As technology evolves, offering a wider range of payment methods to your customers has its advantages. For instance, it is predicted that there will be 16.6 million mobile point-of-sale terminals in the US by 2024 to cater to Gen Z and millennial consumers. However, it can be argued that Mail Order/Telephone Order (MOTO) credit card processing is still essential.
MOTO card processing takes place when a customer pays for goods and services through the telephone or through the mail. Although many consumers are used to shopping online, others might be hesitant to enter their sensitive payment info on the internet. This means that telephone and mail order credit card processing is still commonly used.
To process a MOTO payment, most retailers need a virtual terminal and internet access through a desktop or mobile platform. The steps are as follows:
In particular, MOTO credit card processing is useful for businesses that use catalogs or telemarketing in their business model. The ability to process payments remotely can come in handy, especially for those looking to reduce the cost of online payment processing. Other perks include:
If your business chooses to accept MOTO as a payment method, it’s important to ensure that you protect against credit card fraud and stay aware of red flags like urgent orders, overseas addresses, and changes in contact details.
In addition to MOTO card processing, read on to learn more about the benefits of offering mobile payment processing for your business.
Wilbur Graham has been writing about mobile payments and POS systems since 2012. He got his degree in Marketing at California State University.
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