A merchant account ID, commonly referred to as MID, is a form of identification unique to a specific merchant account. A merchant ID is typically required for all merchant account holders and will be the method of identification for the acquiring banks to locate the merchants account.
Features of a merchant ID
To successfully obtain a merchant ID it is imperative to be an established merchant. This process involves connecting with an acquiring bank thus obtaining the merchant ID. A merchant ID is generally a range of numbers imposed by the acquiring bank to the merchant account to help them identify the merchant account transaction.
A merchant ID is generally required to be used on all payment pages where clients submit a payment. This ID is not visible to clients placing transactions. The main purpose of a merchant ID is to enable both acquiring banks and credit card institutions to identify a merchant for acceptance of credit card payments and transactions.
A merchant ID operates in a similar way to that of a username or email address in that it is unique to the account holder. However, merchant ID’s are only attainable where the merchant can satisfy the acquiring bank’s prerequisites such as credibility, trustworthiness and success records. Merchant ID’s are only needed where a client has an online company which requires a system for processing and facilitating card transactions.
Individuals and companies that wish to obtain a merchant ID are advised to seek the assistance of a professional consultancy firm. Through the advice and guidance of experienced consultants, the merchant is able to make sure that the entire procedure is completed successfully in a professional and timely manner.