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credit cards faq/glossary
The most common questions asked about Credits Cards.
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MOTO Merchant Accounts
There are three basic types of merchant accounts offered to business owners: retail merchant account, MOTO merchant account and internet merchant account. All three types allow business owners to process credit card payments, but all three have different offers. In case of the retail merchant account the credit card must be physically there, but in the latter two cases it is enough to type in the information of the client’s credit card. Let us detail the MOTO merchant account.

First of all, the abbreviation comes from Mail Order, Telephone Order. In this case the credit card and the owner don’t have to be in the same place with the business owner. This merchant account type is best for those business owners who do not have a shop where customers can buy goods. This type of merchant account is specially designed for business owners who offer services which can be ordered by mail or telephone. Pay attention, because internet payments do not belong in this category; for internet payments there is another type of merchant account! In the case of retail merchant account the credit card must be physically there and it has to be swiped through a credit card terminal. In this case the credit cards are not physically there, so they can not be passed through a terminal, but since there are many different credit and debit card types, they all require different criteria for evaluating risks and making payments.

Ordering something by mail or by phone had become very frequently used nowadays, because it is easier both to the merchant and the customer. If a business owner wants to open a MOTO merchant account, he has to turn to a bank, a credit card company or to another payment processor. They will offer a deal to the business owner and provide the necessary equipment, which usually is a terminal installed on a computer or it can be done through a web browser too. MOTO merchant accounts have a transaction fee, somewhat higher than the retail merchant account’s fee, but there are fewer restrictions in the contract. Another good thing with MOTO merchant accounts is that the owner should not worry about the equipment because if he has a computer, the bank will supply the program. This way, making credit card payments is a lot easier! The operator will have to introduce some important data regarding the buyer’s credit card number or bank account, the name of the buyer and the purchase is done.

MOTO merchant accounts have some advantages compared to retail merchant accounts. The business owner can view all the transactions online, at any hour of the day; he does not have to buy multiple license, he can use the one account on many computers, and if he chooses the right institution, the fees can be really low. People usually worry about another part of the transaction: security. This is not an issue when we are talking about MOTO merchant accounts, because all transactions are secure, the data is encrypted, so no one else has access to it, only the bank and the business owner.

MOTO merchant accounts are easy to set up, safe, the contractual conditions are good and they offer advantages both to the customer and to the seller. So why not make one, if your business can benefit from a MOTO merchant account?