Virtual terminals are used to accept credit cards online. Many online businesses use virtual terminals when accepting payments for whatever they are selling online. Virtual terminals are practical and if you are an online business owner, it is essential to buy one. There are a couple of steps showing how to get a virtual terminal.

First off, you have to apply for a merchant account. You will not receive a virtual terminal until you have been approved for a merchant account. Then you must show proof of business license and a business checking account, and an estimate of how much you will be making on the application. Next it is convenient to install a shopping cart application to go along with your virtual terminal. If you choose not to install a shopping cart, you need to figure out another way to record your customer’s orders and translate it to collecting the credit card information as well. Once your application for a merchant account and virtual terminal has been approved, you can begin using your virtual terminal effectively.

If you choose to open an online business without a virtual terminal, you have to enter all of the credit card information by hand, or you need to install an online form for your customers to enter it themselves. When using a virtual terminal, the essential information needed is name, credit card number, and expiration date, while other information such as address and phone number may be useful for you. Virtual terminals are very practical and effective when opening an online business.