The importance of getting a thorough understanding of how the system works cannot be overemphasized especially when it pertains to financial transactions that involve the making and receiving of card payments from people that you may never meet in person. Thus, to be able to accept card payments efficiently as a merchant, you must be able to have a unique Merchant ID or MID. There are payment gateways like Tailored Pay that will provide you with your own MID, and this will ensure that online financial transactions between you and your clients are going to be smooth and secure.
What You Must Know About Merchant Account
How do eCommerce firms receive cleared monies whenever payment processing is complete?
In contrast to a standard company bank account, a merchant account is a customized account through which firms can accept credit card payments from customers. After monies have been cleared, they are temporarily stored in these specialist accounts before being moved to the business’s bank accounts. Merchant accounts simplify the process of receiving payments from different payment sources while also facilitating the handling of refunds and chargebacks for eCommerce enterprises. While merchant accounts and payment gateways are synonymous, some payment systems provide just standalone payment gateways, while others, such as TailoredPay, offer both. Merchant accounts in conjunction with payment gateways simplify the process of accepting payments online for eCommerce firms. To demonstrate this point further, consider the following organizations that offer standalone payment gateways vs payment gateways with merchant accounts.
Merchant Identification Number (MID), Explained
Simply defined, a Merchant Identification Number is a unique identifier associated with your business’s merchant account that enables you to accept and receive card payments securely. MIDs are typically consisting of a 15-digit number, however, this might vary based on the backend platform used by your payment processor.
Since an eCommerce business wishes to accept card payments, obtaining this unique number is vital, as transactions will not be processed without it.
As with traditional bank accounts, MIDs are customized to certain businesses or merchant accounts. As a result, MIDs are not available in the public domain and cannot be obtained using public search engines. If you’re looking up your merchant ID number, it’s critical to keep in mind that this number is only available to authorized individuals directly associated with the firm – the business owner, group of business owners, or business manager.
It is critical to understand that your Merchant Account ID is not synonymous with your Merchant Identification number, even though the two words seem similar. When you register with a payment processing firm, you receive a Merchant Account ID for your business. However, a unique Merchant Identification Number is required for each channel of your business that is connected to your merchant account.
Your Merchant Identification Number uniquely distinguishes you and enables you and your customers to authenticate and secure card transactions. But, this is not the only identity that is associated with your merchant account because when it comes to identification, it should also have one or more Terminal Identification Numbers (TIDs) and also Gateway Identification Number (GID); and these identification numbers will be used in maintaining the security of your card transactions.
Each MID has its basic discount rate and rules for depositing and qualifying transactions (or transaction authorization). These principles serve to avoid confusion between various payment transaction kinds.
Card transactions are processed through an independent network of computers. The link between a card’s front-end processing center and its back-end infrastructure must be secure. These networks are linked together via a specific gateway.
Lookup of Merchant Identification Numbers
According to a recent study, more than half of consumers prefer to pay for products and services through their credit or debit cards in today’s digital economy. While credit and debit cards provide customers with a more convenient method of payment, they may also be connected with a sense of insecurity over the amount of security provided.
As an eCommerce merchant, it is critical to provide safe and secure card payment alternatives that promote seamless transactions for your consumers. As a result, obtaining a merchant ID number from a reputable and secure payment processing firm such as Tailored Pay is vital.
Even if other payment processing firms consider you a high-risk merchant, Tailored Pay offers a reputable, dependable, secure, and economical merchant account providing a solution for your merchant ID number lookup. Tailored Pay, as a provider of high-risk merchant accounts, brings years of knowledge and frictionless card processing solutions focused on honesty and reputation.
With your unique and secure MID associated with your merchant account, you may expect seamless transactions such as card payments, refunds, monthly fees, and chargeback mitigation, among others.
How to Locate Your Merchant Identification Number
As previously stated, merchant identity numbers are permanently lost in the public domain. If you are unable to recall your MIDs for whatever reason, the following steps will assist you in obtaining them:
- Bank Statement. Your bank statement may contain a shorter version of your Merchant ID Number.
- Merchant Statement of Account. In your merchant statement of account, you can locate your Merchant Identification Number in the upper right-hand corner.
- Terminal for Payment. On one of the sides of the majority of physical card payment terminals, your Merchant Identification Number will be displayed.
- Merchant Service Provider (MSP). Additionally, you can contact your Merchant Service Provider for assistance in locating your Merchant Identification Number.
Other methods include directly contacting your third-party payment processors, such as PayPal, Square, or GooglePay.
In short, a merchant identification number is a one-of-a-kind identifier associated with your merchant account. It is used for identifying purposes while processing payments, chargebacks, payment adjustments, and monthly fees, among other things. This number is not available in the public domain but can be obtained through channels related to your merchant account. If you’re ready to obtain a merchant ID number from a reputable merchant processor who is always accessible to assist you with merchant ID number lookups.
Choose only a Trusted Payment Processor as your Payment Gateway
If you are an eCommerce retailer that has previously had difficulties using conventional payment gateways, make sure that you find a payment gateway that can accommodate you. One example is Tailored Pay, as they provide companies with inexpensive, secure payment gateway as well as high-risk merchant account solutions that are compliant with PCI and compatible with a range of card kinds.
