What is Secure Sockets Layer (SSL) and how does it work?

A virtual terminal is like an online card machine that businesses use to take electronic payments. You can access it from any device with the internet, like a computer or smartphone, without needing a physical card reader or point-of-sale (POS) machines.

A transaction fee is money a payment gateway charges each time it processes a payment or customer buys something. This fee pays for handling the transaction and can be a set amount, a percentage of the sale, or both.

PCI DSS (Payment Card Industry Data Security Standard) is a set of rules to keep credit card information safe. It’s important because it helps protect customers’ financial data from theft, making online and in-store payments more secure.

Multi-currency processing lets merchants sell in different currencies and get paid in the currency used for the sale. It benefits merchants by attracting more international customers, increasing sales, and making it easier for people worldwide to buy from them.

Merchant account refers to a bank account that a business can link into their payment gateway to accept customer payments. The payments can be done by credit card, debit card, UPI, or other electronic transfer. It's necessary because it helps businesses process these payments smoothly and securely so that businesses can sell products or services online.