MOTO merchant account postal and telephone transfers
Customers are increasingly using plastic bank cards when paying for services and goods. Due to changes in the payment preferences of buyers, sellers need to monitor trends in this area and take timely measures to adapt their business accordingly.
In most cases, merchant accounts allow merchants to accept credit/debit card payments from their customers. High-quality credit card processing services will not only improve your business, but also help it expand and grow.
There are various types of trading accounts designed to meet the needs of entrepreneurs.
It is very important that the seller clearly understands his business and the preferences of his customers in order to get the optimal set of services for his trading account.
If many customers from the target audience of your business prefer to place orders by phone or via email, then you should get a MOTO trading account.
This is an ideal solution for companies engaged in telemarketing, selling travel services, cosmetics and food additives.
What is a MOTO merchant account
MOTO stands for Mail Order / Phone order. This is a system for processing transactions using bank cards, in which the cards themselves are not presented.
Goods and services can be purchased by customers and paid by e-mail, telephone or fax without the need to present a card during the transaction.
For the seller, it is enough to specify the card number, its validity period, amount, payment currency, and the customer’s mobile phone number.
If the seller has a MOTO trading account, then upon receipt of the order, he must manually enter the card details into the payment gateway via a virtual terminal or a web page.
This is the most ideal solution for an entrepreneur who wants to conduct transactions without presenting a card by the client. Moreover, it can accept payments from anywhere in the world.
How does a MOTO merchant account work
- Payment details are sent by the buyer to the seller by mail or by phone.
- Then the seller enters the card data into the payment gateway through a virtual terminal.
- The transaction takes place in real time, and the final result is displayed on a virtual terminal.
Benefits of MOTO payments
- The target audience is expanding, as another sales channel appears; a great way for buyers who prefer live communication with a client by phone;
- The seller has a full guarantee of payment for the order, since he himself debits money from the client’s card;
- The speed of transactions, as it occurs without a bank card.
As you can see, the MOTO trading account is convenient for both the buyer and the seller. And for the latter, this is a great opportunity to expand the target audience of their business, which means to increase sales.
Easily accept payments using MOTO merchant account solutions from Wellcoinex
Along with the advantages, this payment method has its drawbacks associated with the risks of fraud and refund (the buyer may say that he did not make the order, for example, using a hacked email).
Because of this, business owners with MOTO trading accounts fall into the high-risk category.
Therefore, it is difficult for them to obtain such accounts in traditional financial institutions. Or banks offer unfavorable conditions – high tariffs, a long time for transferring money from a trading account to a seller’s bank account, etc.
But there are quality trading account providers, such as Wellcoinex, that offer MOTO trading account solutions designed to meet the needs of your business.
Wellcoinex, headquartered in London, is a leading provider of profitable trading accounts for high-risk businesses.
With an extensive network of acquiring banks and considerable experience working with high-risk merchants, we offer the best solutions for MOTO trading accounts for entrepreneurs from various industries.
Before starting the steps to get a MOTO trading account, it is important to know if your business needs to get one.
Another important point to consider is that if you are a seller who accepts only MOTO payments, a MOTO trading account is enough for you.
However, if you also have an ecommerce store, you will also need a payment gateway accepting MOTO payments.
Are you planning to get a MOTO trading account? Contact us right now and apply to Wellcoinex!
When it comes to credit card processing what does MOTO mean?
MOTO is a term used in card processing to describe operations that occur when the customer is not present. It means “mail order/phone order”. By definition, MOTO payments allow transactions to be carried out by manually entering card details directly on the payment gateway using a virtual terminal or a secure web page.
MOTO processing is offered by such well-known companies as WorldPay, Stripe and Payment sense. Here we will look at how to choose the right service provider for your business and how to get the maximum benefit from MOTO credit card processing.
Are MOTO payments suitable for my company?
Due to the fact that transactions are carried out in the absence of the customer, MOTO card payment service providers usually charge slightly higher rates. This is due to the increased risk of fraud and refunds.
If you plan to accept only MOTO payments, your business will need a separate MOTO account.
However, if you accept payments through an ecommerce store, you already have a payment gateway solution that also includes the ability to accept MOTO payments.
How long does it take to set up MOTO credit card processing?
Before choosing an account service provider, go shopping! Do a study and do not compare only by tariffs, our consultants will help you with this. Beware of hidden fees and long-term contracts. After conducting the research, it is quite simple to open an account. This may take up to four business days.