MOTO stands for Mail Order/Telephone Order and is a credit card processing pricing setup on a Tiered plan. MOTO credit card processing is best suited for businesses that primarily accept card-not-present transactions: Examples include e-commerce and delivery-based businesses. In contrast, Retail pricing is appropriate when the majority of transactions occur in-person. It’s important to establish the correct setup, which depends on the type of business you run. Failing to do so could result in higher rates, incorrect risk assessments and lost savings opportunities. How Tiered Pricing Works With Tiered pricing, transactions are bundled into one of three buckets:…
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Businesses routinely make use of digital forms to tackle numerous organizational and transactional tasks. With a user base of 2.5 million worldwide, JotForm is at the forefront of easy online form creation, enabling businesses to build custom forms with simple drag-and-drop tools. No coding background is required. PayJunction, a PCI Level 1 Merchant Account Provider and Payment Gateway, received a call from JotForm about a potential payments integration. With a shared belief in paperless technology, the partnership was an obvious fit, and JotForm’s team integrated with PayJunction for its online payment forms in a matter of weeks. The…
ACH payment processing operates via the ACH network. Every ACH transaction goes through a seven-step process involving six entities. These entities include the originator, the receiver, the originating depository financial institution (ODFI), the receiving depository financial institution (RDFI), an ACH operator and the National Automated Clearing House Association (NACHA). Below, we define each entity involved and the technical steps to ACH payment processing. Entities Involved in ACH Payment Processing Originator: An individual, corporation or other entity that initiates a transaction using the ACH network. Receiver: An individual, corporation or other entity that receives an ACH payment. ODFI: A financial institution…
The retail industry is one of the most targeted industries for cyberattacks and data breaches. In fact, research shows that retail suffers more data breaches than the financial services, insurance and hospitality industries. Cybercriminals and hackers target retailers because they know they can easily get their hands on consumers’ personally identifiable information (PII), especially payment card data. As a result, we’ve all witnessed the headlines for large-scale data breaches at top retailers such as Target and Home Depot, which have negatively affected millions of consumers. These breaches have costly repercussions for retailers, who end up paying fines, legal fees…
Cardholders ultimately give businesses credit card authorization to request funds from their accounts. Authorization requests start when cardholders key in, swipe or insert their debit or credit cards through traditional credit card readers or Virtual Terminals. After waiting three to 22 seconds, depending on the business’s card reader speed, the transaction will either be approved or declined. To the untrained eye, this process seems simple. Yet, there are a number of steps that are executed behind the scenes before a credit card authorization is complete. The Financial Middlemen of Credit Card Authorization Being aware of the financial middlemen involved…