For example, a virtual terminal that is usually used at the office could be brought on the road for a tradeshow. Virtual terminals are frequently used in one location, such as a home office, but they can be used in different locations. With a virtual terminal, you can log in to your account to process payments and view reports from the terminal “dashboard” or menu. Virtual terminals are internet-based, meaning there’s no software to download, and the terminal can be accessed from any internet-connected computer. You can manually enter (key) card info or swipe it with an optional card swiper. Businesses enter the card details on behalf of a customer into a secure online form. What is a virtual terminal for credit card processing?Ī virtual terminal is a method of accepting credit and debit card payments using your computer. What type of businesses could benefit from a virtual terminal?.What’s the difference between a virtual terminal and payment gateway?.What is a virtual terminal for credit card processing?.The process is also known as card non-present transaction and includes entering the customer's card details into the virtual terminal to handle the exchange.Businesses that accept payments over the phone, by fax, or through mail orders can securely take credit cards using a virtual terminal, or a web-based portal using any computer with an internet connection. MO/TO are suitable for organizations whose customers are far away and therefore, are unable to present a credit or debit card physically. Virtual POS allows for MO/TO payments, also called Mail request/Phone request transactions. Some processors offer their merchants the use of a credit card vault to securely store their customers' card information. One alternative for merchants to having a repeat customer supply this information over the phone is to utilise a credit card vault. To verify this, the virtual terminal will often require the card security code to be entered, which the customer must supply. While the physical card need not be presented to the merchant (which would be impossible over the phone), the customer authorising the payment should still be in possession of the card. The payment data is then automatically sent to the payment processor to handle the payment. Unlike when accepting payment with a regular payment terminal, the presence of the payment card is not required. When a customer wants to pay with a card over the phone, a virtual terminal allows the person accepting payment (such as a call center agent) to enter the customer's credit card details to take a payment. They are called “virtual” terminals in contrast to the physical payment terminals used to process card payments when the payment card is present. JSTOR ( February 2023) ( Learn how and when to remove this template message)Ī virtual terminal is a software application (often a web application) for merchants which allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card (“card not present transaction”).Unsourced material may be challenged and removed.įind sources: "Virtual terminal" payment processing – news Please help improve this article by adding citations to reliable sources.
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