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How do I create a merchant id?

31 Aug 2022 By PAYCEC

You are not able to create your own merchant ID, because the merchant ID is generated by the acquirers or acquiring banks. Here are steps of how to get a Merchant ID (MID) for Payment Processing.

Step 1

To take card payments, you must submit an application for a merchant account, after which your acquiring bank or payment service provider will issue you a MID.

Step 1

Step 2

When you apply for a merchant account, your acquirer will likely ask for formal documents as part of the DD (Due Diligence) and KYC (Know Your Customer) processes. This documentation will contain details regarding the legal documents, taxation, and other things regarding to your company.

Step 2

Step 3

The acquirer creates the Merchant ID Number after the merchant successfully completes the DD and KYC procedures and the agreement is signed by all parties.

Your acquirer will also ask you questions about the estimated volume of transactions, your preferred currency, whether you'll handle one-time transactions or recurring payments, whether you need to use 3D Secure 2, etc. to create a Merchant ID Number that will efficiently route your payments.

This merchant ID number is used to identify you as a merchant for processing debit and credit card transactions, adjustments, chargebacks, and fees, among other things, in addition to routing cash.

Step 3

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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