Do you know what the Merchant Account ID number is? If no or having doubt then you can understand and remove all your confusion by reading the article below.
A Merchant Account ID Number in QuickBooks is the unique code that is provided by the payment processor to the merchant. This merchant account ID number is mainly used within the credit card processing industry to transfer funds by banks. Then goes back to the merchant which is accepting card payment. This code that is MID is carried with cardholder information to those to whom we need to transfer. This ID is very important because this helps to identify the merchants by the other parties and even by the processor.
This ID number is the business which is equivalent to the bank account number. This is not a public record that is capable of searching through publicly available outlets. If you will not be having the merchant account ID number then networks involved will not be knowing where they have or need to send your money. You then open yourself up to vulnerabilities, if you need to share this number then you need to be very sure and conformed to share this number, until you are not sure don’t share it with anyone.
If there is a large business in which they are having multiple merchant account IDs, then they can use internal tools to identify a subordinate unit by their name then only the ID number will be shown. But if you are trying to locate a merchant ID for your large or small business, then the process will differ which is based on a variety of factors.
- Create a Merchant Account ID
- Steps to Locate Merchant Account ID Number
- Find You existing Merchant ID
- Last Words
Create a Merchant Account ID
The given below are showing how a person can create the merchant ID in QuickBooks:
- A Merchant account ID number will be received by the merchant when they will start working with an acquiring bank that can directly or mostly get through a merchant service provider.
- This ID involves business verification that is by this ID business is verified that it exists or not and every information.
- Then you need the information on the business ownership and the tax number and all the details related. (Keep in mind when you will get Merchant ID don’t lose it)
- After getting your merchant account ID number you can work like the credit card processing company. But you need to take care that you don’t get flagged due to excessive chargebacks.
Chargebacks are part of the business but a high rate of chargebacks lead to the sign that the business is taking advantage of the customer and your right to transact can be lost if you consistently receive a high number of chargebacks. Even an MSP can freeze your account or funds which is dependent on the transaction history. There are some ways to prevent chargebacks. They are:
- Verification of the Geolocation
- Biometric Technology
- There is Address Verification Systems (AVS)
- Verification of CVV
- 3D secure
- Fraud Filters
- You can be given a designated chargeback representative which is working for your business and chargeback assistance is provided free for all clients.
Some QuickBooks Merchant service accounts have direct access to the merchant service center. They are:
Steps to Locate Merchant Account ID Number
The steps where you can able to found the Merchant Account ID Number:
- On your email Id, you will receive a mail of approval when you opened your Merchant Service Account.
- Even you can find it on the merchant statement at the left on the top quadrant of the first page of the statement.
If statement and approval email id is not available with you then you can also find by the account type.
- Go to the Customer Menu and choose credit card activities.
- Then you need to select the Merchant Service Center and it will take you to the homepage and you can find your merchant ID there.
- First, select the Gear Icon, and then under your company choose Account and Setting
- Then select the payments tab.
QuickBooks Desktop Point Of Sale
- First, go to the File menu, and set up interviews will be shown.
- Then, go to the Payment option.
- Login into The MSC and the homepage will be shown
- Then there you can see your merchant account ID number on the right side.
Find You existing Merchant ID
Merchant IDs are private information so they cannot be visible or find anywhere you want. If you are not part of the business and you are trying to find the Merchant Account ID Number then we are sorry you will not be able to find any Merchant ID and you will not be able to take its advantage. Merchant ID is used for routing the money. These numbers should not be released publicly. MIDs contains 16 number that is Merchant Account ID number is 16 digits long and you can find them in a new way:
Find Merchant ID in your Merchant Statement
At the right on the merchant statement at the top from the MSP. There you will be able to see a Merchant ID of 16 digits but if you aren’t able to see it then hold your merchant services provider or processor and ask them.
Find Merchant ID in your Terminal
Many times the MSPs for the processors used to put your Merchant ID on your terminal. So you need to check on your terminal whether the ID is present or not.
On Bank Statement
The statement which comes from the bank should have some version of your Merchant Account ID Number where all the information of your credit and debit card from your processor are included. This starts with BTOT and MTOT.
Call your Merchant Services Provider or Processor
If you have done all the way to find the Merchant Account ID Number but then also you are not able to find it then you can call your MSP and can get your ID in their platform.
Find a Google Pay Merchant Account ID Number
For this you just need to follow these steps:
- Go to the settings of Google Pay.
- Then go to the Public Merchant Profile.
- There you will be able to see the ID.
Find PayPal Merchant ID
For this you just need to follow the given steps below:
- First, go to your profile of PayPal.
- Then you can see your ID under My Business Information.
In this article, we have discussed what is the Merchant Account ID Number, how we can create the Merchant Account ID Number, and how we can locate it. We have discussed all the methods but if then also you face some issue in this then you can contact our QuickBooks Support Team and can also talk to our QuickBooks ProAdvisor and solve all your issues.