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Home What is an example of a virtual merchant account?
31 Aug 2022 By PAYCEC
Another type of business bank account that can accept payments from online customers is a virtual merchant account. Virtual terminals are web-based apps that do not require additional software that is connected to virtual merchant accounts. Any computer that has internet access can build a virtual terminal. Unlimited virtual terminals are included with virtual terminal merchant accounts.
A business must collaborate with a merchant acquiring bank or card processor, which oversees all communications linked to an electronic payment transaction, in order to use a virtual terminal system. In actuality, virtual payment terminals function in a manner akin to physical ones. The main distinction between them is that one manages credit card payment processing at a physical location, and the other works online.
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