Due to the innovation in payment methods virtual POS systems are the new thing in town and it is always up for sudden changes.
The Virtual POS is a Windows based software application that provides necessary features to process credit and debit card transactions in a quickly and easy manner, in environments where cards are not present.
Is there a difference between a virtual terminal and a payment gateway? The payment processing industry has plenty of jargon you may not be familiar with and –as it was expected- people are often confused. So the most common entities in payment methods virtual and terminal payment gateway.
What´s a virtual terminal? Well, this is an Internet-based facilitator of electronic payments that allows you to key in and process transactions using any computer (or smart device) with an Internet connection. These terminals can come with a host of smart options and they should allow real-time validation of transactions, insightful reporting, recurring transactions, and automatic recollect to reattempt the collection of insufficient funds.
Now, a payment gateway enables the route to and from the processor. It takes the data from the virtual terminal, verifies its accuracy, and hands it off to the processor. These gateway is integrated into your website, typically used with a shopping cart and checkout solution. A payment gateway without a virtual terminal can also capture and process transactions, but it will only work from the customer’s end and through your website.
Processing payments will need a payment gateway with your solution so that data can be taken to the processor.
Many people find this to be a headache. But, take this into account, for all electronic payment transactions, a payment gateway is required.