12 Apr 2022 By PAYCEC
A virtual terminal protocol acts as the bridge between your website and your banking network, allowing secure payment data to flow back and forth. Virtual terminal protocol enables merchants to accept payments virtually anywhere they have Internet access, without the need for a card swipe or software installation.
Merchants who want to process customer payments online must have a virtual terminal protocol instead of a traditional physical POS to accommodate the shift in customer payment preferences. In simpler terms, when a customer purchases an item and makes a payment from an e-commerce platform, a virtual terminal protocol will help in the process by taking over the payment information, and sending a request to the customer’s issuing bank to initiate the transaction. The issuing bank then sends these funds to the merchant bank, who then deposits them into the merchant account. The status of the transaction will be sent as a notification to the merchant.
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