Electronic Processing for Mail Orders
Does your company still take mail orders? You are not alone. Even
with the rise in internet businesses, many companies still accept orders
and payment information by mail. If you want to accept mail order
payments, then you do need some form of electronic processing for those
payments. Read more about why you need an electronic solution for
processing mail orders and payments.
Why You Need Electronic Processing
may be receiving your orders by mail, but once you receive that credit
card information, you still need a way to get the credit card number
approved, process the payment, and get the funds. The only way to do
that is to have a merchant account set up with a merchant account
provider to process those payments and have a virtual terminal to
securely transfer the information to the merchant account provider.
What You Need for Electronic Processing
you do need a merchant account provider, you can’t necessarily use a
traditional merchant account for transactions where the credit card is
swiped. You must confirm that your merchant account provider is capable
of processing card-not-present transactions. If your provider does offer
such an account, then you need to find out which virtual terminal
software that account is compatible with. Many merchant account
providers may even offer a virtual terminal software at a low or no cost
to you for opening up the account. Once you have both of these things
in place, you can begin electronic processing for your mail order
Other Things to Consider
a couple things to keep in mind when you decide on an electronic
solution for mail order payments. Because you won’t have the actual
credit card to swipe, your merchant account provider will most likely
require you to get additional verification information from the
cardholder. Make sure you request the most common forms of verification
on the order form, including the billing address and/or the phone number
associated with the account. Next, confirm that the virtual terminal
that you choose comes with built-in security features to protect your
financial information and your customer’s information. Lastly, remember
that merchant accounts for card-not-present transactions often have
higher rates than traditional card-present accounts. Always ask about
the rates before signing up for the account.
When you understand
everything that goes into electronic processing for mail order
payments, you’ll have an easier time setting up your merchant account.
Start accepting mail order payments today.