- September 7, 2018
- Posted by: ipaytotal
- Categories: best high risk merchant account provider, best high risk merchant services, E-Commerce, Fraud Prevention, high risk merchant account application process, high risk merchant account provider, MOTO Merchant Accounts
If you’re part of the payment industry world, you may have heard the term MOTO or MO/TO. It stands for Mail Order or Telephone Order transaction payment processing. Like every other e-commerce transaction, they come under the card-not-present (CNP) category, which means all products and services can be ordered and paid through mail, e-mail, fax or telephone.
How sales transactions work
The cardholder’s identity and the legitimacy of the transaction are crucial for the operation. However, the type of transaction chosen may vary in three options:
- Retail transactions: Retail transactions take place in the physical store, with the payment card, using a terminal in the store.
- MOTO transactions: These occur when the card number is received through the mail or relayed over the phone. The merchant enters the card information through an online gateway or a terminal. Even if the card is not present, the sale information must include verification data, such as the CVV or CVC2 code, the postcode of the card registration, expiration date, and other information.
- E-commerce transactions: E-commerce transactions take place when the customer uses his card on the merchant’s website, and the purchase is processed via an online payment gateway. It’s also necessary to verify security information in e-commerce operations.
As well as any other CNP purchase, MOTO transactions are considered at a higher risk for fraud than the ones made in a store. Many merchants accept orders over phone and mail because it’s easier and more convenient for the customers.
Still, not every client feels comfortable buying this way since they see a risk in entering personal or baking information online. Some shoppers also prefer to have real-time experience and talk to a person at the store before placing an order. Such customer resistance to online ordering may lead to lower sales revenue, something merchants don’t want to contemplate. One of the best solutions for your business is to obtain a merchant account.
What to look for in a MOTO merchant account
Before choosing a MOTO merchant account provider, make sure you find someone specialised in providing MOTO payment processing services to a wide range of industries, such as:
- Acceptance of different payment cards, including Visa, MasterCard, and other popular brands
- Processing of multiple currencies in offering transaction
- Using a PCI-DSS Level 1 compliant payment gateway. Your chosen provider of MOTO merchant accounts should also specialise in helping their clients to manage the risks associated with CNP transactions, including the latest chargeback management technologies.
Find more information about MOTO merchant accounts
If you feel like it’s time to have a MOTO merchant account, contact us at iPayTotal, and benefit from the secure, streamlined MOTO card processing we offer. We understand that MOTO merchant accounts can be expensive, and many organisations charge high rates due to the risk of the industry. However, we are here to help you mitigate risk and reduce costs.
At iPayTotal, we have extensive years of experience supporting business owners to simplify the process of remote transactions. We start by learning more about your business and customers, and then we initiate a MOTO merchant account solution to help you reduce the fraudulent activity risk to your business. As a result, you improve services to your most valued customers.
Contact us today and have your MOTO merchant account ready to operate. Our team will assist you through the process and is available to answer any questions you may have. As your business partner, all we want is to contribute to your success.