Virtual POS is the software-based version, with an enhanced level of security, of the physical POS devices used for card purchases at merchants, adapted for shopping over the internet.
Virtual POS is not issued to individual customers. It can be issued to sole proprietorships, commercial companies, or foundations and associations.
Can Virtual POS only be issued by banks?
It is not mandatory to work with banks in order to have a Virtual POS. Virtual POS service can also be obtained from companies that provide online payment services (Iyzico, PayU, etc.).
For a company to be able to use Virtual POS, integration between Virtual POS and the bank/payment service company must be established.
Virtual POS integrations are generally divided into 3D Secure and non-3D Secure integration. Integration is carried out according to the merchant's preference. Banks direct merchants toward 3D Secure integration in order to increase the level of security.
Banks generally have technical documents and process documents regarding how the integration is to be carried out. During the integration phase, these documents are shared with the companies and the integration is performed accordingly.
Virtual POS accounts do not all have the same authority with the bank, due to factors such as the company's sector code (MCC) and the company's status. Since refund transactions carried out through a virtual POS in particular are considered risky, refund authority is only granted to highly trusted companies.
So, is Virtual POS a paid product?
Yes, Virtual POS is a paid product. A membership fee at a certain rate must be paid for a Virtual POS obtained through banks or online payment service companies.
Is a commission charged on transactions made through Virtual POS?
During the Virtual POS application stage, an agreement is reached on a specific commission rate or a fund-holding period. According to this agreement, a certain commission is deducted from transactions made through the Virtual POS.
What can be done with Virtual POS?
- Online transactions can be carried out with a debit card or credit card.
- Online sales can be made to domestic or international customers.
- Installment transactions can be carried out through the website.
- Recurring payments, such as insurance payments, can be scheduled to enable periodic payment collection.
- Customers' card information can be stored securely, enabling customers to complete their purchases more quickly.
