Payments in this age have been so simplified that businesses now have the freedom to pick whichever suits their overall cost and goals. A good example of one of these simple payment methods is MOTO.
MOTO is an abbreviation for Mail Order, and Telephone Order and it is a way of paying for goods or services via mail or telephone without needing to swipe a card or log into a bank application to make a transfer – it’s that easy!
It can also be used anywhere and at any time if there is an internet connection. If you are looking to diversify your payment systems, you may want to consider integrating MOTO into your business.
Benefits of using MOTO
To use MOTO, the business/merchant needs to have partnered with a payment service provider to set up a MOTO system.
So, when a customer wants to pay with MOTO, the business agent logs into the web terminal via a mobile application or browser after the payment terminal/gateway has been set up. Then the agent inputs the customer’s card details and other information into the terminal.
Once these details are submitted, the customer’s bank or financial service provider sends a message to the card owner to confirm the transaction’s authenticity. Once your customer approves the transaction, the bank will process the payment, and you’ll get paid.
Check out the following benefits of using MOTO.
MOTO payments are convenient
MOTO belongs to a class of payment known as Card Not Present (CNP) – a form of remote payment. Customers don’t need to physically go to a store to make purchases. With MOTO, goods can be bought remotely and paid for right from the customer’s space.
MOTO payments are fast
The entire process of paying with MOTO happens instantly or within a few minutes after the customer’s confirmation of the transaction. This speed is one of the reasons why MOTO is fast becoming a popular payment method.
MOTO payments can be done from anywhere
Start-up companies and other online businesses can sell to anyone from any part of the world and get paid. There are zero entry barriers.
More customer reach
MOTO can help businesses expand their customer base beyond their immediate region. Since the entire process is done remotely, businesses can take orders and deliver to any customer irrespective of where they are.
How to Connect
As highlighted earlier, businesses who want to start using MOTO have to consult with relevant payment service providers to set up a MOTO system. For starters, contact your bank account officer to make a further inquiry on how MOTO works. Do well to also get professional advice on which payment service provider is ideal for your budget.