Clients are increasingly using plastic bank cards when paying for services and goods. Due to changes in buyers’ payment preferences, sellers need to keep abreast of trends in this area and take timely measures to adapt their business accordingly.
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In most cases, merchant accounts of merchants allow them to accept credit / debit card payments from their buyers. Quality credit card processing services will not only improve your business, but also help it expand and grow.
There are various types of merchant accounts designed to meet the business requirements of entrepreneurs.
It is very important that the seller clearly understands his business and the preferences of his customers in order to obtain the optimal set of services for his merchant account.
If many clients from the target audience of your business prefer to place orders by phone or via e-mail, then you should get a MOTO merchant account.
It is the ideal solution for telemarketing, travel sales, cosmetics and nutritional supplements companies.
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. Products and services can be purchased by customers and paid for by email, phone 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, customer’s mobile number.
If the seller has a MOTO merchant account, then when the order is received, he must manually enter the card details into the payment gateway through a virtual terminal or a web page.
This is the most ideal solution for an entrepreneur who wants to conduct transactions without a customer presenting a card. Moreover, he can accept payments from anywhere in the world.
How does a MOTO merchant account work?
- Payment details are sent to the seller by the buyer by mail or telephone.
- The merchant then enters the card details into the payment gateway through the 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 customers who prefer live communication with a customer 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 takes place without a bank card.
As you can see, a MOTO merchant 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 Wellcoinpay
Along with the advantages, this payment method also has its disadvantages associated with the risks of fraud and chargebacks (the buyer can say that it was not he who made the order, for example, using an e-mail that was hacked). Because of this, business owners with MOTO merchant accounts fall into the high risk category. This makes it difficult for them to obtain such accounts from traditional financial institutions. Or banks offer unfavorable conditions – high tariffs, a long time for transferring money from a merchant account to a seller’s bank account, etc.
But there are quality merchant account providers like Wellcoinpay that offer MOTO merchant account solutions designed to meet your business needs.
Wellcoinpay, headquartered in London, is a leading provider of profitable trading accounts for businesses that fall into the high risk category. With an extensive network of acquiring banks and significant experience working with high-risk merchants, we provide the best solutions for MOTO merchant accounts for entrepreneurs from various industries.
Before starting the steps to get a MOTO merchant account, it is important to know if your business has a need to get one.
Another important point to consider is that if you are a merchant accepting only MOTO payments, a MOTO merchant account will suffice. However, if you also have an e-commerce store, you will also need a payment gateway that accepts MOTO payments.
Are you planning to get a MOTO merchant account? Contact us now and apply at Wellcoinpay!