MOTO is Mail Order/Telephone Order. In this method of payment processing, you generally don’t see your customer face to face. Payments are usually keyed in manually via a physical or virtual terminal by the merchant.
MOTO is Mail Order/Telephone Order. In this method of payment processing, you generally don’t see your customer’s face to face. Payments are usually keyed in manually via a physical or virtual terminal.
How does MOTO credit card processing work?
With Mail order/telephone order (MOTO) credit card processing, businesses accept credit card payments differently than if they were a true brick and mortar operation. MOTO is a virtual or stand-alone terminal that enables merchants to process credit card payments.
If you are a customer, credit card processing allows you to purchase an item, or place an order, and then pick it up at a later date. It is not as high tech, still this type of processing facilitates these kind of transactions.
What are the advantages of MOTO credit card processing?
There are definitely some pluses to being a business that utilizes MOTO and specializes in card-not-present transactions. The most obvious one is that it enables merchants to accept payments from any internet based computer anywhere in the world.
- Accept fax, phone, and mail order purchases
- Enables call centers to take payment over the phone
- Payments are processed fast
- Allows for statistics and reporting
- Processes payments safely & securely
The one drawback with MOTO credit card processing is that it has Interchange Rates for Visa and MasterCard. The reason for this, is card-not-present transactions are more risky. After all, the business owner isn’t seeing the card, nor double-checking by way of a physical ID. It involves more of a trust component and with less verification.
Why Work with Bank of Merchant?
At Bank of Merchant, we can help your business with expert tools needed to succeed. You will be able to accept phone and mail order payments with the added bonus of reporting. Even better, you will be ready to do business from any computer anywhere in the world. However, Do not lose out on business because your customers are more comfortable offline.