What is a Virtual POS and how it improves the payment experience

What is a Virtual POS?

The rise of startups and the rapid growth of eCommerce over the last few years has shifted the focus of companies from traditional transactions to improving the online payment experience by adapting to the digital consumer behaviour through a Virtual POS as opposed to traditional ones. 

As customer experience has become essential for digital businesses, and especially startups, payment services are evolving to provide faster and safer solutions and interactions between merchants and consumers. One of them is the Virtual POS (Point-of-Sale) Terminal, a solution that simplifies the credit and debit card processing, and reduces the inconvenience associated with additional hardware and software.

This solution allows merchants and other service providers to process credit and debit card transactions without direct input of information by the customer. The merchant logs into his account and manages the process via a dashboard that cannot be accessed by the customer. However, even though this solution provides a great utility, it is no longer enough for companies to provide a completely optimised and engaging payment experience.

Complementary solutions and their benefits

The newly emerging needs of the market give place to the rise of companies and solutions based on Fintech that provide services of additional value to the simple Virtual POS.

The solution that stands out the most is the agile and fast integration assisted by REST-API, which allows the merchant to apply the payment logic that he desires for his business, without limitations.

MYMOID, one of the most innovative and responsive platforms on the market, provides the following value layer of payment experience combined with a powerful REST-API:

For service providers:

• Convenience – fast and easy integration and connection with payment platforms;
• Complete control of the entire transaction process;
• PCI – DSS Compliance which increases security in collecting, storing and keeping payment cards; it is an indispensable requisite to perform payment operations, and allows the merchant to dispose, in a secure and tokenized way, of the access for reuse for his payments. This benefit allows to reuse and reassign payment orders and payment data cards (Check our ebook on PCI!).
• Management of reusing payment cards previously stored in PCI-DSS environment.
• Easy to use, as it simplifies many of the processes;
• Suitable for a variety of devices and platforms (iOS, Android, Windows, Mac, etc).
• Analysis of the user’s behavior and service performance.

For final customers:

• Faster and simplified payment process;
• No additional equipment besides your device and internet connection;
• No additional software needs to be downloaded;
• Expanded range of secure payment options;
• Security – of sensitive data in PCI-DSS compliance
• Payments realization no matter where the user is: on mobile, on desktop…

The MYMOID REST-API POS is extremely helpful at times when there is need for the merchant to enter the customer´s payment information manually, especially when dealing with mail order, phone, and other off-site sales. It provides with a fast, easy and secure solution to problems that may occur if the buyer has troubles with the shopping cart, or if he simply wants to make a phone purchase by providing his credit card data.

Virtual POS vs. Payment Platform

However, considering the market dynamics and the intense competition on a global level, companies are facing new challenges and a strong demand for adaptation to the digital consumer behaviour. It means that, while a POS is a great tool on its own for providing a convenient way of processing transactions, customers are expecting a complete and secure set of solutions to cover fully all their needs.

While this solution handles transactions that don’t require direct data input from customers, every company needs a payment gateway that processes, verifies and accepts or declines card transactions on behalf of the merchant through secure Internet connections. Having both a Virtual POS and a payment platform makes sure that all types of payments and transactions are covered.

Important considerations

On the other hand, when customers are making payments online, one of the biggest preoccupations is the protection and security of their personal data. Obtaining a PCI-DSS compliance for safety regulations is absolutely necessary for any digital business, but often its cost is extremely elevated, so it is not easily accessible for every company. Processing your payment transactions with a digital payment platform that is PCI-DSS complied saves a lot of money, gains the confidence of customers, and keeps their information safe.

Choosing a complete and secure payment experience in compliance with PCI-DSS

Choosing the right payment solutions can often determine the success of your online business. If you are searching for the complete set for your startup or eCommerce, MYMOID offers a responsive and fully functional digital payment solutions platform. In compliance with the PCI-DSS security regulations and with a powerful REST-API documentation that simplifies the integration process, you can enjoy a great onboard experience in only a couple of days. Virtual POS System, MoTo payments and a customised White-Label Wallet are only a few of the many solutions that your company can use to connect with customers.