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Retail
Many
merchants have some confusion on this point.
A retail processing account is one where at
least 80% of your credit card transactions
are swiped through some type of terminal and
authorization and settlement of the transactions
happens the same business day. Additionally,
the customer at the point of sale receives
the product or service.
Typical
examples would be restaurants, standard mall
storefronts, salons, etc. Because of the ability
to readily verify cardholder identity and
thereby lessen the risk of fraud, these transactions
enjoy the lowest rate models in the industry.
Mail
Order/Telephone Order
Often
referred to as MOTO accounts, these are situations
where 21% or more of your credit card sales
are "keyed" manually into the terminal.
Authorization and settlement may or may not
occur on the same business day of the sale
and the customer may not receive their product
or service at the time the order or purchase
transaction actually occurs.
Typical
examples would include catalog sales(via phone
or mail), many wholesale B2B sales, most future
delivery sales situations, manufacturing,
and any case where payment is other than swiped
through a terminal.
Because these transactions do not offer as
secure an environment as retail their base
rate models are typically a bit higher than
retail models. The type of industry and average
sale size can play a role in determining actual
rates offered.
Internet
This
business is exclusively related to sales which
occur directly over the internet and do not
involve any manual processing by a sales agent,
clerk, or other sales person.
They
involve the use of some type of Gateway and
shopping card to process the transactions
and have slightly elevated fee bases to process
your transactions due to the fully automated
level of the process. Like MOTO accounts,
these transactions are exposed to potential
for fraud and rate models are higher than
retail levels.
Typical
examples would be any online company processing
sales….Amazon.com, Macys.com, Staples.com,
etc.
Online Processing FAQ (Click
Here)
Frequently Asked Questions
(Click
Here)
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