In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei
A virtual terminal allows a merchant to process payments over the web. Generally a merchant account provider will offer one for free or a minimal charge. Depending on the provider they can be full featured or just contain the basic payment page. Here are some important parts of a virtual terminal. Payment Page All virtual terminals need to have a payment page. This is where you can enter your transactions from your customers. There will be a place for a credit card and the customer information. More advanced terminals have EFT or ACH processing capability. Once the payment information has been entered and submit button pressed the transaction is complete. The next screen will tell you if the transaction has been successful or not. Recurring Payments Often with membership sites or property management companies there is the need for a transaction to be performed on a regular basis. This is usually called recurring transactions or recurring payments. Some virtual terminals allow you to e