Virtual POS is a type of POS software developed to enable the companies that engaged in electronic commerce to collect the prices of the goods and services they sold over the internet by credit card.
Its comprehensive reporting system feature which is based on reporting all conducted transactions separately on the basis of time and process enables the merchants to control and manage their stores in an efficient manner.
What is Electronic Commerce?
Conducting the buying or selling of goods and services over electronic environment has created e-Commerce (Electronic Commerce) concept. The companies which have become more flexible with e-Commerce can meet the expectations and needs of their customers in a faster manner and have started to experience change on the global scale. E-commerce offers an opportunity to the companies to make sales to the entire world.
Advantages of Electronic Commerce for the companies
- Through internet, a new sales channel shall be provided to the companies.
- It expands the market and increase the customer potential.
- The companies can reach to the customers all over the world 7-days a week 24-hours a day.
- It increases both the customer satisfaction and loyalty through the fast and technological service being provided.
- It enables to the sale of goods and service to takes place in seconds.
- The cost of opening a virtual store in the internet is less than opening a physical store by comparison.
- It strengthens the image of the company and provides competitive advantage to the company.
- It enables the product development, product testing and identification of customer needs in faster manner; thus, the supply-side is able to act also faster against the demand-side.
- By means of an efficient promotion and unlimited access; the companies can achieve higher levels of sales volume with global consumer network.
- It decreases the costs associated with advertisement, shipping, product design as well as the production.
Advantages of Electronic Commerce for the customers of the company
- The customer can make shopping at any time in any place by connecting to the internet from his/her home, office or any location irrespective of time and place.
- Shopping online is fun and easy.
- The customer can choose the most appropriate product for him/herself between many products in the internet by making comparisons and complete the purchasing transaction quickly.
- The product that has been purchased by the customer is delivered to his/her address.
Virtual POS Integration Process in TEB
- The company prepares/designs the web site which will sell the services/products online.
- The company applies and submits its documents to our Branch; and the application received by the branch is reviewed by the relevant department.
- After the approval of the application, TEB Virtual POS Center calls the company and sends the required documents.
- The merchant is given training in the use of Virtual POS system.
- After conducting the tests, the Virtual POS becomes ready to service with its advantages.
How does Virtual POS work?
- The credit card holder enters to the merchant’s website on the internet.
- He/she chooses the services/products he/she wishes to purchase.
- When he/she completes shopping; he/she enters his/her credit card number, its expiration date and CVV2 code to pay the prices of the products/services he/she wishes to purchase online from the website.
- If the merchant system supports the 3D-Secure infrastructure, 3D-Secure password of the card holder is verified.
- The credit card holder’s information is transmitted to TEB system by TEB Virtual POS system in a secure environment.
- An online authorization is obtained by TEB and the authorization details are delivered to the company’s website.
- The credit card holder gets the result of the transaction through a message sent by the merchant.
- If the transaction is given an authorization, the transaction amount is credited to the merchant account at the end of the day.
Reminders on Virtual POS
- Although CVV code provides precautions to deter faked card information, the counterfeiting risk is not 100% mitigated.
- In order or ensure security of the transactions, it is required to be included in 3D-Secure system.
- The website that makes online sales must have an existing SSL certificate.
|What is 3D Secure
It is a security structure for transactions processed through the POS machine, similar to an authentication of signing a slip, which verifies the identity of the credit card holder and whether the transaction is actually conducted by him/her. This system, which has been developed by Visa and MasterCard to enhance the security of online transactions, directs the customer in any payment transaction to the website of the bank to which the credit card belongs and the approval process can be carried out by entering the password of the credit card (digital signature).
The Advantages of 3D-Secure System
- Advantages for the card holder In the 3D-Secure system, while the virtual payment transaction is carried out, the bank asks the card holder to provide the password of the payment which is known only by him/her, so that the identity of the card holder is verified. Thus, the use of cards by malicious people in the internet environment is prevented. In addition, a website which supports the 3D-Secure infrastructure is an indication that the company is a real merchant registered within Visa and MasterCard.
- Advantages for the merchant The card holder, while conducting the transaction, uses his/her 3D-Secure password and by this way he/she confirms him/herself as the real holder of that card. Thus, this reduces the possibility of any malicious use of e-commerce transactions in a significant manner as well as their chargeback possibility as a spending dispute. Thereby, it enables the merchant to save the costs to be incurred as a result of spending disputes.
|What is SSL Certificate
SSL is a technology developed by Netscape which enables information transfer in a secure manner. SSL provides solutions to three distinct security problems of authentication, encryption and data integrity. When the information received in the form areas are sent by using SSL, they are encrypted before they are delivered to other side. Thus, even if the information is captured by malicious people (hackers) while they are transmitted from the visitor’s web browser to the merchant’s web server, it shall be basically useless to the hacker.
Why the use of an SSL certificate is necessary?
While the customers fill out the registration forms in an e-commerce site, they normally provide their phone numbers, addresses and birthdate information but also, and most importantly, their credit card numbers. Data gathered from a standard form page are generally maintained as a plain text in database or as a text file. This method is dangerous and also shakes the confidence of the customer.
While the entered data is transmitted over the internet, it passes through certain interconnections. However, it is theoretically possible that a malicious person (a hacker) may infiltrate before the data is received by the target and capture the data. For this reason, the data must be protected and the SSL (Secure Sockets Layer) system was developed in accordance with this purpose.
TEB Secure Payment Page
TEB Secure Payment Page is a solution developed by TEB for the merchants who neither have an SSL certificate nor wish to bear the cost of getting an SSL certificate. When the customer completes his/her shopping and proceeds to the payment stage, he/she is directed to TEB Secure Payment Page; and the card holder affects his/her payment in a secure environment.
How can I apply for Virtual POS?
You can either apply to our branch nearest to you in person or fill out the Virtual POS Application Form and send to us.