Merchant identification number
Merchant ID is a special code assigned to merchants by the acquiring bank. Companies receive a merchant ID when they open a merchant account.
This number is used to identify the merchant among other businesses.
Without the merchant identification number, the issuing bank would not know where to send the money.
How to get a merchant id?
Without a merchant ID, you will not be able to accept payments. To get this number, your payment provider will require a specific list of documents. It is required to verify the business and the beneficiaries.
If you are going to process payments through third-party payment processors, then you do not need to open a merchant account.
Such organizations, on behalf of the merchant, process payments through their merchant account.
Third-party payment processors are also responsible for the security of transactions.
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