“Credit Card Processing” Posts

What Is MOTO Credit Card Processing?

What Is MOTO Credit Card Processing?

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:…

How to Calculate Your Credit Card Processing Effective Rate

How to Calculate Your Credit Card Processing Effective Rate

When a business is considering taking credit card payments, there are several questions that should be answered before they select a partner, including the following: “What are the terms of the contract?” “What equipment am I receiving?” “What level of support will I get?” “What are the risks involved?” However, there’s another question that most businesses tend to fixate on: “What is the cost?” The answer to this particular question can get quite convoluted. When you say “cost,” are you referring to the cost on your current Interchange-plus pricing plan of a downgraded over-the-phone transaction on an American Express…

What Is EMV Credit Card Processing?

What Is EMV Credit Card Processing?

EMV credit card processing entails a series of steps to authenticate a payment by ‘dipping’ or ‘inserting’ an EMV-chip card. To correctly process an EMV credit card, a level-3 EMV certified card reader is required. To achieve proper EMV credit card processing, you must take a number of pre-transaction steps. Depending on your role in the payment process, these steps may be extensive or non-existent. EMV Credit Card Processing Preparation Merchant Service Providers A Merchant Service Provider is an organization that issues individual merchant accounts to businesses processing credit cards. Typically, a provider will also offer the equipment needed to…

How to Read a Credit Card Processing Statement

How to Read a Credit Card Processing Statement

When seeking an answer to this question, it’s vital to know that no two credit card processing statements are exactly the same. Statements vary among providers in regard to how sections are labeled, the order they appear in, the names — and shorthand — of different fees, etc. For this reason, we’ll provide a general overview of how to read a credit card processing statement so that you know how things are typically displayed. If you’ve yet to sign up with a Merchant Service Provider or are considering a switch, we recommend asking to see a sample billing statement…