Allowing shoppers to pay using their method of choice boosts the likelihood that they will do business with you, and can do wonders to pad your profit margins. One lesser-used but important payment type is MOTO credit card processing.
This abbreviation stands for “mail order/telephone order” and can represent a significant percentage of sales for some business types. But how do you go about accepting MOTO payments safely?
What are MOTO payments?
These card not present transactions can be accepted in various ways: via email, phone, fax or through the mail. MOTOs are especially helpful for businesses just starting out, or for those whose customers prefer to make remote purchases.
They are low-effort and low-cost, requiring only that a merchant partner with a payment services provider and have a smartphone, tablet or desktop with access to the internet.
How do MOTO payments work?
When your customer wishes to order a product over the phone, they provide you with their credit card details, including numbers, expiration dates and their zip code. You then enter the data into what is known as a virtual terminal that has been furnished to you via your payment service company.
A virtual terminal is an online application that functions in the same way as your physical credit card terminal.
It comes with built-in security protocols, including the Address Verification System (AVS) that can be used to match the billing address your customer provides to you over the phone with the one that is on record at their bank.
Your merchant service provider should be in compliance with the Payment Card Industry Data Security Standard (PCI DSS). This set of measures protects cardholder data by requiring that the entities who store, manage and transmit it have systems and protocols in place to shield the information from compromise or data theft.
The process of a safe MOTO payment
Once you see how easy and secure MOTOs are, you will probably want to rush to incorporate them into your business. You first use your email address and password to log into your virtual terminal.
You then enter the customer’s card details and use AVS to verify their identity.
Once the information leaves your virtual terminal, it is sent to the various financial institutions for authorization. As soon as validity is established, a receipt will be generated and sent to the customer.
At that point, you will receive the funds from the sale – minus any processing fees.
MOTO payments are fast, easy to use and secure. You can set up your systems to accept them without difficulty, after which you can access your virtual terminal from anywhere.
As a result, you will be able to reach more customers and bring more revenue into your business. Talk to your payment services provider today to get started with this effective and safe way to facilitate customer payments.
