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A virtual terminal is a web-based application that allows merchants to process payments directly through their computers or devices without the need for physical point-of-sale hardware. It typically enables businesses to accept various forms of payments, including credit card and electronic check transactions. This versatility is particularly beneficial for businesses that operate remotely or do not have a traditional storefront.
The correct answer emphasizes the capability of virtual terminals to handle both credit card and electronic check payments, which aligns with the typical functionality of these systems. By managing both types of transactions, virtual terminals can accommodate a broader range of customers and payment preferences, enhancing operational efficiency and customer satisfaction.
In contrast, limiting transactions to cash, checks only, or debit cards would not accurately reflect the full utility of a virtual terminal, which is designed to facilitate a wider array of electronic payments.