When a customer wants to pay with a card over the phone, a virtual terminal allows the person accepting payment (such as a call center agent) to enter the customer's credit card details to process the payment.
To verify this, the virtual terminal often requires the card security code to be entered, which the customer must provide.
One alternative for merchants is to utilise a credit card vault, allowing repeat customers to avoid providing this information over the phone.
Virtual POS facilitates MO/TO payments, also called Mail request/Phone request transactions.
MO/TO are suitable for organizations whose customers are far away and therefore, are unable to present a credit or debit card physically.