, including verification, processing and documentation is handled through the virtual merchant account, for a quick, painless experience. Where there is an Internet connection, a business can accept credit cards and verify, process and document the transaction. No more taking a credit card with a paper slip and hoping that it is good.
Virtual merchant accounts are perfect for mobile businesses, including delivery services, mobile automobile services, on-location business like concert T-shirt sales or artists at craft shows, and businesses like caterers and bakers who collect a deposit and a later payment in full. Any business that collects money in the field or on location can use this virtual account to instantly accept payment by credit card. This reduces the amount of cash employees must carry and removes the threat of bounced checks.
This type of merchant account is not strictly for mobile businesses. A virtual merchant 
account can be integrated into an existing website to collect payments online. This is a perfect ecommerce solution for businesses currently using PayPal, ClickBank or other third party payment processors. Fees are lower with a real merchant account and the business maintains control of their money and their account. Anyone who has ever had an account frozen by PayPal or received excessive refund requests from ClickBank can appreciate this.
Professional offices such as medical and law offices, as well as traditional storefronts, may choose to use a virtual merchant account and process transactions on a laptop or existing computer, to make processing easier and integrate with existing systems.
Inbound call centers will also find the virtual merchant account useful. Each rep can process credit cards, without having full access to the merchant account. The call center manager controls what each rep can see, and all transactions are completed in real time. This means no more nightly batches. Credit cards are approved or denied while the customer is on the phone.
Refunds are also simple with a virtual merchant account. While no merchant wants a customer to be unhappy, it does happen. With this merchant account, it’s a simple matter of refunding to the credit card. The customer leaves happy and everything is taken care of.
The advantages of a virtual merchant account are clear. This is the only solution that allows merchants to take payments at a customer’s location or a remote site and get immediate approval of the transaction. It requires only a broadband Internet connection, and is easy to use. The account can be integrated with an existing website to take online payments, or run on a laptop or desktop computer for more convenient transactions. Call centers can allow limited access to reps to improve transaction efficiency. And any business can quickly provide a refund to the customer’s credit card.
Overall, this is a great merchant solution for almost any business.