In this technology-crazed world where new apps, programs and electronics are taking over every task imaginable, businesses that use mail order and telephone order (MOTO) payment may seem like a thing of the past. Surprisingly, though, there are many of these businesses out there still and they’re thriving.
This is in part thanks to new payment technology from the likes of companies like Payment Savvy. Their payment processing solutions help MOTO businesses and other businesses that rely on traditional forms of payment to expand their accepted payment as well as prevent fraud.
Why is it a good idea for MOTO businesses to broaden their payment types?
There are a number of good reasons for mail order / telephone order businesses to offer their customers new ways of payment.
1. More than anything, consumers value convenience. If it is a hassle just to pay for some products or services they will probably not hesitate to take their business elsewhere.
2. Additional payment options automatically leads to more customers happy with their experience. What is convenient for one customer won’t necessarily be convenient for the next. That’s why giving customers a choice of how they’ll submit payment is the best way to keep the largest number of customers happy as possible.
3. Keeping up with the times will reflect well on your business. Many people these days expect no less than the latest, most user-friendly payment options when they shop. If a business doesn’t offer the kinds of payment types that are currently widespread, a consumer will consider the business/services less appealing and less suitable to their needs.
What are the payment options that are currently shaping how businesses operate?
Most consumers these days are familiar with digital payment systems such as Paypal, Square, Google Wallet, and Apple Pay among many others. These kinds of payment systems are only growing in popularity as consumers rely more and more on their smart phones and prefer contactless payments to other forms.
Digital payment systems are known to take less check-out time than traditional payment methods, and are more often than not much less of a pain for the customer to execute. Simply put, many consumers prefer this method of payment above all others, which is why my businesses feel it is imperative to provide this kind of payment option.
Besides digital payment systems, other non-traditional payment options being utilized by many small businesses are e-checks and gift cards. These options also provide consumers with convenience and make products/services feel more accessible to them.
Card not present (CNP) orders can be tricky, but secure and profitable with the right processor.
The majority of mail order telephone order businesses do operate by accepting card not present payments. When a card is not physically present during a payment, the situation becomes slightly more precarious. Fraud may come into play if the business isn’t careful and isn’t using a reliable payment processing system.
Companies like Payment Savvy can help MOTO businesses by connecting them with processing systems that automatically seek authorization for payments. They keep traditional payments quick and secure so that small businesses don’t have to worry about potential problems. Have a look at what Payment Savvy can offer today!