Virtual-terminal

Businesses seeking to accept credit cards to satisfy customer demand should obtain a merchant account, which is categorized based on business type like eCommerce, retail, or mail order/telephone, influencing pricing and processing tools. eCommerce businesses require virtual terminals and payment gateways, retail uses point-of-sale terminals, and mail/telephone can utilize either. Selecting the right merchant account type is crucial for businesses to efficiently process credit card payments based on their specific sales environment.

Virtual terminals are web-based tools provided by merchant account providers that enable businesses to process payments online. Key features include payment pages for manual transaction entry, recurring payment scheduling, and reporting tools for financial tracking. Merchants should consider the features of a virtual terminal, such as user management and reporting capabilities, when selecting a merchant account to ensure efficient payment processing.