MOTO, otherwise known as Mail Order/Telephone Order is a payment method in which the payers card is not present, and payments are made via telephone, mail, fax, or through internet communication. This method of payment is highly susceptible to credit card fraud and thus online trading brokerages charge higher transaction rates to offset the costs associated with fraud. While MOTO stands for Mail Order/Telephone Order, those two methods of payment are not popular anymore. MOTO payments are generally internet purchases without a credit card present. This is true with most online trading brokerages as well.show more
There are a number of different MOTO payment methods available to traders. While internet MOTO payments are by far the most popular there is also telephone, fax, and mail payments as well. Below we outline some key aspects of each type of MOTO payment.
Internet – The most popular and convenient method of MOTO payment is through internet communication. This method allows traders to simply enter in their credit/debit card information to make deposits.
Mail – While this method is not nearly as popular as the internet, some trading brokerages will accept MOTO payments through mail. A trader could simply send a desired amount of cash or cheque in the mail.
Telephone – This method is more popular than mail. Traders can give their credit card information over the phone when speaking with an authorized broker representative to make deposits.
Fax – Perhaps the least used method of MOTO payments for deposit is through fax. Not many if any brokers will accept this method of deposit.
Payments in which credit cards are not present are among the most popular methods of payment in todays society. There is good reason for this, as MOTO payments have numerous benefits to both consumers and merchants. Below, we outline the benefits MOTO payments offered to traders who are looking to deposit funds into their online trading accounts via the internet.
Convenient – MOTO payments are among the most convenient methods available today. Especially when making payments through an online payment platform.
Fast Payments – Depositing funds into a trading account is very fast via this method. There is no need to deliver cash or cheques in the mail or in person. As well, traders can deposit funds into their account from the comfort of their own home.
Globally Accepted – Traders from all over the world can easily deposit funds into their online trading account. It could be located across the world and it wouldn’t matter. MOTO payments present opportunities to those who otherwise could not open and deposit funds into an online trading account.
Management – Deposits via MOTO payments is very easily tracked and documented. Traders can easily see a record of each deposit they make through this method of payment.