In the rapidly growing e-commerce sector, using a virtual POS system is essential for accepting online payments. A virtual POS enables businesses to receive payments securely and quickly through methods like credit and debit cards.
How to Apply for a Virtual POS?
Businesses wishing to apply for a virtual POS typically do so through banks or payment institutions. In Turkey, many banks and payment service providers offer virtual POS services. Applications can be submitted by filling out an online form on the provider’s website or directly visiting their branches. Businesses are usually required to provide several documents during the application process. These include:
- Tax registration certificate
- Company incorporation documents
- Activity certificate
- Commercial account information
Additionally, having an SSL certificate for your website is often a security requirement.
After submitting the application, the bank or payment provider evaluates your website and business model. They check whether your website has adequate security measures and whether your commercial activities comply with legal requirements. Once approved, the virtual POS is integrated into your website, enabling secure payments from your customers.
What Are the Commission Rates for Virtual POS?
Banks and payment providers charge a commission fee for offering virtual POS services. Commission rates vary depending on factors such as transaction volume, the number of installments, and the business sector. Generally, virtual POS commission rates range between 1.5% and 3.5%. Businesses with higher monthly or annual sales volumes may qualify for discounted rates.
For upfront payments, commission rates are typically lower, while installment payments have higher rates. The more installments offered, the higher the commission rate.
For example, upfront sales may incur a commission rate of 1.5% to 2.5%, while installment sales may range from 2% to 3.5%. Some payment providers may also charge a fixed transaction fee or offer more competitive rates for high-revenue businesses.
Why Should You Use a Virtual POS?
Using a virtual POS provides numerous advantages for e-commerce businesses. Firstly, it improves the shopping experience by offering customers a secure payment method. Providing secure payment options increases customer confidence in online shopping, leading to higher sales. Additionally, a virtual POS allows businesses to accept various payment methods (credit cards, debit cards, etc.), expanding their customer base and boosting purchase rates.
Virtual POS also saves time for businesses. Online transactions occur instantly, accelerating cash flow. Payment processes can be easily tracked and reported, making financial management more efficient. Working with multiple payment providers can also help businesses reduce costs by offering competitive commission rates.
Opening a virtual POS is a significant step for businesses operating in the digital world. Applications made through banks or payment providers can be processed quickly, provided the business meets security and legal requirements. Commission rates vary based on the industry and transaction volume, so choosing the most suitable solution for your business is crucial. By offering secure and convenient payment options through a virtual POS, you can support your business growth and increase sales.