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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”).
PAX Technology S90 credit card terminal with a Visa card inserted.. A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly" [1]), is a device which interfaces with payment cards to make electronic funds transfers.
Unlike traditional point-of-sale setups, virtual POS systems eliminate the need for dedicated hardware, relying instead on software and internet connectivity. These systems are widely used across industries, from small businesses to global retailers, to streamline transactions and integrate with broader business operations with broader business operations.
The term "host card emulation" (HCE) was coined in 2012 by Doug Yeager and Ted Fifelski, the founders of SimplyTapp, Inc., to describe the ability to open a communication channel between a contactless payment terminal and a remotely hosted secure element that contains financial payment card data, to pay at the point-of-sale. [2]
In open systems, a virtual terminal (VT) is an application service that: Allows host terminals on a multi-user network to interact with other hosts regardless of terminal type and characteristics, Allows remote log-on by local area network managers for the purpose of management,
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed.At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment.
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Some of the most important advantages over the traditional modes of payment are: privacy, integrity, compatibility, good transaction efficiency, acceptability, convenience, mobility, low financial risk and anonymity. [1] This flow of ecommerce payment system can be better understood from the flow of the system below.