Taking payments online: Your Aussie small business guide 

Aussies are shopping from the comfort of their own home more than ever before. This means for Aussie small businesses, offering ways to pay beyond the cash register is becoming a must. 

This is where card-not-present transactions come in. These are any payments where the customer’s card isn’t physically handed over, like: 

• Online stores: Your customers can browse and buy from anywhere, anytime. 
• Phone orders: Take payments over the phone by manually entering card details. 

Why is this good for your business? 

Imagine selling to customers across Australia, or even the world, without location limitations. Card-not-present payments lets you cater to those who prefer the ease of online shopping or phone orders, basically keeping your doors open 24/7. 

Of course, with this convenience comes some responsibility. Card-not-present transactions also carry a higher risk of fraud since the card isn’t physically present. There are also transaction fees to consider, and you’ll need to invest in top-notch security measures to keep your customers’ information safe. 

Phone orders are commonly known in the industry as MOTO (Mail Order Telephone Order) transactions. It is good practice to do extra checks for MOTO transactions to ensure everything’s on the up and up. This might involve verifying customer information or using CVV (card verification value) checks.

The good news? The Australian payments industry is thriving, and there are resources to help you navigate MOTO and card-not-present payments securely. Here’s what you need to remember: 

1. Plan it out: Carefully consider the benefits and challenges of MOTO and card-not-present payments before you jump in.
2. Security is key: Ensure that your payment processing solution is secure and has built-in fraud prevention tools.
3. Customer experience: Make paying over the phone simple and frictionless for your customers to enhance customer satisfaction.
4. Fee analysis: Understand the transaction fees associated with different payment methods and optimize your pricing strategy accordingly. 

By embracing Card-not-present payments safely and securely, you have the ability to take your Aussie small business to a new level. You’ll reach new customers and keep your operation running smoothly – that’s a recipe for success! 

How Tyro Can Help 

Tyro’s eCommerce solution offers a variety of features that can help you accept MOTO and Card-not-present payments transactions securely and easily. Some of the benefits include: 

• Easy setup: Our eCommerce platform is easy to set up and use, getting you up and running in no time.
• Multiple payment options: Provide more ways for your customers to pay including  virtual terminal, card-on-file information, and recurring payments.
• Fraud prevention: Tyro has built-in fraud prevention tools to help protect your business from fraud.
• Reporting tools: Get real-time reporting tools that can help you track your sales and stay up-to-date.
• Customer support: We offer customer support 7 days a week to help you with any questions you may have.

Card-not-present payments represent a significant opportunity for Australian small businesses to expand their reach, increase sales, and enhance customer satisfaction. By understanding the associated challenges and implementing robust security measures, businesses can successfully navigate and thrive in the digital marketplace.  

Disclaimer: Tyro Payments Limited ACN 103 575 042 AFSL 471951 (Tyro) is the issuer of its own financial products. As Tyro does not take into account your personal circumstances, please consider if these products are suitable for you. T&Cs available at tyro.com. You can contact Tyro on 1300 00 TYRO (8976) or tyro.com/support/ and access Tyro’s dispute resolution process at tyro.com/complaint-resolution-process/

Tyro provides this article for general information and educational purposes and does not take into account the financial situation or need of any reader. The information provided must not be relied upon as financial product advice.