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A 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”).
Virtual terminal software functionality: See if the merchant provider app requires a card reader for in-person sales and if it offers POS features. Look for must-have tools, like emailing or ...
Square Terminal features a display, prints receipts, and accepts chip, swipe, and contactless payments. [42] Unlike the basic card reader, it does not require a phone or tablet. It is more affordable than Square Register. It was designed to replace the older credit card terminals encountered in many stores.
Payanywhere’s payments platform allows merchants to accept credit and debit card payments on a smartphone or tablet (Storefront) while also enabling them to view reporting, send and receive invoices, accept online payments through a virtual terminal, and manage employees, customers, and inventory.
The gateway usually has 2 components: a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or b) have the website's shopping-cart connect to the gateway via an API to allow for real-time processing from the merchant's website.
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