A virtual terminal merchant account is basically a web-based program and does not require any software to run. Any personal computer with internet connection can act as a virtual terminal for receiving payments. Virtual terminals connect to a hosted secure online payment processing service. Some of the benefits of using a virtual terminal are: it is simple to use, it uses your existing network, and you can use different currencies. Virtual terminals accept credit cards and debit cards. The virtual terminal merchant account is an agreement between a merchant and a payment processor. The merchant deposits funds into a bank account. These banks hold the money until the agreed amount is sent to the processor’s address. The processor transfers the funds from the bank account to the customer’s card or bank account. When a customer swipes their card to make a purchase, a signal is sent to the processing service which transfers the money to the designated bank account.

what does a virtual terminal merchant account offer

Virtual terminals offer fast, safe and easy online sales for ecommerce merchants and internet commerce companies. These merchants need a virtual terminal merchant account to accept electronic payments made via credit cards, debit cards and electronic checks. These payments are sent through secure online payment servers. For this reason, some virtual terminals are called ecommerce terminals. These servers are hosted by a third party. The virtual terminal merchant account offers the benefit of ecommerce merchant accounts without the need for extensive online infrastructure and software. It helps in online payments, while keeping a tab on payments and managing customer data. The virtual terminal credit card processing system also offers the facility of address verification. This allows users to check whether the email address provided by the client is genuine or not. If it is, the transaction is completed successfully. Another advantage of using virtual terminal merchant account is that they can process paper checks, which eliminates the need for costly counter surveillance. This also avoids the extra costs involved with printing receipts and supporting documents. This also allows virtual merchants to manage their receivables in a hassle free manner. This has made the virtual terminal credit card processing history very popular among customers. Apart from these benefits, there are a few other factors which need to be considered before selecting a virtual terminal merchant account. A good merchant should have a sound knowledge of the security systems available and he should be familiar with the best way to integrate ecommerce shopping carts into existing business infrastructure. Virtual terminals can easily be integrated with current systems so as to allow for seamless processing of credit and debit cards. They can also be easily integrated with your existing software applications. However, you need to do some homework before choosing a particular bank and the underwriting team offering you the service.