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"What Payment Processing Equipment
does
Mail Order Telephone Order Merchants require?"
Here are Credit Card Processing Consulting's
definitions of a Mail Order Telephone Order equipment and processing
needs.
A MOTO business really has a lot of
choices for equipment and schedule of fees. First of all, if
you only accept cards and
use a computer or credit card
machine to key in the transaction then you will not be taking
advantage of some of the
technology that is available to
you today if you have the option of meeting the customer face
to face. With the
advantages of wireless systems, any
merchant that has the opportunity to meet with a customer
should
be able to swipe
the credit card through a MSR.
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MOTO - Mail Order Telephone
Order businesses need to swipe 80% or
more of the credit cards through a
magnetic swipe reader, (MSR) so they will
receive the lowest qualified rates available.
Of course if you are able to do this then you are no
longer classified as a MOTO merchant, you will be
considered a retail merchant even though you do not have
a physical store.
What
equipment should I consider?
Non-Swiping Merchant -
If you are not going to meet with the customer at
any time to be able to process their credit card then
you should think about using your computer with a
virtual terminal. This option is usually the least
expensive option for up front cost. You will log on
to a web site and key in the credit card and customers
information and then click submit.
1. If you do not like using
computers then you should use a terminal for processing
credit cards by keying in the information. The rates for
either option will be at a mid-qualified rate.
2. You may also use your
current cell phone or any phone that will receive a dial
tone. The discount rate starts at 2.5% but the
convenience may be worth it.
Swiping
Merchant - If you are going to
meet with the customer at any time you have several
options. With all the options below you can purchase a
small printer for receipt purposes. If you do not like
the printer and want to go really cheap you can purchase
an imprinter with imprinter slips, also called a
"knuckle buster".
1. If you have a laptop and it
has a wireless internet connection you can purchase a
MSR with a USB connection and swipe the credit
cards for a low qualified rate.
2.
You may also purchase or lease a wireless credit card
processing machine. You can take the terminal anywhere
in the US and process credit cards where ever the
terminal has a GPRS, GSM or Wi-Fi signal.
3. If you prefer you may use
a cell phone that has Windows Mobile or a Palm
installed. Either one will be able to connect a MSR to
the phone and swipe the cards.
Budget - Budget issues
are usually pretty simple with a MOTO type merchant. You
decide how much you want to spend and then you can find
the right option for your processing needs.
With proper analysis of
the items listed
above, we can plan a strategy for you
to be successful. A wireless terminal will cost a little more
but may be well worth it. The other thing you may
need to consider is the total fees involved. There may
be processing fees, gateway fees, transaction fees, statement
fees, wireless fees, cell phone fees and
more.
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