MOTO processing is mail order or telephone order credit card processing. It is something that many merchant accounts are set up to handle in order to allow card-not-present credit card processing.
Merchant account providers can offer MOTO credit card processing to businesses. It is useful in situations where it is not possible or practical to have a physical credit card present at the time of the purchase. However, the details of the credit card, and sometimes of its holder, are still necessary in order to complete the transaction.
MOTO processing can be conducted through a number of mediums. Sometimes it is done through email. Other times, fax or telephone is used. The variety of methods means that consumers have choices about how they wish to make their purchase.
On the phone, a MOTO purchase can be done either by speaking to a representative and giving credit card details or through a touch tone. In fact a keypad could be all a customer needs to order a product.
However, the most common method of MOTO transactions online is virtual terminals. These have risen in popularity due to their low cost (it is sometimes even free) and versatility. If you have a MOTO merchant account, you can set up a virtual terminal that keys in credit card and order information right from your business website.
Touch tone is another option, but can be expensive because of the phone charges incurred by this type of payment method. It does have the advantage of being very simple to use for both you and your customers, however.
MOTO processing is key to earning the trust of shoppers who are browsing online as people are often suspicious or at least cautious when shopping online. Stories of identity theft and other types of fraud have made consumers wary of websites that just do not seem right. Providing the option of MOTO services can earn you your customers trust.
MOTO has a low percentage of fraud, this is because those trying to commit fraud are unlikely to call up merchants to complete their fraud. They will go to easier targets rather than arousing suspicion by contacting a merchant via a MOTO system.
Virtual terminals are likely to be your best bet when choosing a specific MOTO service. Some MOTO services can be quite expensive, but virtual terminals generally are not. Of course, it will depend on your exact needs and type of business, but usually virtual terminals are more cost effective ways to do MOTO. They also have the advantage of being safe and secure and you, the merchant, can access statistical information collected by the terminal at any time of the day or night.
MOTO is a great boon to an online business. They provide safety and options for consumers and are a cost effective way for you to get payments from customers. Online or telephone based businesses will especially benefit from MOTO services and often, these types of businesses can get a MOTO processing service that is offered by their bank or merchant account.