Each online merchant gets his/her unique merchant identification number or MID for credit card processing. Computer networks use these numbers for merchant identification, so they can see who’s behind every transaction processed. If you’re interested in MIDs and merchant ID number lookup, keep on reading this post.
Merchant ID Number: What You Should Know
You, as a merchant, need to have a specific identification data to be able to process sensitive confidential information safely and in a timely manner. A merchant identification number is mandatory if you want to augment merchant identification across networks. Also, this number is a must for channeling transactions via the appropriate routes.
MIDs are like email addresses, only they don’t change. So, this simple little code plays an immensely important role in completing all kinds of transactions.
Think of MIDs as business equivalents of bank account numbers. As such, MIDs aren’t recorded publicly and no one can search them through a publicly available outlet. However, big businesses with multiple merchant account IDs can make use of certain internal tools or invoices for the identification of a subordinate unit by name when only an ID number is available.
When you process card transactions over a computer network, these networks don’t operate in isolation. In fact, they’re in close interconnection with the given front-end processing center associated with the card, as well as the network related to back-end settlement. The mentioned networks get connected internally through a gateway.
So, your merchant account features a MID, one or several terminal identification numbers or TIDs, as well as a gateway identification number or GID.
What your merchant identification number does is to uniquely identify you. When it comes to the TID, the latter specifies a certain profit center, location or facility that’s involved with the completion of card transactions. As for the GID, this number is responsible for identifying the very network gateway from which card transactions from the merchant get routed.
As you see, your merchant identification number specifies you, as a merchant. However, all of the identifiers together give confirmation for each transaction facet to add to the level of security.
In fact, it’s not a requirement to have only one merchant identification number. However, a single merchant ID will do. Anyway, you can get a new MID when, e.g., changing your payment processor.
Merchant ID Number Lookup
No matter you’re running a physical or eCommerce business, processing card payments makes up part of your operations. However, just processing payments isn’t enough: you should be able to processes them safely and securely. That’s where a merchant identification number comes into play: it ensures payments reach their destination without any issues.
If you’re interested in merchant ID number lookup, consider turning to eMerchantBroker.com to get answers to all your questions. EMB is a reputable credit card processing company with an A+ rating from the BBB and an A rating from Card Payment Options. eMerchantBroker.com is committed to providing the most secure, reliable, affordable, and fast payment transactions both to low and high risk merchants. By the way, EMB is considered the best high risk processor in the US.
MIDs come with their own specific rules for transaction authorization. This also refers to the processes when transactions are deposited and qualified. Besides, each MID also has its own base discount rate. Card association rules ensure different payment transaction types don’t get mixed.
Be aware that the lengths of these numbers vary in accordance with the backend platform they’re boarded on, meaning your MID is associated with the backend platform your processor uses. As a rule, you can find your MID on the sticker on the side of your credit card terminal and on the top right corner of your monthly statement
To summarize, a MID is a one-of-a-kind number that you get attached to your merchant account. It’s used to identify your merchant account when completing payment transactions, adjustments, chargebacks, monthly fees, and more. So, your MID accompanies you while you’re communicating with your processor and the other parties.