Virtual POS Terminal from a Bank
Every third question we receive regarding the creation of an online store is related to the ability for customers to pay with debit or credit cards.
In almost 90% of cases, the client tells us which bank they have their business account with. Almost always, we end up recommending the reasonable choice of integrating Stripe’s payment system. However, if you prefer not to use such a payment system, you can opt for a virtual POS terminal from one of the Bulgarian banks.
Unicredit Bulbank
UniCredit Bulbank is perhaps a good option for issuing a Virtual POS terminal.
UniCredit can quickly and easily issue a virtual POS terminal for you, and you can use currencies in EUR, USD, and BGN.
The cards accepted for payments in online stores are Visa, V PAY, Visa Electron, Mastercard, Maestro, and Diners Club International, with payment authorization typically completed within 1 business day. The payment system for all Bulgarian banks is managed by BORIKA. BORIKA AD has developed a plugin for WooCommerce, which you can download here.
When accepting card payments online, the EMV 3DSecure protocol is applied, through which cardholder authentication is performed (via password entry or biometric authentication). This ensures a high level of security for cardholders and protection for merchants against disputed payments.
To integrate payments with the BORIKA AD system, you need to have the credentials for your virtual POS terminal issued by UniCredit. The bank should provide you with the necessary information to complete the following fields:
- Merchant Identifier (MID)
- Terminal Identifier (TID)
- Private key
Keep in mind that the bank partners with SaaS platforms that are not suitable for startups, small, and medium-sized businesses.
Recently, many businesses have been migrating away from such systems towards WooCommerce, which gives you full ownership rights. If you decide to use a virtual POS terminal through UniCredit Bulbank, don’t fall for attempts to steer you towards platforms like Sellavi or, especially, CloudCart.
First Investment Bank (Fibank)
Fibank (First Investment Bank) is the best option for issuing a Virtual POS terminal.
The conditions offered by First Investment Bank are really quite good, especially for startups. So, how are they better and more adaptable?
- Free Activation of a Virtual POS Terminal
- No Terminal Device Maintenance Fee
- Free Technical Support
- Free Issuance of a Business Debit Card for the POS Terminal Account
- Timely Reports with Detailed Information on Card Payments
- Free Electronic Statements for the Account
If you’ve decided to use a Virtual POS terminal from a bank, we recommend the services of Fibank.
It offers a very fast and easy integration with WooCommerce, and it saves you a significant amount of fees that other banks may charge.
The payment system for all Bulgarian banks, including Fibank, is managed by BORIKA. BORIKA AD has developed a plugin for WooCommerce, which you can download here.
DSK Bank
DSK Bank is also one of the innovative banks, not only for offering a Virtual POS terminal.
The bank has put a lot of thought into attracting new customers. On the page for the virtual terminal service, they have included a query form or the option to request the service directly online. What are the advantages of DSK Bank? …Let’s take a look:
- No Installation Fee and No Annual Maintenance Fee
- Ability to Make Online Payments 24/7
- Commission is Negotiable
- Quick and Easy API Integration via the DSK Bank Portal
- The Payment Terminal is Available in 11 Languages
- Ability to Make Payments in Different Currencies - BGN, EUR, USD, GBP
It’s worth noting that DSK Bank also offers the option to make payments in GBP, which was not mentioned by the previous two banks. It’s unusual that the commission is negotiable, but this could be a positive aspect. The bank provides an example: if the agreed commission is 1.2% of the transaction, this means that for an order of 100 BGN, the bank will charge you 1.20 BGN. However, there is an interesting new feature on the bank’s website that has almost become a must-have for online stores.
Payment with a Digital Wallet for iOS and Android via the Virtual POS.
Virtual POS Terminal from a Platform
What do we mean when we say platform or payment system?
Such payment systems include Stripe, PayPal, and others. We often recommend that our clients use the integration with Stripe. Yes, it’s not a Bulgarian banking institution. Stripe and PayPal are international payment systems that offer security, adaptability, and high standards. Let’s take a look at a few integrations, and you can decide for yourself which one is best for your business!
Virtual POS Terminal - STRIPE
Stripe is an international payment system chosen by some of the largest companies in the world for their sales.
Among them are ChatGPT, Amazon, Google, AirBNB, Booking, BMW, and many others. Do you think the companies mentioned above are wrong in their choice of payment provider?
