Virtual Terminal
If a payment provider provides a merchant with a special website that can be used as a checkout, this is referred to as a virtual terminal. Its use saves the merchant from having to have its own checkout system. Furthermore, a virtual terminal acts as a connection to the service provider, for example, the payment service provider.
Possible uses for a virtual terminal
The user interface of the terminal is Internet-based and can be used in various areas. In general, a virtual terminal is used to accept and verify payments without the payer’s signature. An internal risk management check secures the payment. Whenever purchases take place in an online store, a virtual terminal provides indispensable services in the areas of processing and monitoring.
What a virtual terminal can do
A virtual terminal can be set up on any PC with an Internet connection. This means that transactions can be processed promptly via the Internet, while other functions enable many processes relating to payment and the checkout system to be handled. For example, a virtual terminal can be used to initiate one’s own transactions, and processes can be automated. Furthermore, it is possible for the merchant to get an overview via transaction reports. Good systems also offer the possibility of writing transaction histories graphically and statistically. With the help of an API interface, a wide variety of systems can be integrated. In addition to the possibility of automation, payments or payment data can also be entered manually. This becomes necessary, for example, when customers place orders by phone, fax or mail and want to pay by credit card.
Virtual terminal with secure data transmission
As with other banking applications, secure encryption is generally used for virtual checkouts. This largely minimizes the risk of data theft and loss. To further increase transmission security, special procedures such as “Verified by Visa” or the “Mastercard SecureCode” can also be used or offered. A good virtual terminal is also operated by the provider with redundant systems so that availability is guaranteed even at peak times. To ensure maximum security, users should log out of the virtual terminal when they leave the computer and check their password at regular intervals. It goes without saying that for this sensitive area in particular, the PC must have maximum protection against viruses and harmful software.
