Have you ever shared credit card information over the phone and wondered how the information is handled? For many companies who rely on payment processing over the phone when a credit card is absent, MOTO, or Mail Order/Telephone processing is essential. Many consumers are hesitant to share their information over the phone because of fears of fraud. Companies like Stone Ridge Payments supply retailers with secure and efficient technology for MOTO processing. Here is some information on what exactly is MOTO processing and security measures that should be followed.
When a customer shares credit card information over the phone, he or she is able to either speak the numbers or enter them on the phone’s keypad. Often, the recorded prompts or employee will ask for the card number, expiration date and security code. One of the most common methods of MOTO processing that Stone Ridge Payments offers is with the use of a virtual terminal or gateway. A terminal allows the credit card information received from the customer to be transmitted into software in order to process payments. An advantage for this type of service provided by Stone Ridge Payments is because MOTO payments with a gateway are digital, data regarding payments immediately comes up following a payment. The retailer is able to see transaction history and patterns, sort transactions, produce reports and locate specific data easily.
It is imperative that a retailer using MOTO processing abides by the PCI standards to prevent fraud. When sharing information over the phone, the consumer may be vulnerable to revealing his or her credit card information to an unintended recipient. A company should regularly train and monitor staff in order to prevent insider fraud, in which an employee retains credit card information for personal use. Background checks are recommended by the PCI when hiring personnel that handles sensitive information like that transferred through MOTO payments. Technology and software involved in transactions, such as computers, should also be monitored for viruses and malware and should operate on a secure network. As much information should be restricted as possible. The PCI recommends that the sharing of cardholder information be encrypted, and only individuals who assist in the MOTO process should have access to the information. If a retailer providing MOTO payment processing is dedicated to maintaining the PCI standards and regulations, MOTO processing can be the cornerstone of a company’s success.
Stone Ridge Payments 