A virtual terminal is a payment processing software program that sends information digitally to allow you to do transactions from your business through a computer. It is convenient because you can access this from anywhere in the world as long as you have an Internet connection. This is non-traditional because it really is virtual. These do not apply to storefronts where you have a machine to swipe a credit card through (a card reader).
Whether your business is online, a storefront or both you can use a virtual terminal through your computer. This just allows your financial institution to communicate and transfer data with your customers financial institution. The virtual terminal is just like a card reading machine in that you can receive payments and issue refunds. These terminals can even be used with wireless devices so that you can be at outdoor venues and still accept your payments (like fairs, sporting events, concerts and more).
There are a lot of companies that offer virtual terminals for payment processing. More and more this is becoming popular because the virtual aspect of payment processing is so versatile.
PayPal is one company that offers a virtual terminal and it is a name that your customers will trust. The greatest part about PayPal besides how easy it is for customer and merchant is that you can accept all forms of payment, you are not limited to credit cards.
Google Checkout is another Internet based payment processing company that offers the virtual terminal option. Google also allows you to accept all forms of payments and is integrated with your other Google accounts.
Authorize.net allows the ease of online and offline payment processing. They understand that you may have mail order, telephone order, storefront, and online payments. This great company also allows you to be a reseller so you can make money online with this resource.
There are many more companies that offer this service. Depending on your needs and what you are willing to pay you will have to choose which company fits yours.