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MOTO processing an acronym for Mail Order/Telephone Order credit card processing, and is a type of card-not-present (CNP) credit card processing service offered by many merchant banks and eCommerce merchant account providers online. As any other type of CNP transaction, Mail Order/Telephone Order (MOTO) transactions do not require the physical presence of the credit card, just the credit card details, and, sometimes, the personal details of the cardholder.
As the name suggests MOTO credit card processing is conducted by e-mail, fax, and/or telephone. This means that clients (cardholders) will have to either send e-Commerce merchant an e-mail order, a fax order, or simply phone them and order merchandise or a service. There are many nuances when dealing with MOTO credit card processing and MOTO e-Commerce accounts, and these will be dealt with further on in this article. But first some basicsâ€™
MOTO transaction can be conducted in three ways: a) Touch-Tone Processing, b) POS Software, and c) Virtual Terminal (VT).
The advantages of MOTO processing are its security and mobility. Many cardholders do not trust small stores, with plain-looking websites, as a result the fear of fact that their credit card information may, supposedly, be stolen holds them from placing an order. Cardholders feel safer when giving their details over the phone, live and direct. Plus, they may ask questions on the product or service theyâ€™re about to pay for and/or about another product/service of interest, which can be used to the e-Commerce merchantâ€™s advantage. MOTO is great for the e-Commerce merchant too. MOTO credit card processing is known to have a lesser percentage of fraudulent transaction cases as not all fraudsters and carders will be determined enough to call up an e-Commerce merchant, afraid to arouse suspicion.
As far as costs are concerned a MOTO service can be quite costly in some cases, and for some e-Commerce merchants, while cost-effective in other cases and for other merchants. Depending on the type of MOTO credit card processing service, almost indisputably, a Virtual Terminal service is more likely to save money. Virtual Terminals are usually not paid for on a monthly basis when they are included in an e-Commerce merchant account service. Discount rates and transaction rates are usually at the same lever, or slightly higher for non-AVS transactions.
[AVS transaction â€™ a credit card transaction which makes use of the Address Verification System. The Address Verification System compares the stated address of the cardholder to the shipping address given upon order placement. This is one of the methods of credit card fraud minimization.]
Virtual Terminals can be accessed from any part of the world from a PC with an Internet connection. This means that e-Commerce merchants can carry out sales and process credit card information while on holiday, on a business trip, etc. Virtual Terminals are also safe and secure. Statistical information can be accessed 24/7 via the Virtual Terminal website account. MOTO credit card processing systems can help e-Commerce merchants keep a customer when he/she encounters a problem with the online order form â€™ e-Commerce merchants can simply key in their customersâ€™ details manually and save the day.
The disadvantages of Dial-Tone (Touch-Tone) MOTO credit card processing are in itsâ€™ phone bills (especially when abroad â€™ international calls) and in the possible human error when keying in the long numbers without possible visual verification before submitting.
The disadvantage of POS Software is in itsâ€™ expensive software packages that are needed to conduct online credit card processing. Nonetheless, POS Software provides some more detail in regards to transaction statistics than Virtual Terminals.
MOTO credit card processing is an ideal supplement for e-Commerce merchants conducting online trading using e-Commerce merchant account solutions which offer a Virtual Terminal.
|Industry type||Rates||Industry type||Rates|
|E-commerce||from 2.8%||Nutra/Herbals||from 4%|
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