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Mail-Order/Telephone Order Merchant Accounts
Mail Order/Telephone Order Merchant Accounts are know as “MO/TO” transactions in the payment processing industry. This solution is where you use a knuckle-buster/ 1-800 number for authorization on credit card transactions. The solution allows a merchant to be mobile to process a transaction, but what most merchants do not realize is that all systems offer this solution as a back up to all other solutions. Example: If the Point-of-sale Terminal is not working or if a Merchant needs to accept a transaction away from their retail location they can. MO/TO Merchant Account RatesThis type of solution is usually called IVR or ARU in the industry and typically costs about $6-$20/month to have access to it.Business's will find the rates are higher due to that the credit card processors see these transactions as ‘card not present’ or ‘non-qualified’ rates – even if you use the old knuckle buster for card present transactions. You may qualify for a ‘mid-qualified’ rate by using a knuckle-buster, but most credit card processors will just write your rate as a non-qualified rate, regardless of using the knuckle-buster or not. The knuckle-buster is really for your customer to receive a receipt. Rates can vary from company to company, however most Canadian MO/TO credit card processing rates range from 1.95% - 3.00% (plus 15cents - 35 cents per transaction) - any higher then that and you will want to get a rate review. What determines your rate is: 1. Average Ticket Price per customer 2. Monthly Sales Volume purchased on credit cards The lower your average ticket price and the higher the monthly business volume the lower the rate you will qualify for.
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