Merchant Identification Number

When it comes to financial transactions that involve making and receiving card payments from people you may never meet physically, the need to possess an accurate knowledge of how the system works cannot be overemphasized.

To effectively receive card payments as a merchant, you need to acquire a unique Merchant ID (MID). This guarantees smooth and secure online financial transactions between you and your customers.

What You Should Know About Merchant Identification Numbers

Simply put, a Merchant Identification Number is a unique code attached to a particular merchant account for your business that enables you to securely process and receive card payments. MIDs are usually comprised of a 15 digit number, but this can vary depending on the platform your payment processor uses on the backend.

As an eCommerce merchant intending to receive card payments, it is mandatory to obtain this unique code as without this, your transactions will not be completed.

Just like conventional bank accounts, MIDs are unique to specific businesses or merchant accounts. As such, MIDs don’t exist in the public domain and cannot be retrieved through public searches. If you’re looking to lookup your merchant ID number, it is important to be aware that this number is only accessible to authorized personnel directly connected to the business – the business owner, group of owners, or business manager.

It is important to note here that your Merchant Account ID isn’t the same as your Merchant Identification number, even though both terms sound similar. You get a Merchant Account ID for your business when you register with a payment processing company. However, you still need to have a unique Merchant Identification Number for each channel of your business connected to your merchant account.

Your Merchant Identification Number uniquely identifies you to facilitate authenticating and securing card transactions between you and your customers. However, this is not the only type of identification attached to your merchant account. Other key types of identification include at least one or more Terminal Identification Number(s) (TIDs) as well as a Gateway Identification Number (GID). These IDs serve to ensure the secure completion of your card transactions.

Each MID operates under a unique base discount rate, as well as a unique rule for depositing and qualifying transactions (or transaction authorization). These rules help to prevent mix-ups from different payment transaction types.

Card transactions are routed via a network of computers that do not function dependently. The interconnectivity between a front-end processing center for a card must be securely synchronized with the back-end infrastructure. These networks are connected via a particular gateway.

Merchant ID Number Lookup

Current research shows that in the current digital landscape, over 50% of consumers choose to make payments for goods and services using their credit or debit cards. While credit and debit cards offer consumers a more convenient payment option, they can also be associated with uncertainty over the level of security they offer.

As an eCommerce merchant, it is important to provide safe and secure card payment options for your customers that facilitate seamless transactions. Therefore, it is important to get a merchant ID number from a reliable and secure payment processing company such as TailoredPay.

Even if you are considered a high-risk merchant by other payment processing companies, TailoredPay provides a trusted, reliable, secure, and affordable merchant account provision service for your merchant ID number lookup. As a high-risk merchant account provider, TailoredPay offers years of experience and seamless card processing solutions built on integrity and credibility.

With your unique and secure MID attached to your merchant account, you are guaranteed hitch-free transactions in the form of card payments, refunds, monthly fees, or chargeback mitigation, and more.

How to Find Your Merchant ID Number

We have already established that merchant identification numbers are irretrievable from the public domain. If for any reason you are unable to remember your MIDs, here are a few tips on retrieving them:

• Bank Statement. The bank statement issued by your bank may hold a shortened version of your Merchant Identification Number.
• Merchant Statement of Account. You can find your Merchant Identification Number at the top right-hand corner of your merchant statement.
• Payment Terminal. Most physical card payment terminals will display your Merchant Identification Number on one of the sides.
• Merchant Service Provider (MSP). You can also contact your Merchant Service Provider to help you look up your Merchant Identification Number.

Other ways to find your Merchant Identification Numbers include contacting your external payment processors such as PayPal, Square, and GooglePay.

In summary, a merchant identification number is a unique identification number that comes attached to your merchant account. It serves the purpose of identification when processing payments, chargebacks, payment adjustments, monthly fees, etc. This number cannot be retrieved from the public domain but through specific channels associated with your merchant account. If you’re ready to get a merchant ID number through a trusted merchant processor that’s always available to help you with merchant ID number lookup whenever you need it, get started with TailoredPay today!