VirtualTerminalNetwork

Is a revolutionary virtual/Mobile payment network designed solely for the developing economies,Keeping emerging markets in mind by not requiring expensive and impractical payment initiatives of the yester years.

Through Graphcard, VTN  is the only US. based online payment processor, that opened its gateway to Nigerian in 2004.

VTN has been serving Nigeria’s ecommerce needs via an online payment solution for the past three years and has grown to help develop and power the country’s e-government channels, connected to 25 Banks on the InterSwitch Network.

In addition, VTN-Graphcard  has been providing online payment solutions to the underserved in over 100 countries.  VTN’s hybrid Web/Mobile payment network will be launched in October 2007.
VTN is a world-class payment system that will help promote a more economically efficient payment channel in Nigeria while maintaining the ease of access and  real-time  settlement of funds.

VTN is designed to:

Be a robust electronic payment system to settle Person-to-Person payments securely and easily.

Displace widespread cash usage in Nigeria with an efficient world-class payment solution that takes advantage of the culture’s existent and increasing use of GSM phones and other existing infrastructure.

Be an open platform where other banks can connect easily and benefit immensely

VTN takes advantage of Nigeria’s widespread usage of mobile phone networks and other existing technical infrastructure while avoiding heavy dependence on costly and advanced systems with huge maintenance that may inhibit usage in the rural areas of Nigeria, a developing country.

VTN allows for inter-operability competitiveness while providing account users and merchants nationwide access to its extensive financial institutions and agents.

The following are the Benefits of VTN, 


VTN provides cost effective real-time authorization allowing instant settlement of funds

With VTN, the already available GSM phone and computer connected to the Internet is the POS of the future.

Hybrid Web/Mobile payment platform allows account holders to access funds nationwide so that their money follows them wherever they go

No dependence on card usage/card transactions, just simply access via the internet or GSM phone  - easy, single step transaction

VTN uses the existing mobile phone network infrastructure to execute transactions nationwide

Securely settle person-to-person transactions, bills/utility payments, and recurring payments with immediate confirmation via email or SMS

Allows citizens of Nigeria living abroad a way to send money home by directly depositing funds into their family’s VTN account

Theft protection/safe cash storage & withdrawal, plus secure payment platform within the VTN extensive network

Simple and secure 2-step process in withdrawing cash from any financial institution, agent or merchant in the VTN network

No software needed, easy set-up and no cost

VTN’s previous experience in Nigeria for the last three years has led to the facilitation and successful knowledge interchange in online payment solutions

VTN is three years ahead of any payment solution provider in Nigeria.

Funds Movement and Settlement

There will be one main account, which account holders will be able to manage via the VTN network and not via the separate agents or financial institutions in the VTN network.

Each VTN account will instantly be debited and credited as required per each transaction in real-time.  All transactions will be completed in Nigeria’s local currency (Naira).

VTN allows the inflow of workers remittances by allowing citizens abroad to deposit funds into their family’s VTN account.

Commissions per transaction are shared by:

VTN
Acquiring Bank
Agent/Financial Institution

In order to prevent abuse, VTN will set the ceilings for collection and payout fees to prevent abuse, while assuring a competitive price and high quality of service to VTN Merchants and Account Holders.

All Agents must deposit collections to the acquiring/processing Bank on a weekly basis.
For more information contact
                               e-mail                          info@virtualterminalnetwork.com
                                                                   support@virtualterminalnetwork.com
                                                                   global_errands@yahoo.com

                                                                    www.ErrandsAfrica.com
                                                                    http://abujaerrandsservices..com/


                                            Tel Number      +234 803 854 9349
                                                                    +234 802 752 4451
                                                                    +234 803 328 6658