Over the past few decades, the internet has become entangled in virtually every aspect of our lives. Consumers and business owners alike have become so dependent on it that it might be difficult to imagine life without the worldwide web. Even so, there still remains a place for older processes such as Mail Order Telephone Order (MOTO) payments.
What are MOTO payments?
As the name implies, mail order/telephone order (MOTO) transactions are card-not-present payments that take place when a customer and merchant are not in the same physical space. In spite of the ubiquity of the internet, MOTO is still a viable option for merchants who partake in the following.
- Use catalogs and telemarketing as prominent selling tools in their businesses.
- Work from home.
- Take food orders for catering or quick service restaurants.
- Don’t have a website or online presence but still want to accept online payments.
In today’s fiercely competitive selling environment, it has become more important than ever to offer numerous ways to pay. MOTO continues to be a desirable and effective method enabling efficient and secure purchases. Additionally, it appeals to customers who might be wary about entering sensitive details into an ecommerce website’s shopping cart.
MOTO credit card processing enters the modern age.
Although there may be some shoppers who prefer not to pay online, virtual credit card terminals give merchants a way to efficiently and securely process the mail order or telephone purchases these individuals make. Virtual credit card terminals only require that a merchant have a smartphone, computer, or tablet with an internet connection in order to securely process these payments.
Virtual terminals work like this.
- In order to access the virtual program application, you log into a payment gateway or online account.
- You enter the customer’s checking account, debit, or credit card details for the transaction into a form.
- You press a button to complete the transaction. Details are then transmitted to your payment processing company just as they would be with a standard credit card transaction.
- The customer receives an automated receipt confirming that the transaction is valid.
- Depending on the settlement agreement you have with your service provider, you will eventually receive the funds from the purchase into your merchant account.
The beauty of MOTO payments through a virtual terminal is that no additional hardware or equipment is necessary.
Are virtual terminals safe?
Since most modern merchants will be using a virtual terminal to process their MOTO payments, they have every reason to wonder about the security of this payment submission method. Fortunately, it is possible to use the Address Verification System (AVS) along with the virtual terminal application. This service checks to make sure that the credit card information being entered matches the customer for whom it is intended. This is done by matching the address details the customer provides with the information already stored at the person’s bank. With this system on board, merchants and customers alike can be protected against credit card fraud.
Furthermore, all reliable virtual terminal providers can demonstrate that they follow the latest requirements of the Payment Card Industry Data Security Standard (PCI DSS), a set of protocols set forth to protect cardholder data from hackers, fraudsters, and all other types of digital criminals.
Benefits of MOTO payments for your business.
Although it’s easy to think of MOTO payments as relics from a bygone era, the following are tangible benefits that your store can realize from taking MOTO payments today and in the future.
- Customers trust this payment method, even those who are wary of the internet.
- MOTO payments are fast, secure, and easy to set up.
- The virtual terminal is accessible from any device connected to the internet, making it possible for you to do business from anywhere.
- You can reach more customers.
- The customer’s experience with MOTO payments is hassle-free and involves no frustrations with websites.
Is MOTO right for your store?
At this point, you might be wondering if it’s a good idea to introduce MOTO into your payments landscape. How, for instance, will you know whether it is something your customers will use and appreciate?
One of the best ways to get an answer to this is to ask. Conduct a poll on social media or send an email survey that incentivizes customers to provide you with their opinions. Directly inquire if they would use MOTO if it were available. You can also discuss this with your payment processing provider, who can assist you in gaining insights about the best ways to serve your customers.
Without a doubt, the internet has broadened opportunities for buyers and sellers. Even so, tried-and-true processes continue to play an important role in the marketplace. For the right retailers and customers, MOTO looks to be an effective way to broaden choice without sacrificing efficiency or security during the purchase process.
