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What is a merchant transaction id?

31 Aug 2022 By PAYCEC

When a consumer uses a credit card or debit card to make a purchase, the payment processor will provide your business with an exclusive identification number called a merchant transaction ID, commonly referred to as a MID, which is used to identify your merchant bank account. Consider it the address of your business. Without a merchant transaction ID, none of the networks involved can transmit your money anywhere.

When a merchant communicates with their processor and other parties, the MID (merchant ID) can assist in identifying them. The funds would have no destination if a MID was not connected to a transaction. The money could not be sent to you properly by the bank.

For example, Merchant service providers will categorize firms based on their type, with classifications including:

  • Ecommerce
  • Food & Beverage
  • Retail
  • Hotel
  • Airline
  • Mail Order

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