Merchant Account Virtual Terminal Explained:
What is a Virtual Terminal? A virtual terminal is a web-based application that allows merchants to accept credit card payments using their internet-connected computers. Like the traditional credit card terminals that you see at most retail stores, virtual terminals can accept both swiped and keyed transactions. In order to accept swiped transactions, merchants must use a virtual terminal that is compatible with a card reader that plugs into the computer’s USB port.
Virtual terminals offer many advantages over physical terminals such as the ability to access them from any computer, no equipment leases, real-time processing, tracking and reporting, recurring billing and employee sales monitoring, and many other dynamic features. Virtual terminals are best for office/call center businesses (non-profits, mail/telephone order, etc), small retailers (jewelry stores, furniture stores, etc), professional services (doctors, beauty, etc), and multi-location businesses.
There are many different companies that supply virtual terminals and they can be used with a prepackaged merchant account, or paired with other third-party processors.