27 Aug Is the Virtual Terminal the Best Solution for the Moving and Storage Industry? Your Questions Answered.
The United States is on the move. Every year, more than 35.5 million Americans move to a new residence, whether that be all the way across the country or just down the street. And moving and storage go hand-in-hand. Downsizing and temporary moves are one of the main contributors to the massive $36 billion in revenue attributed annually to the self-storage industry.
Despite generating so much revenue, many wouldn’t associate the words “moving and storage” with “innovation.” But the industry isn’t just trucks, trailers, and pre-fabricated storage buildings. On the back end, there’s scheduling, invoicing, and accepting payments, all balanced in tandem with the ever-present need to attract more customers. Thankfully, there’s a solution that can help with all of that.
The virtual terminal.
But what exactly is a virtual terminal, and what benefits does this solution offer? Keep reading for answers to all your burning questions.
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What features are available that will help our operation?
When it comes to processing credit cards, the moving and storage industry has a very unique, very specific set of needs. To best manage your operation, a virtual terminal should have the following features:
Automated/recurring billing: 52% of consumers utilizing a self-storage unit will rent the unit for a year or more. To retain these long-term customers, you need to make payment as convenient as possible. Automated recurring payments allow your renters to schedule payments in advance. That means they don’t have to remember a due date every month, and you save the time and effort of manually running payments.
Secure customer vault: If you’re scheduling automated payments, that credit card information has to be stored somewhere. But keeping full card information on file can open your business up to the threat of a data breach. So, what’s the solution?
A virtual terminal will allow you to safely schedule recurring payments by storing card information in your credit card processor’s secure customer vault. Storing that sensitive data with a PCI compliant third-party means your business doesn’t have to worry about securing a database of customer information, because all the technical work is handled by your processor.
Simplified PCI DSS Compliance: Finally, when you store payment information with a PCI Compliant third-party, you’ll enjoy a simplified PCI compliance process. To put that in perspective, if you were to store information on your network, the PCI Compliance process would involve a 200+ word questionnaire and quarterly vulnerability scanning. But with a secure virtual terminal, you’ll answer around twenty straightforward questions and be considered compliant for a full year.
How easy is the system to use?
Many companies in the moving and storage industry are family-owned or, in the case of storage, run by a single person. In fact, 47.8% of moving and storage companies employ less than 5 people. When you’re always running a skeleton crew, time is a precious commodity. That’s why your processing method should be user-friendly and easy to set up. This is where a virtual terminal comes in.
With a virtual terminal, no additional devices are required—your computer is the hardware! That means you can process payments on the same system that you already work with every single day. And if you need to start processing quickly, no added processing equipment makes for a faster setup. You can typically begin accepting cards through your virtual terminal within one business day of account approval.
How much money will we save?
When was the last time you collected payment from a customer face-to-face? For most moving and storage operations, invoices are paid over the phone or online. These types of transactions qualify as card-not-present (CNP).
On a standard terminal, keying in card information means your rates are downgraded, and that’s not a good thing. Downgraded rates mean you pay a higher percentage of the transaction in fees. But with a virtual terminal, your business will be able to qualify for the lowest rates possible each and every time, even on CNP transactions.
We’ve had success saving some merchants thousands of dollars a year, just by working with them to switch their primary processing method to a virtual terminal.
Final Thoughts
Virtual terminals allow flexibility and ease of use where moving and storage companies need it most. For 5 more reasons to accept payments on a virtual terminal, click here.
When people move, they often don’t want to handle the heavy lifting, transport or storage. Instead, they trust the expert—you. So, when your operation needs to accept credit and debit cards, know you can trust the experts at BASYS Processing to take care of your needs, just as you would take care of your own customers.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe and affordable.
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: