8 Best Virtual Terminals in October 2023

The downside to Square’s extensive feature set, especially for those businesses that do high-volume sales, is the transaction fee, which is the highest on our list. If you have consistent sales of over $5,000 per month, do a price comparison against Payline Data, Payment Depot, or Helcim, which offer interchange-plus pricing.

As you consider costs, however, keep in mind all the tools Square provides that you may otherwise have to pay for. As your business grows and you’re processing over $250,000 annually, you can apply for lower, custom rates through Square. Here are the standard fees:

• Monthly subscription fee: $0
• Virtual terminal monthly fee: $0
• Keyed-in (virtual terminal) transaction fees: 3.5% + 15 cents
• In-person (swipe, dip, tap) transaction fees: 2.6% + 10 cents
• Invoice transaction fees: 3.3% + 30 cents
• Ecommerce transaction fees: 2.9% + 10 cents
• ACH/bank transfer fees: 1% with $1 minimum

The virtual terminal includes inventory, recurring payments, and receipts. (Source: Square)

• Feature-rich payment tools: Square topped our scores for feature set, checking off our full list of tools for handling one-time and recurring bills, managing customers and invoices, and taking payments. It’s easy to use on both web and mobile, although the limited customer support hours and limited ability to accept Level 2 and 3 payments brought down its overall score.
• Native POS integration: Square’s free POS software integrates with the virtual terminal, so you can itemize sales, calculate taxes, input discounts, and save customer information. Most of the other virtual terminals on our list are more basic, requiring you to manually input the items and prices unless you tie them to a POS system.
• Free virtual terminal: Like most Square products, the virtual terminal is free, easy to set up, and user-friendly. Your inventory gets automatically updated, and changes in your online store are also reflected in the virtual terminal. If you integrate with QuickBooks or other accounting software, the information from the virtual terminal is tied in as well.

Helcim’s free monthly plan and automated volume discounts set it apart from the other payment processors on our list. Card-not-present transaction rates, including virtual terminals, range from Interchange plus 0.15% + 15 cents per transaction (if your sales average more than $1,000,000 a month) to 0.5% + 25 cents (for average sales of $50,000 and below a month).

This is considerably cheaper than Payline Data’s 0.75% + 20 cents, but more expensive than Payment Depot’s interchange + 18 cents (although note that you have to pay at least $59 in monthly fees). Domestic ACH transactions cost 0.5% + 25 cents.

Helcim lets you key in a card payment, or you can select the customer’s card stored in your Helcim card vault. (Source: Helcim)

• Stored-card payments: Helcim offers a simple virtual terminal that lets you put in credit card information. You can also store it to look up later. All the services on our list share this feature, but many of those we evaluated did not.
• Recurring payment processing: In addition to one-time sales, you can easily send invoices or set up recurring payments to automatically bill customers at a schedule of your choosing. Helcim’s virtual terminal can also be set up to accept multiple currencies.
• Highly-compatible virtual terminal platform: The virtual terminal also works on any device, making it a great tool for taking payments on the sales floor and at the register.
• Mobile app with the virtual terminal: You also get a mobile app and a free POS system that can work on your existing smartphone, iPad, or tablet. It accepts ACH payments—something you don’t find with some payment processors on our list, like PayPal.

You don’t need to have a Chase Business Checking account to sign up for a merchant account with Chase. Those who do, however, have access to free same-day funding. Otherwise, merchant accounts are free to use, but the use of virtual terminals may cost extra (not disclosed).

The transaction rates vary by platform, but for virtual terminals, they are 3.5% + 10 cents per keyed-in transaction, which is slightly less than Square’s keyed-in rate. Like PaymentCloud (and possibly Payline Data), there may be room to negotiate for better rates. Some influencing factors are sales volume and whether or not you process B2B sales, which are more secure and usually have lower rates.

• Monthly fee: $0
• Virtual terminal fee: Not disclosed
• Online fee: 2.9% + 25 cents
• In-person fee: 2.6% + 10 cents
• Keyed-in fee: 3.5% + 10 cents
• ACH processing: $25 per month for 25 transactions, 25 cents for each additional, or 1% for certain platforms
• Chargeback fee: $25–$100

Chase’s Orbital Virtual Terminal lets you save customer data including card information to use again. (Source: Chase)

• Multiple virtual terminal options: Chase lets you have a choice of virtual terminals. If you prefer to use Authorize.net with Chase, you can start accepting payments over the phone. However, Chase has its own—Orbital Virtual Terminal.
• Native virtual terminal with shipping management: Orbital lets you process purchases and refunds and allows splitting of shipments, something we did not find in other virtual terminals, but which makes it well-suited for sales that might need a deposit.
• B2B payment processing: Unlike many virtual terminals on our list, Chase supports Level 2 and Level 3 card processing, which can get you better rates if you qualify. You may also be able to process international currencies and electronic checks like PayPal. All you need to do is discuss this when setting up your account. Learn more about B2B payment processing.
• Free same-day funding: With a Chase bank account, you can get your funds the same or next day. Square charges extra for this, while PayPal will send money immediately but only to your PayPal account.

Every Shopify ecommerce account comes with Shopify Payments, and transaction fees vary depending on your subscription plan. Unlike Square, this provider supports working with other payment processors/payment gateways, although Shopify does charge commission fees. Pricing starts at $5 for those who prefer to sell on social media (without a website), but you will need a plan upgrade if you intend to process multicurrency and B2B transactions.

• Monthly fees:
  • Starter: $5 (sell only through social media messaging)
  • Basic: $25 billed monthly ($19 billed annually)
  • Shopify: $65 billed monthly ($49 billed annually)
  • Advanced: $399 billed monthly ($299 billed annually)
• Transaction fees:
  • In-person: 2.4% to 2.7%
  • Online/ Keyed-in: 2.4% + 30 cents to 2.9% + 30 cents
  • Cross-border fees: + 1.5%
• Chargeback fee: $15 refundable

Shopify’s virtual terminal can accept credit card payment options and can be customized to include itemized products.

• Purchase orders payment processing: Draft orders are used to create and send customer invoices. Shopify’s invoicing feature can be set up as one-time payments or recurring (for subscriptions) and list itemized costs for shipping, taxes, discounts, and more on top of the product cost. You can also add a secure payment link in case customers decide to pay for the items themselves.
• Manual payment methods: Shopify supports manual payment methods for non-credit card payments such as cash, bank transfers, gift cards, store credits, and more. Merchants can send payment instructions to customers with the invoice, which can be manually approved from the Shopify Admin once the merchant confirms the payment is received.
• Multicurrency payment processing: Shopify supports multicurrency payments so merchants can receive their sales based on their primary business currency regardless of where the customer is located. Merchants subscribed to a higher Shopify plan can manually set the exchange rate. It charges a 1.5% currency conversion fee on top of the regular transaction fees.
• Social media payment processing: For merchants who prefer to sell on social media, Shopify allows you to design and share your product page on multiple social media platforms like Facebook, Twitter, and Instagram. You can also share your product page (and receive payment instructions) through instant messaging apps.
• B2B payments: B2B payment processing is available on the Shopify Plus plan. Merchants can create draft orders and send invoices with payment links and payment instructions (for payment methods other than credit cards), or accept payments via virtual terminal.

PayPal takes a big hit for not processing ACH payments and imposing additional fees for invoicing and recurring billing tools and chargeback protection. It charges $30 per month for use of the virtual terminal, which pales in comparison to Square as it offers similar tools (POS, payment processing) for free.

However, Square’s transaction rates are slightly higher, with PayPal offering 3.09% + 49 cents per transaction for standard virtual terminal rates. It also offers a discounted transaction fee of 2.39% + 49 cents for nonprofits.

• Monthly fee: $0–$30
• Standard card-present fee: 2.99% + 49 cents
• Virtual Terminal fee: $30 per month plus
  • Standard: 3.09% + 49 cents
  • Charity: 2.39% + 49 cents
• Payment Gateway (Payflow): $0–$25/month
• Recurring Billing: $10 per month
• Invoicing: 3.49% + 49 cents
• Chargeback Fee: $20
• Chargeback Protection: 0.4%–0.6% per transaction

You can use PayPal’s virtual terminal to send invoices on desktop or mobile. (Source: PayPal)

• Free POS integrations: PayPal’s virtual terminal is a simple tool, but the system itself gives you access to a lot of free tools, such as the free POS software, Zettle, and its mobile app.
• Third-party integrations: The virtual terminal does not integrate with PayPal’s POS solution, limiting its ability for inventory tracking or itemizing sales. That said, you still have access to these tools through PayPal and a multitude of other third-party apps.
• International payment processing: One of PayPal’s strengths is its international reach—200 currencies, with international exchange. It also comes with an application that lets your customers make installment payments rather than paying in full. Combine all these with international payment processing, and you have a system that can take payments in any currency and through any venue.

Payline has a monthly fee (with a one-month free trial) and, in return, offers low interchange-plus pricing. The fees run $20 for online transactions and $10 for in-person transactions. The virtual terminal has a one-time fee of $10, after which it costs nothing.

For online and virtual terminal sales, it charges interchange + 0.75% + 20 cents. Compare this to Payment Depot, which has only an 8 cents to 18 cents transaction fee but a higher monthly membership.

Payline stands out from the rest, however, in its special pricing for medical facilities, nonprofit organizations, and educational institutions.

• Transaction fee for medical: Interchange + 0.2% + 10 cents
• Transaction fee for nonprofit, educational: Interchange + 0.1% + 10 cents

The Payline Data website says it provides payment processing for high-risk businesses adding a 0.1% per transaction fee; however, according to a Payline rep, it actually refers high-risk merchants to PaymentCloud, which is on this list.

The Payline virtual terminal can be accessed on the web or mobile.
(Source: Payline Data)

• HIPAA compliance: Payline Data services a wide range of businesses but has a particular focus on the medical industry, with HIPAA-compliant tools, ACH transfer, and special pricing. It also has special considerations for nonprofit and educational services
• Multiple virtual terminal options: Payline Data offers a credit card virtual terminal through CardPointe, NMI, Transax, and Authorize.net. All provide tokenization and PCI compliance. Some offer customer management and allow for subscriptions, recurring payments, and electronic invoicing.
• Nonprofit payments processing: As a HIPAA-compliant payment processor, Payline is equipped to protect patient data, something we did not see in other virtual terminal software. Nonprofits and educational services can benefit from the ACH transfer capability.
• Fraud and chargeback protection: Payline Data also comes with strong fraud and chargeback protection (through Verifi). In addition to data to help you discover fraudulent transactions, it alerts you to chargebacks faster and gives you 72 hours to resolve the dispute before it becomes a chargeback.

The best thing about Payment Depot’s price is that there is no percentage markup. You only pay a flat fee of 8 cents to 18 cents per transaction, plus the interchange price that every processor charges. No other virtual terminal on our list does this. (Some, like Square, Chase, and PayPal, fold the interchange charge into their rates.)

If you process high-dollar-value transactions, you could save thousands of dollars. It also offers a calculator to help you determine how much you’re paying. Note, though, that Payment Depot now only has one subscription plan ($79) for merchants processing up to $21,000 per month. These are the highest monthly fees of any option on this list, but plans include a free virtual terminal and may also include equipment.

