Merchant Identification Number (MID)
A merchant identification number(MID) is a part of a payment processing industry. It is a unique code that identifies the merchant.
There are lots of business owners that wish to process money around the globe. The company or bank that processing your payments assigns you a unique number (MID), which allows you to identify your business among millions of other companies. This number is directly related to your current bank account.
How to receive a Merchant Identification Number?
To receive a MID you have to take some steps before. Of course, you need to open a merchant account first.
A merchant account is a special account in an acquiring bank, to which money is received from online payments of customers using a payment gateway.
For online merchants, such an account is an opportunity to accept payments from customers who pay with cards for goods or services. The money debited from the card goes to the merchant’s bank account through a processing center.
A merchant will get a merchant account after the business verification. Then, they will get a Merchant identification number.