13 factors to consider when choosing a vPOS solution
4/28/2022
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13 factors to consider when choosing a vPOS solution

Low-cost, easy-to-activate vPOS (virtual POS) solutions are available to institutions as a low-cost collection channel with their cloud infrastructure and satisfy the needs of security and speed in collection processes. Real-time money collection transactions can now be done thanks to these technologies securely.

What is vPOS?

Virtual POS enables enterprises to receive payments via credit and debit cards for their sales over the internet. It may be seen as a major barrier to entry for those wanting to enter e-commerce at times. Virtual POS, which provides a more secure, quick, and easy method of payment than paying at the door or by money order/EFT, is an important criterion for companies that want to move their business to the internet by selling 24/7 from their online store, to grow their business. When organizations choose to use Virtual POS, they may contact the banks with whom they do business or utilize payment solution providers that provide Virtual POS as a service.

Virtual POS applications guarantee that debit/credit card collections are completed without difficulty in today's internet atmosphere, where rapidity and security are priorities. Behind the simple and rapid payment procedure, there is a complicated procedure involving bank provisioning systems in the eyes of consumers. For the successful completion of payment, both security certificates and international standards procedures are completed. A successful virtual POS application should complete all of these steps quickly and seamlessly, reducing collection costs for both institutions and customers.

What to look for when choosing a virtual POS (vPOS) solution?

Virtual POS in online sales minimizes the risk of cart abandonment by providing a seamless payment method. However, not every virtual POS solution is as effective or efficient as another. For this reason, we would like to mention a few factors to which we recommend you pay attention when making your choice.

A solid virtual POS solution should minimize the need for businesses to make software and hardware purchases in the cloud, allowing them to work with banks in our nation. On the other hand, if a legal obligation is imposed on organizations, they can manage all of their transactions without taking action or investing.

The first question is whether the virtual POS solution has a versatile integration architecture. You can utilize your virtual POS software on many platforms if the answer is yes. These are also essential, as you’ll need integration components, code examples, and thorough documentation for popular programming languages such as .NET, Java, PHP, and ASP.

All payment technologies confront cybersecurity and compliance challenges. Organizations that handle, store, or transmit credit card information must have a secure digital infrastructure to protect customers. The PCI DSS standard, developed by the card industry’s giants, is devoted to securing virtual POS collections. A virtual POS with anti-fraud mechanisms is required rather than a luxury. On the other hand, a virtual POS that includes fraud prevention technology decreases the number of potential claims.

Finally, the currencies and payment methods supported by your virtual POS system might be driving or enticing for your consumers. Your virtual POS system’s partial payment option, for example, is a benefit that can boost conversions by allowing customers to pay using more than one card at once and dividing the amount to be paid among them.

13 factors to consider when choosing a vPOS solution

Verifying that a Virtual POS provider supports and provides assistance for the criteria listed below is critical before deciding.

  1. It should meet the minimum security requirements for international transactions, such as 128-bit SSL encryption. It should have ‘Verified by Visa’ and ‘MasterCard SecureCode’ certificates in compliance with international standards.

  2. If a customer’s bank is down for maintenance or the equivalent, it should be feasible to change to one of the other working banks automatically.

  3. It should be simple to connect with all Windows, Linux, and Unix-based platforms. These integration procedures should not be difficult for developers to complete.

  4. It should be able to provide a PCI DSS 3.1 Level 1 compliant Credit Card Storage service and secure and in line with worldwide standards.

  5. Additional fees should not be charged for currency collection transactions in different countries.

  6. If you purchase a virtual POS service from a payment solution provider, you should be able to get it at a reduced rate based on the number of transactions.

  7. Customers should be notified via SMS or e-mail once payment links for collection are provided.

  8. There should be 3D Secure transaction support.

  9. It should allow appropriate modifications to the payment page.

  10. Customers’ credit card information should be kept safely.,

  11. If the vPOS supports multiple servers, it should be able to track each server’s performance separately.

  12. It should be able to integrate quickly and easily with .NET, Java, and PHP platforms provided for merchants.

  13. Customers should be able to spend their points earned through credit card loyalty programs via your vPOS solution.

Benefits of virtual POS (vPOS)

Adopting vPOS technology is one of the many methods to enhance customer experience. It makes paying easier and more secure. Virtual POSs with new generation capabilities are included in the experience for this reason. The following are some of their key advantages to businesses and consumers:

  • Faster and secure payment times: The payment and collection stages are the most crucial element of the e-commerce experience. The cart abandonment rates of customers may be increased by additional stages encountered during this process, while the payment procedure might be delayed. Today, one-step payment drives preferences but seeks a secure method in different ways. Card storage systems, anti-fraud research, and security standards such as 3D Secure are all utilized to speed up and guarantee the security of payments.

  • Payment options: The number of individuals who shop with cash is declining today, owing to the increase in payment options offered by credit and debit cards.

  • Inventory management: Inventory management is a time-consuming and laborious process. With an advanced POS system, you can quickly keep track of all the goods in your virtual or real store, allowing you to respond to your clients’ requests swiftly.

  • Customer feedback: Suggestion and complaint boxes are becoming increasingly popular among businesses because they allow customers to offer comments about your company at various payment stages.