Payment Depot offers several virtual terminals, depending on the plan you purchase. Shown here: Authorize.net.
(Source: Authorize.net demo)

• Highly compatible with most virtual terminals: Unlike most of the products on this list, Payment Depot does not have its own virtual terminal, but gives you a choice of several such as Authorize.net, SwipeSimple, PayTrace, and NMI.
• B2B payments processing: While we prefer Chase Merchant Services for B2B sales, Payment Depot also offers credit card processing with Level 2 and 3 rates through PayTrace.
• Business management integrations: Payment Depot itself integrates with QuickBooks, POS systems, and other software. It also provides merchants with POS equipment reprogramming for free.
• Responsive customer support: We give Payment Depot kudos for customer support. I sent a question via the contact form and got a call minutes later. The support person was friendly, helpful, and did not try to hard-sell me anything. Other FSB reviewers have had similar experiences, and the user reviews also call out the great service.

PaymentCloud is the only virtual terminal provider on our list that does not have any publicly disclosed pricing. However, this does not come as a surprise—most high-risk merchant account providers do not disclose pricing because rates are customized to each business.

A quick call with a PaymentCloud representative, however, gave us an overview of typical rates:

• Monthly fee: $10–$45
• Virtual terminal: $15–$45 per month
• Medium-risk transaction fee: 2.3%–3.4%
• High-risk transaction fee: 2.7%–4.3%
• Payment gateway fee: $15 per month (average)
• Chargeback fee: $25
• Early termination fee: Waived

It negotiates with its partner banks to get you the best rates it can, and even adjusts its fee structure to match your needs; plus, it does not charge application, setup, or annual fees.

Aside from credit cards, PaymentCloud also accepts electronic check payments and credit and debit cards (like PayPal and Chase). Some of the virtual terminals on our list, like Square and Helcim, process ACH transfers instead.

PaymentCloud includes recurring billing and invoicing. (Source: PaymentCloud)

• Advanced payment security tools: Advanced security is one key feature of PaymentCloud’s virtual terminals. It provides PCI compliance, fraud protection, data encryption, and multiple security verifications such as Visa 3D Secure, Mastercard SecureCode, JCB International J/Secure, and American Express SafeKey.
• Simple invoicing features: PaymentCloud can process credit card information but does not let you ring up itemized sales. You can use it to send and accept invoice payments, set up recurring transactions, and send digital receipts.
• CRM integrations: The platform is also specifically designed to connect with CRM software like Salesforce, unlike most providers in our roundup.
• Requires application and approval process: Note that the signup process can take longer than other virtual terminals, such as Square or PayPal, which are sign-up-and-go, but that’s because of the nature of being a high-risk business. However, you can be assured that PaymentCloud will assist you through the application process to make sure you have all the documents needed to get approved by one of its partner banks.

A virtual credit card terminal offers several payment processing conveniences. It does not require specialized hardware and is accessible through a web-based platform (computer or mobile device). Additionally, it is secure and PCI-compliant. A virtual terminal can accept all types of payment methods, including invoicing, and can integrate with shopping cards, websites, and CRMs.

If you often accept payments online, over the phone, or via email, and prefer not to invest in additional hardware, then a virtual terminal may be your best option.

Virtual terminal transaction fees are higher than in-person transactions, though—it’s usually 3.5% plus 10 cents–15 cents per transaction. Also, some processors will charge a monthly fee for virtual terminal software (different from the monthly account maintenance fee). However, the best merchant accounts offer virtual terminals for free, so you just pay a processing fee.

Yes, all built-in virtual terminals in our list observe PCI compliance for accepting online payments as well as payments over the phone. Credit card information is encrypted as soon as it is encoded on the virtual terminal and the system ensures that none of the keyed-in data is saved.

Here is how payments are completed through a virtual terminal:

1) Customer calls over the phone, sends an email, or contacts through instant messaging; 2) Merchant accesses customer’s invoice from the dashboard to set up payment; 3) Merchant keys in customer’s payment information for the invoice; 4) The payment processor encrypts the payment details and gets real-time approval to complete the transaction; 5) The merchant sends a digital receipt to the customer to confirm the payment.

Some virtual terminals are equipped with multicurrency and/or currency conversion. If your provider accepts international payments online, it’s likely that it can also accept the same on the virtual terminal. Note, however, that some impose additional fees on top of the cross-border fee passed on by the card network.