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.
About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.
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