Even though online transactions and face-to-face payment options have been gaining ground, there are many companies that still depend on making phone payments. Whether it is for booking appointments, receiving deposits, paying invoices, or processing orders, making phone payments continues to be an easy way for businesses and consumers to make payments.
It is simple to accept phone payments, but the process should be done safely in order to safeguard sensitive customer data.
What Are MOTO Transactions?
Payments made via telephone are referred to as Mail Order/Telephone Order (MOTO) payments. As there is no presence of the physical card at the point of transaction, such transactions are termed as Card Not Present (CNP) transactions.
Since there is no way to insert, tap, or swipe the card, MOTO payments are usually more susceptible to fraud than payments in a face-to-face environment. Consequently, processing rates might also be higher.
Use a Secure Virtual Terminal
Typically, payment processors provide a secure virtual terminal where authorized personnel can key in payment details via a secure online interface.
With a virtual terminal, payments can be easily processed using any computer that has internet connection without exposing payment details. It is important that only authorized personnel use the computer.
Never Store Card Information
It is one of the major errors that a company makes in writing credit card numbers in documents or storing it in unprotected records.
Instead of doing that, it would be better to process the payment instantly through the payment system without storing sensitive data of the card unless your payment processor provides card on file service.
Verify Customer Information
In case you receive a payment by telephone, make sure to confirm the client’s billing address, ZIP code, and security code wherever possible. This will minimize the risk of any fraud and increase your chances of getting an authorization approval.
In case anything is suspicious in this transaction, such as an unexpectedly large order, take more time to confirm the purchase before making a deal.
Train Employees on Security
Everyone who takes calls must be aware of the security policies of your firm. It is necessary that the employees be aware of ways to safeguard the customer data, identify any fraudulent behavior, and respond appropriately.
Build Trust With Secure Payments
Phone payments make the process easier for consumers as well as facilitate the sales process for the companies. It is possible to take phone payments securely if one implements virtual terminals, follows PCI compliance, verifies consumer data, and trains staff properly.
Moreover, the process of payment itself will not only help to avoid any sort of fraud, but will also help to establish trust with your customers.
