Most of the people in the modern world nowadays prefer to make every purchase online. But have you ever thought about the various process and procedures involved in making payments? It involves virtual credit card terminals, payment processing, payment gateway, issuing and acquiring banks, and many more. This guide is all about virtual credit card terminals and reads ahead to know more in detail.

• As purchase is made, the sale process is ready for authorization and to capture the settlement. As the sale is a procession, the transaction is ready for automatic settlement. The transaction can also become invalid due to many reasons. The process must also include reversing the transaction and refunding the amount. If not the transaction process has to be completed being settled.
• Authorizing process is usually done to avoid any kind of unwanted distractions. The authorizing party will check for a sufficient amount available in the cardholder’s account. Then it would check the validation of the card including the expiry and other details. Finally, it also checks the account for any forgery with unauthorized card details. After all the checks, the authorization is completed checked for sufficient transaction funds and the next step is processed.
• As the authorization is processed and ready for the settlement of the amount, it is called capture. 
• Void is the process that can be done before the settlement of the transaction. The void is a simple process and to void any transaction, enter the transaction id directly in the void space available. This is done under the virtual terminal section.
• A refund is usually needed when the cardholder who had made the payment already is not satisfied with the purchase and wants to return it. The return and refund process is provided solely as per the decision of the merchant. Total refund or partial refund is also the choice of the merchant. One can refund the transaction by simply enter the transaction id along with the amount in the refund section.
• Having a report of every purchase and payment made is compulsory to have data to check in the future. Storing all the data with the type of credit card and the transaction id will make it easier for quick search and report. Print a receipt or void a non-settled transaction by searching for the transaction id along with the payment details.

The best virtual credit card terminal is provided by MS Broker Solutions which is highly trustworthy and reliable.