Let’s take a look at what Stripe offers that makes it so popular:
- Free Account
- Quick Integration with WooCommerce in 1 Hour
- Payment Dashboard
- Automations
- A payment method that provides security and builds trust
- Ability to make payments in multiple currencies - over 35 currencies
- Payments via link, QR codes, Google Pay, Apple Pay, cryptocurrency, and more.
- Ready Solution for WooCommerce by Stripe
There are requirements for using Stripe.
The most important one is that before starting the integration of Stripe with your new WooCommerce store, you need to prepare a few documents. You’ll need a document proving that your business is registered in Bulgaria, as well as an ID card of the person creating the account on the Stripe platform.
You have the opportunity to take advantage of a ready-made solution for integration with WooCommerce, developed and maintained by the company. This guarantees that everything is polished to the last detail, with security as the top priority—exactly what you need to ensure your customers that their card data is 100% protected.
Unlike Bulgarian banks, which claim to negotiate commission fees, Stripe has fixed and officially announced rates, which gives you peace of mind from hidden fees and misleading percentage dividends. For the actual rates, you can check directly on Stripe’s website here.
Stripe is the obvious choice for store owners looking for a quick and secure integration for their WooCommerce store.
Why? Because Stripe not only offers an intuitive solution but also ensures that every step of the process is optimized for maximum security and ease of use. Unlike traditional methods of integrating with Bulgarian banks, which may require complex procedures and paperwork, Stripe offers a much easier path to success.
Here are a few reasons why Stripe is the right choice for your online store:
- Easy and Quick Integration
With Stripe’s integration for WooCommerce, you can start accepting payments in just 1 hour. There’s no need for complex steps or waiting for approval. The installation is simple and intuitive, and the ready-made WooCommerce solution ensures everything works smoothly without unnecessary hassle. - Maximum Security and Trust
Stripe uses the latest technologies to protect payments, including encryption and a real-time fraud monitoring system. This means that your customers can shop with peace of mind, knowing their data is 100% secure. You don’t have to worry about potential vulnerabilities that may arise with more complicated and expensive banking solutions. - Transparent Fees and Terms
While some banks in Bulgaria may promise favorable conditions, this often comes with unclear or hidden fees that can unexpectedly surprise you. With Stripe, everything is transparent. The fees are clearly stated, with no unexpected additional costs. This allows you to plan your budget confidently and focus on growing your business without worrying about hidden commissions. - Reliability and Global Support
Stripe is a platform trusted by industry leaders such as Amazon, Google, BMW, and Airbnb. When these companies choose Stripe, they know they’re getting not only reliability but also excellent global support. You can also benefit from this global expertise and professionalism by choosing Stripe for your WooCommerce store. - Over 35 Currencies and a Variety of Payment Methods
Stripe supports payments in more than 35 currencies and offers a wide range of payment options—from credit and debit cards to Google Pay, Apple Pay, and cryptocurrencies. This makes purchases easy and convenient for your customers worldwide, increasing the chances of successful sales.
Why deal with banks when Stripe is available?
Instead of wasting time and resources negotiating with banks and trying to understand their terms, choose Stripe – the simple, secure, and efficient solution that is easy to set up and maintain. Sign up today and enjoy all the benefits Stripe can offer, making your online store more secure and competitive.
Virtual POS Terminal - PayPal
PayPal is also an international payment system, primarily used by online stores in countries where the currency is supported. However, if you are planning to create an online store for Bulgaria, PayPal is not the right solution for you, as it does not support BGN as a currency.
The supported currencies are as follows:
- Australian Dollar
- Brazilian Real
- Canadian Dollar
- Chinese Renminbi
- Czech Koruna
- Danish Krone
- Euro
- Hong Kong Dollar
- Hungarian Forint
- Israeli New Shekel
- Japanese Yen
- Malaysian Ringgit
- Mexican Peso
- …
- United States Dollar
Conclusion
Our conclusion is that the best choice for a virtual POS terminal is the Stripe platform. The great thing about Stripe is that it allows online stores in Bulgaria to integrate payments with WooCommerce, while ensuring that transaction data is sent through an XML file to the Bulgarian National Revenue Agency (NRA), as required by local regulations for eCommerce platforms.
If you need a secure and fast payment method integration for your WooCommerce online store, we are the right choice for this, as we have experience in integrating Stripe with WooCommerce even before they started supporting the BGN currency.
We choose Stripe because they are an international leader in payment systems!
