A Payment gateway is used for online purchases. Web developers integrate payment gateways into websites and typically with shopping carts. Payment gateways allow customers to enter their cardholder information and complete their online payment and purchase transactions. When using a payment gateway solution, your customer is responsible for entering their payment information to complete their online purchase and payment transaction.
A Virtual terminal allow's merchants to process payments anywhere they are located over the internet and through any web browser. When a merchant uses a virtual terminal they are physically typing in or swiping their customer's cardholder information to complete the purchase and payment transaction.
Both a virtual terminal and a payment gateway are Internet based. Many virtual terminals also act as payment gateways allowing merchant's the flexibility to sell online and take payments over the phone or in person. All of our virtual terminals provide the flexibility for merchants to have an all in one solution for online sales and over the phone or in person sales.
Both virtual terminals and payment gateways require you to establish a merchant account. In order to complete the backend processing of each transaction and move your customer's money into your bank account, you also need to establish a merchant account. MONECK provides merchant accounts that work with both virtual terminals and payment gateways.