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Virtual POS solutions have been used in recent years as an alternative to traditional POS devices. Providing speed and simplicity, virtual POS terminals are most commonly used on e-commerce websites. Virtual stores prefer using virtual POS services to smooth the payment process for site visitors. Thanks to this service, high-speed payments are easily made.
Now seen in many sectors other than e-commerce websites, <strong>virtual POS systems</strong> can ease the accounting burden. Accounting for transactions made on traditional POS devices is time-consuming. Users of <strong>virtual POS</strong> find the accounting process easier. Integration automates online collections. Individuals and organizations wishing to receive online payments can use banks' virtual POS terminals. It is a way of offering users alternative payment options such as installments, payment with points, and even cancellation.
Those wishing to create an e-commerce platform or make online collections, frequently ask the question: “what is Virtual POS”. Virtual POS is a system that offers an online payment method to replace conventional POS devices. Because of the intensity of transactions carried out online, this system was developed for payments to be done virtually and, most importantly, quickly. Those with card details can conduct financial transactions with the Virtual POS integration. Depending on which bank's Virtual POS terminal is used during the payment, users are granted payment options including installments, payment with card points, and cancellation. Once the personal data and card details are submitted for online transactions, the system connects to the contracted bank. Now, the bank checks the submitted details and if the card has sufficient funds then payment is approved. It is an accelerated checkout process that raises customer satisfaction.
To get a Virtual POS integration, you must apply to your preferred bank with the necessary documents. These are the documents you need:
Holders of companies with commercial partners:
The required documents may vary depending on the bank. Banks may need additional information or documents depending on their own procedures. If you are applying for an e-commerce platform, you must complete the site installation before applying. Banks may run an inspection of the site where online payments are processed. During the application, in addition to the documents, the bank requires the user application form and user agreement. After the transactions, the necessary integrations for the online payment infrastructure should be provided. Each bank has its own online payment system. Especially on e-commerce platforms, users are permitted to use different banks' online payment systems. All documentation and application processes must be carried out separately for each bank. Other than these choices, there are alternative online payment systems, including all the standard bank options.
The question of how to conduct a Virtual POS Integration is an important topic for those interested in online payment systems. Those using online payments systems need to know the answer to the question of how to integrate a Virtual POS because it will have to be done when the installation has been completed. Once the applications have been made, the websites of those using the Virtual POS system must have certain functions. In some cases, banks may run inspections on website functions. The applications of websites which do not meet the required standards could be declined. The website on which the online payment is processed must have an SSL certificate. This certificate assures the protection of credit card details and personal data. Websites must also have the ability to present users with agreements. To receive approval from banks in the online payment phase, customers should be provided with agreements to which they must consent. The most important condition for being approved by the banks is to have a complete website. Incomplete websites and those with insufficient products might be regarded by the banks as not credible.
Upon receiving approval from the relevant bank, the information required for the Virtual POS installation is sent to you. Once the required operations are complete, you'll be up and running. The bank is contacted during each transaction conducted on the system installed on the platform. The bank grants payment confirmation by checking out the details of the card to be charged. Payment can be made by various methods such as cash, interest-free installments, installments with interest, and shopping with card points. Set the integration exclusively for your preferred transaction and switch these settings anytime you want. The benefits of online payment include cancellation or return of the orders processed during the day on short notice. Canceled or returned payments will be refunded to the card in just a few days. The bank you received approval from will provide you with all the information and codes you need. All you have to do is edit these codes for your type of use and integrate them with the system. Another benefit of the online payment option is the way it makes accounting a cinch. You need to spend extra time and effort recording the accounting data from conventional POS devices. But with the online payment process, accounting records are processed automatically. Easy. The only job you have is to make the necessary settings on the system.
Virtual POS pricing may vary depending on the bank you are applying to. You have to pay a fixed regular amount each year for the annual rent of the POS system. The online payment options offered by banks may vary. Only contracted bank cards are allowed on the preferred system. That is why a lot of POS users make deals with various banks. Banks make commission on online payment services. These fees may differ from bank to bank and from year to year. You can make changes to Virtual POS integration pricing. When making your decision, think about the annual payment amount, contracted cards, and commission fee rates. Online payment is an indispensable part of online shopping. So, it needs to operate smoothly and with maximum efficiency. Errors during payment or a slow operating system may deter potential customers.
It might take a while to understand what virtual POS is and how to operate it. Running accounting processes can be time-consuming for those who do not have on-the-ground know-how. Cooperating with the organizations running these processes can help you get the best out of the system. You can handle the operations, which would normally require extra time, within a few minutes thanks to the integration. For online payment systems, security is the top priority. You need to conduct the necessary operations to assure website security. In addition to security certificates and agreements, your system will be more secure with 3D secure. The 3D secure method sends a one-time code to the card owner when they are making a payment. The customer uses the code to open the payment screen and complete the purchase. Card holders are notified in case of unauthorized use. Websites with security precautions are preferred by consumers. Furthermore, some banks focus on the 3D secure precaution on their website inspections during the application.
You can get a Virtual POS from various banks. Whereas some of the required documents may vary, the tax registration certificate, national ID copy, and authorized signature list are always required. You can apply to your favored bank with these documents to get your Virtual POS.
Virtual POS that can be used smoothly with KolayBi' accounting software can be integrated for free and on request.
Safety is assured with virtual POS thanks to its 3D secure function. It also makes purchasing more secure thanks to emails, messages, and other notifications.