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virtual terminal without merchant account?
user
you would need to setup a company (even if it's just a sole proprietorship, in the us) to be able to apply for a true merchant account.  and thus have a terminal; either real or virtual in your home or business. however, many services such as paypal allow you to accept credit cards (both online and with a card reader) and when the customer is billed it appears as paypal + your account name.  so you essentially have the benefits of a merchant account, without having to set one up.
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