I am totally new to Joomla and Virtuemart. So please excuse me if my question sounds elemental.
I am trying to figure out how to setup a shopping cart on my Joomla 2.5 site. For checkout what can I use? I have a business bank account. Can I accept payment through my bank? Or do I need to setup some sort of payment gateway?
You will still need a card merchant service, usualy you can get one associated with your business account and use a gateway to that. Cheaper for startups is to use PayPal.
Who you process payments through will largely depend on where you are located.
Which country/region are you in?