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Choosing The Right Payment Option!

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payment options

There are plenty of payment options to choose from, but choosing the right option can make or break your business. Choosing the right payment options for your business can be easy one you understand your needs. Once you establish the needs of your business, you will know which payment options are best for you!


There are five different payment options to choose from. They are:

  • Online (payment gateway)

  • MOTO (mail-order-telephone-order)

  • POS Terminal (point-of-sale)

  • Mobile Card Reader

  • PIN Pad Terminal


We’ve made a basic overview of how to decide which payment option is best for your business. Keep in mind that you can always choose more than one option. Most businesses use at least 2 payment options to conduct business. Making the right choice for your business all depends on your needs and what you hope to achieve.

payment option

Now that you have an idea of what might be the best option for your business - you can plan accordingly! But what do these payment options actually do?


Online Payment Gateway - A payment gateway is needed for every merchant who wants to accept payments through an online eCommerce store or platform. Payment gateways capture and transfer payment data from the customer to the acquirer. They then transfer the payment acceptance or they decline the transaction back to the customer. These gateways essentially validate the customer’s card details in a secure manner, they then ensure the funds are available for the merchant to be paid. If you plan on selling using a platform or online store, then you will want to work with an online payment gateway that protects both your customer and business data.


MOTO (Mail Order Telephone Order) - MOTO is a common industry term that isn’t widely used by merchants. MOTO is best described as someone who doesn’t take payments online or in-person. This sounds like a joke, but it’s really the best way to describe it. MOTO merchants punch in credit card numbers to run a transaction manually. This can be a keyed-in transaction through a virtual terminal or by sending an invoice to a customer. These transactions are always card-not-present but they are never through an eCommerce store.


POS (Point-of-Sale) - POS terminals are typically what merchants think of when they are new to payments. That convenient store that you visited this weekend probably ran your payment through a point-of-sale device. These devices allow merchants to accept in-store payments that usually come with a cash drawer and receipt printer. POS devices are great for merchants who want a stand-alone option that can handle heavy inventory, volume and transactions.


Mobile Card Reader - If you are a merchant on-the-go this is the best option for your business! Mobile card readers allow you to accept cards anywhere straight from your mobile device. This could be a tablet or cell phone. Using Bluetooth technology you don’t have to worry about what kind of mobile device you have. If you don’t have a storefront or if you want something that you can travel with, this option is the best for you. Speedier transactions, contactless payment options and lightweight features make it a popular choice for small businesses.


PIN Pad Terminal - A PIN pad terminal is the perfect option for someone who wants the capabilities of a POS device mixed with the flexibility of the mobile card reader. These terminals are easy-to-use solutions that can handle inventory and volume all while traveling throughout your store. PIN pads are growing in popularity due to their versatility and feature options.


Choosing the right payment options can be easy once you understand what your business needs and where you plan to accept payments. If you want to learn more about payment options and how to get started let us know! We have dedicated team members who can help you decide which method is the best fit for your business.


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Related Article: Hidden Fees That Payment Processors Charge Their Merchants