What is a virtual terminal?

A virtual terminal is a type of software application that can be used to process electronic payments, typically credit or debit card transactions, through a computer. It allows businesses to manually enter payment information on their computer instead of using a physical credit card reader.

Virtual terminals are commonly used for online or phone transactions, as they allow businesses to securely process payments without having to physically handle credit cards or have customers swipe their cards. They are also useful for businesses that operate in remote locations or have mobile employees who are often on the go.

To use a virtual terminal, a merchant needs a computer with internet access, a web browser, and a payment gateway account. As the transaction data is entered into the virtual terminal interface, it sends the information to the payment gateway for authorization and processing. Once the transaction is approved, the funds are transferred to the merchant's account within a few business days.

Overall, virtual terminals provide a convenient and secure way for businesses to process electronic payments without the need for physical payment terminals or card readers.