Merchant Account for Mail Order Telephone Order (MOTO) Service Providers
Services for Your Company
Electronic commerce (or ecommerce for short) makes the use of computer networks such as the internet to facilitate trades online. In the recent years, it has surged in popularity because not only is it fast and reliable, but it is also quite safe. Now traders don't have to worry about carrying huge figures of money with them on their business deals as they can quickly wire money to any account in the world, from the comfort of their homes, and conclude their deals in no time at all. Due to all these reasons, more and more people are using ecommerce to conduct business online. As a result, there has been a spike in the demand for merchant accounts. It is now expected of all startups (regardless of their industry) to be ecommerce friendly. Businesses that refuse to keep with the times run the serious risk of losing their clients to their rivals.
Simply put, a merchant account allows traders to accept payments made via credit cards. As a majority of payments made these days are done using payment cards, all businesses feel the need of operating a merchant account now more than ever.
The impact of merchant accounts and payment cards is felt more by no other industry than the mail order telephone order (MOTO) industry. If your business relies on MOTO transactions, you need to know that most of your clients will try to pay you for your services via a payment card online. If you do not meet this need of your clientele, you will see even your most loyal client being forced to do business with your rivals. Thus, you must try to get a merchant account as soon as possible.
However, most MOTO service providers are deprived from getting a merchant account with the bank as they view this industry as a high-risk venture. Here, we start working our magic. We use our expertise to make sure that you are not stopped just because of the nature of your business and don't lose clients simply because you don't accept a MasterCard.
We're not going to lie; it can be very troublesome for startup MOTO organizations to set up a merchant account. As MOTO is generally considered to be a high-risk venture, credit card providers like PayPal can deny your venture a merchant account. We ensure that your company doesn't suffer a major setback in its initial stages as we try to smoothen the entire process.
What sets us apart from other service providers in the market is that we know all the tricks of the trade that can give you an edge in the industry. For example, what our rivals won't instruct you on is how your business stands to profit if you use recurring billing on your web page. Using subscription-based techniques makes it easier for you to bill your customers directly from your web page for periodic services like a newsletter or membership.
You must also configure a payment gateway on your merchant account. It is important to understand that mail order telephone order (MOTO) organizations get funds via payment cards in a different manner than all other types of businesses. Thus, it is important to opt for a payment gateway that specializes in this niche. For MOTO service providers, we recommend using the MyGate service. Not only does it permit multi-currency processing, but it also sends an automatic email confirmation of successful orders directly to your customers. This makes things easier for your startup as you don't have to manually write these confirmation emails. An alternate to MyGate is the GSPay service, which works just as well.
Most businesses can find it troublesome to configure a payment gateway to accept credit and debit card payments. We advise them to use a combination of PCI compliant software that is complemented by a virtual terminal. You will find it much easier to accept funds transferred to your merchant account if you use this particular combination. This can easily aid you if you're a MOTO service provider as this combination makes sure that you do not waste a single second by having to enter the same data again and again. In turn, this speeds up the time you spent for transactions to be confirmed and can help you grow your clientele significantly.
Another aspect for you to consider is your bank account type. While most businesses opt for domestic banking options simply because they have lower rates and better banking security, it doesn't mean that this suits your organization's business model too. Remember that there are many transactions that can only be concluded using offshore banking. Hence, it is critical to the success of your organization to carefully assess the advantages and disadvantages of each option and choose the one that suits your business venture the best.
MOTO service providers are also required to entertain the possibility of using multiple underwriting banks for their banking needs. Underwriting is a detailed analysis of a person's credit so as to have some context before rejecting or accepting a loan. One aspect that all underwriters consider is credit history. A bad credit history is almost always the final nail in the coffin of a struggling MOTO service provider. This is exactly why we offer the best credit repair services to all of our clients so that they have a better chance of getting a loan and saving their business venture.
Looking at the arguments mentioned above, it is obvious that your field of interest has many complications and that you must select a company that knows the MOTO industry well. We always make sure that our customers can cope with the variations in the market and aren't caught unawares by any unwanted situations. What would separate your firm from others in the MOTO business (should you decide to pursue our offer) is that your business model will be optimized to not only survive in the current state of the market but also thrive.