What Is A Virtual Terminal For Processing Credit Cards?

A virtual terminal for processing credit cards is a web-based application or software tool that allows businesses to manually enter and process credit card transactions without the need for physical card-present transactions or card-reading equipment like card swipers or EMV 

terminals. 

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Virtual terminals are commonly used for accepting credit card payments when the card is not physically present, such as for e-commerce, telephone orders, mail-order purchases, or when processing payments on behalf of customers.

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Security is a crucial aspect of virtual terminals. They typically incorporate encryption and security protocols to protect sensitive cardholder data and comply with Payment Card Industry Data Security Standard (PCI DSS) requirements.

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Virtual terminals are typically web-based, meaning they can be accessed through a web browser from any internet-connected device, such as a computer or tablet.

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With the help of a virtual terminal, users can manually input the customer's credit card information, including the card number, expiration date, CVV code (security code), and billing address.

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To authorize the payment, the virtual terminal sends the transaction information to the payment processor or acquiring bank for authorization. Once authorized, the transaction is either approved or declined.

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Next, virtual terminals usually generate electronic receipts or invoices that can be emailed to customers for record-keeping purposes.

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Some virtual terminal systems support the setup of recurring or subscription-based payments, allowing businesses to automatically bill customers at specified intervals.

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Virtual terminals can be integrated with various payment gateways, allowing businesses to connect to their preferred payment processors and accept multiple forms of payment, including credit cards and sometimes electronic checks (e-checks).

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Virtual terminals are handy for businesses that conduct card-not-present transactions, whether through e-commerce websites, over the phone, or through email. They provide a convenient and flexible way to accept credit card payments without specialized hardware. 

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