How a virtual POS system can help protect your business from cybercriminals. | Payanywhere

There are still a handful of websites that are nothing more than showrooms for a set of products. If a customer chooses to purchase something that they see on the site, they are required to personally contact the seller to provide payment information, often over the phone. Most merchants, however, are choosing to build websites equipped with the enhanced security and convenience of a virtual POS (vPOS) system.

What is a virtual POS?

A virtual POS solution is a software application that gives modern businesses a way to manually authorize a buyer’s credit card transactions through what is known as a payment gateway. The virtual POS can easily integrate into most of the major ecommerce platforms on the market today. As a result, customers simply need to add items to their shopping cart, press the “buy” button, and be redirected to the virtual POS page. At that point, they input their payment information, and the payment is securely processed within a matter of seconds.

Enhanced security benefits for merchants and customers with a virtual POS system. 

Sites that manually accept customers’ payment information are at greater risk of cybercrimes of all sorts. This is because instead of the data being securely encrypted and stored away from the business location, details must be manually copied and entered into a terminal. This opens the door not only for data entry errors but also for theft by unscrupulous employees who may gain access to customer financial information. By contrast, integrating a virtual terminal provides a much higher level of cyber safety.

All transactions completed via a virtual POS take place in a secure gateway that protects customer data from cybercriminals via data encryption throughout the payment process. Furthermore, most terminals add an extra layer of security through authentication. For example, it might record the address or location of the buyer’s credit card, or the customer might be requested to provide their three-digit CVV number.

Some would argue that the risk of cybercrime such as fraud is greater with virtual terminals since the merchant can’t see the buyer or their card. As a result, payment service providers tend to charge a little more for these systems and the payments made on them. It is heartening to know that these fees are often spent on keeping systems and anti-fraud software up-to-date.

Advantages of virtual POS terminals.

Now that your security questions have been answered, do you think it might be time to incorporate a virtual POS system into your business? Here are just some of the advantages.

• Efficiency. With a virtual terminal, you no longer need to wait until it is convenient for you and your customer to discuss payment arrangements. Instead, purchases can be made from anywhere, at any time. All that is required is a device that gives you access to the internet.
• Flexibility. When customers can buy merchandise 24/7 from anywhere, your profits will not be dependent on regular business hours or a static location. Of course, you and your staff will still need to be available to provide customer service, but you will no longer be bound by time and place.
• Security. Protecting your cardholders’ data from theft is imperative if your business is to thrive. This peace of mind is yours thanks to the security features built into your virtual POS. Your system uses an Address Verification System (AVS) to authenticate a customer’s identity before the purchase goes through. Additionally, the gateway will be in conformance with the Payment Card Industry Data Security Standard (PCI DSS) which seeks to protect cardholder data from compromise.
• Business expansion capabilities. Once customers recognize that buying products from your website is both easy and secure, they will be more likely to entrust you with their loyalty that goes far beyond the first product acquisition. If you keep your social media presence dynamic and compelling, you can appeal to buyers from numerous locations and are no longer bound by geographic factors just to serve people in close proximity to your town or city.

In this day and age, cash is quickly going by the wayside. What’s more, people are searching the globe to find the products and prices they want. The virtual POS terminal provides your ecommerce site with the efficiency, flexibility, and customer security that you need to take your company to the next level. If you haven’t already explored your many virtual POS options, talk to your payment processor about your choices. You are sure to find a system that suits your present goals while also being able to grow right along with your business.