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Virtual Terminal WITHOUT merchant account? 
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.