MOTO Merchant Accounts

Basically, a MOTO account is most commonly used for processing credit (and debit) cards in orders placed over mail, telephone or fax. It works on approximately the same principles as the Internet merchant account, with the difference that data is not processed automatically by the payment processor and gateway, but requested, inputted and sent for processing manually by a human agent. Usually, companies that offer MOTO accounts will have dedicated lines and systems that allow the fastest possible processing and transfer of funds, however, the time and effort necessary for a successful transaction to take place are still higher than in the case of Internet merchant accounts.
Many people regard MOTO accounts as superior in certain occasions to Internet merchant accounts for some reasons:
- Sometimes, placing an order through telephone is more convenient. For instance, when ordering cooked foods from a local catering company, the flexibility offered by a telephone order is higher and the customer has the possibility to further customize what he or she will order.
- Funny or not yelling at someone might help in loading some steam off; anyway it is far beyond as compared to a complaint form sent by e-mail.
- Telephone and mail orders somehow grant a higher feeling of security to customers due to information by which identification of third party can be done easily in case of fraud.
MOTO accounts therefore offer the possibility to process order and payment in a somewhat fast and very safe way on both the customer’s end and the salesperson’s end.
If you have a small business (for which MOTO accounts are highly recommended) and you wish to deliver only within the premises of your own country, or also to a country with a mailing and / or land line connection to yours (for instance, consider the groups of countries like US and Canada, Romania and Moldavia, or Australia and the New Zealand, for which mailing and land lines are dealt with by the same operators in both countries in the group), offering such facilities to customers can be done through MOTO accounts.
Some things to look for when you are searching for such an account:
- Low processing fees (obviously). Considering what you will sell, it is important to choose your type of processing fee. If you sell large amounts, or expensive items, a fixed processing fee might be better off as a solution for you, since the fixed fee might be less expensive than a fee calculated as a percentage of the transaction value. If, however, you are willing to sell small quantities of inexpensive items, a fee calculated as a percentage might do you better. Usually, companies will charge a forfeiting fixed fee on a percentage fee, so think carefully as to how you might construct a plan to make the transaction fees less hindering for your customers.
- Aspects such as reporting and feedback are indispensable both for you and your accounting system. If you don’t care so much for instant reporting, at least try to make sure that the MOTO account you will set up allows for weekly or monthly reports.
- The proper software used will play a critical role when time and efficiency get into the picture. Look for software that is easy to use and offer at least the most basic accountancy features in order to make your life easier. In this respect, many companies will charge a license fee for their software products, but it might be well worth it on the long run. Just don’t forget to ask for a demonstration or a short trial period with testing scenarios, so that you can make an informed decision and have the possibility of training your employees beforehand.
That is the most one needs to know about MOTO accounts. More information can be obtained through companies that offer such accounts. Set one up and get your sales business rolling faster than before.