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Successful merchants provide payment options that accommodate their customers. For many merchants, this means opening multiple merchant accounts, including one for phone payment. Known as a mail order / telephone order (MOTO) processing, accepting payment by telephone allows a merchant to increase sales by serving a unique customer segment – people who prefer phone payment to more contemporary payment methods. More often than not, MOTO processing appeals to people who:
- Wish to speak with a live representative
- Are not familiar with making or accepting online payments
- Like the option of phoning in payments while on the go
- Choose to pay by phone out of familiarity
For merchants, MOTO accounts offer competitive account fees and faster processing than retail accounts.
How Are MOTO Payments Processed?
A phone merchant account processes payments in one of four ways: touch-tone processing, point of sale (POS) software, virtual terminal, or credit card terminal.
Touch-tone Processing. Touchtone payment occurs in three steps: (1) an order is placed by phone, fax, or mail. (2) Upon receiving the order, the merchant dials a number that connects to an automated credit card processor and keys in their account number. (3) The merchant keys in the payment information and awaits payment confirmation.
The primary advantage of touch-tone processing is payments can be processed without card processing equipment or a computer.
POS Software. POS software is installed on a merchant’s computer, turning it into a virtual payment terminal on the merchant’s end. POS software payment occurs in three steps: (1) an order is placed by phone, fax, or mail. (2) Upon receiving the order, the merchant keys the payment information in the correct fields. (3) The merchant sends the information through a secure, encrypted payment gateway and awaits payment conformation.
The primary advantages of POS software are processing speed and security of payment information.
Virtual Terminal. A virtual terminal is integrated with an e-commerce merchant’s web store, where payment occurs in three steps: (1) an order is placed by phone, fax, or mail. (2) Upon receiving the order, the merchant keys in the payment information in the correct fields. (3) The merchant sends the information through a secure, encrypted payment gateway and awaits payment conformation.
The primary advantages of a virtual terminal are its cost-effectiveness, processing speed, security of payment information, and ability to be integrated with a merchant’s website.
Credit Card Terminal. Many merchants process MOTO payments using a credit card terminal. Payment occurs in three steps: (1) an order is placed by phone, fax, or mail. (2) Upon receiving the order, the merchant keys in the payment information using the terminal’s number pad. (3) The merchant awaits payment confirmation.
The advantage of using a credit card terminal is convenience. For many merchants, a terminal is already in place to facilitate POS transactions.
AVPS Provides MOTO Accounts
At AVPS, we know the importance of MOTO accounts to capturing sales. This is why we offer MOTO accounts with competitive pricing and a variety of service options. If your business needs a phone merchant account, call us today.
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