How to Get a Virtual POS without a Bank?

A POS (Point of Sale) terminal is a fundamental electronic system that facilitates payment processing to carry out sales for any business. Traditionally, these devices have been linked to banking institutions, which involved high fees, rigid structures, and complex bureaucratic procedures.

However, in the digital era, alternatives have emerged that allow entrepreneurs to access virtual POS systems, where fintech companies have gained prominence. These companies use technology to provide financial services in a faster way.

What is a virtual POS without a bank?

One of these emerging alternatives refers to online payment terminals without a bank. Virtual POS systems are a service that allows merchants to accept card payments, whether credit or debit, without the need for a traditional bank account.

In other words, these systems operate through online payment platforms that process transactions securely and quickly, without going through a bank.

Advantages of contracting a fintech virtual POS

Fintech companies offer modern payment solutions tailored to business needs, with features that go beyond what traditional banks usually offer:

Fast and digital process

The registration and setup process for a virtual POS without a bank is quicker than a traditional banking POS, thanks to being completed online without in-person paperwork.

Less bureaucracy

The chances of having your documentation validated are higher, and the approval process usually takes only a few days, avoiding the long waits typical of traditional banking.

More payment methods

In addition to cards, there are other payment methods such as instalment payments, Bizum, or PayPal, which may better suit your business needs and increase conversion.

Additional services

Payment providers offer multiple extra services that banks do not include, helping your business grow: payment links, QR payments, and subscription payments, among others.

Advantages of contracting a virtual POS with PaynoPain

Once you know the benefits of contracting a virtual POS without a bank, at PaynoPain we highlight some of the exclusive advantages we offer:

• Proven experience: more than 15 years working in the digital payments sector with companies from all kinds of industries.
• Maximum security: PCI-DSS compliance and Payment Institution Licence granted by the Bank of Spain.
• Support: 24/7 customer service thanks to our team, working on a platform faster than traditional banking solutions.
• Bespoke technological solutions: as a technology payment provider, we understand the complexities of certain sectors (tourism, microloans, etc.) and provide solutions tailored to their needs.
• Easy integration: our payment gateway easily connects with any ecommerce platform as we provide the most widely used plugins in the market (Prestashop, Woocommerce, Magento, Shopify, Odoo, among others).

Steps to contract a virtual POS for ecommerce

If you are considering contracting a virtual POS through a fintech such as PaynoPain, you’ll be glad to know the process is simple and completely digital, requiring the following steps:

1. Choosing the right provider: select a fintech offering the payment solutions your business needs: payment links, QR payments, and subscription payments, for example.
2. Online registration: register your company by completing the platform’s application form and submitting all required documentation to complete the KYC process.
3. POS setup: customise your checkout with your brand details, choose the payment methods best suited to your business, and activate your sales platform.

Once your virtual POS for ecommerce is approved, you’ll be able to process payments securely, quickly, and flexibly, tailored to your customers’ needs.

How does a virtual POS without a bank work?

Once this POS is installed for your ecommerce, its operation is quite simple. When a customer makes a payment through your virtual POS, the amount is processed via PaynoPain’s payment gateway. That amount is reflected in an internal balance, like a virtual wallet where you can check a detailed breakdown of all transactions and see which payments have been made.

Later, PaynoPain transfers that money to the bank account you previously linked, following the schedule agreed in your contract. This may vary depending on the conditions and nature of each business, as well as operational risk, ranging from D+1 to D+4. In this way, the process is fully automated and you don’t need to worry about any manual tasks to receive your transaction revenue.

Do you need to contract a virtual POS without a bank?

In summary, this independent virtual POS is a digital payment solution that works with a payment gateway independent of banks. Contracting this service with PaynoPain allows you to enjoy multiple additional advantages, with an online POS that is easy to set up.

If you need an online payment solution for small businesses, whether for a Virtual POS or physical POS, do not hesitate to contact us.