Are you a recent merchant account holder attempting to get a good idea of what a merchant identification number (MID) is? What is this MID that comes with your account? No issues! Just read the article underexplained and you will understand!
A Merchant Identification Number is termed as a unique code that you, as a merchant, get from your payment processor. You could find it very general abbreviated as “MID.” Together with cardholder information, the MID is being transferred to involved parties for transaction reconciliation.
The merchant identification number is good in facilitating in getting a merchant account when negotiating with his/her processor, also other parties. You can think of that as an easy code. Though it is a tiny code, the MID has significant importance in transactions.
So, when you start a merchant account with an acquiring bank, you are going to accept a MID. Before having your MID, you will need to verify your business.
Be sure that you will not receive a MID when working with Square, PayPal, or various other services like these for payment processing. This is due to that you will not need a formal merchant account to utilize them. Also, keep in mind that you could have more than one MID, but most of the businesses perceive a single MID enough.
In addition to that, It is more important not to confuse distinct account numbers: every account number is different from the other ones. So, you, being a merchant, can get one MID, and several TIDs or Terminal Identification Numbers.
Especially, you will accept a unique TID for each of your card terminals. But, you can still have them put together under a single MID. Besides this, you can even have multiple merchant accounts and put them into the same category together with the same merchant identification number.
It is also vital to know that the most common reason why a merchant may lose this unique number because he/she has to work up with excessive chargebacks.
Taken first, a merchant account is kind of a business combination between you (merchant) and your credit card processing enterprise. This number permits you to receive payment cards, involving credit/debit cards, gift cards, ATM cards, EBT, also electronic payment of other kinds.
Thus, it is important to work only with a reputed payment processor like Ipaytotal.com to enjoy the most protected and faithful credit card processing for your business. IPAYTOTAL, is one of the top high risk merchant account provider in the US and UK.
What merchants like most aboutipaytotal.com is that IPAYTOTAL always talks to them so to know their pain points well. This helps IPAYTOTAL render the right payment processing solutions to merchants. So, IPAYTOTAL can help you with all your queries concerning a merchant ID, and just everything related to payment processing and merchant funding.
While discussing MIDs, it is vital to also to note about fraudulent transactions. In case, you are dealt with them, the provider can actually differentiate the involved business from the rest of its consumers and take the important measures. Beyond that, MIDs permit the owners of multiple enterprises to properly authorize, submit, and qualify transactions.
Many times, merchants could do nothing to eliminate becoming a victim of fraudsters. The factor is that hackers can put the fake cards in names of their own. So, even if a cashier looks for identification, the name printed on the credit card may get matched with their IDs.
To avert credit card fraud, we suggest performing at least the simple activities, for example checking bank statements and your credit report on a daily basis, as well as keep this insured you accept any suspicious transaction notification from your bank or credit card issuer.
If you are searching for a trusted merchant account provider, you are in the correct place, as IPAYTOTAL provides the best services for e-commerce businesses. We guaranty swift real-time credit card processing, best services and at economical rates. Give us a call at +44 800 776 5988 or get in touch with us through our website.