What is a Virtual Terminal?
A virtual terminal is an Internet-based portal used for processing card transactions. Brick-and-mortar Merchants may use an online payment gateway to process card transactions online without a POS terminal or card processing software. Online Merchants must have an online payment gateway to enable their business for eCommerce. This is also called an Online Payment Gateway.
Electronic Merchant Systems Payment Processing Glossary :
Defining key payment processing and merchant services industry terms to help business owners make better decisions.