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the ecommerce minute: merchant IDs

sticky.io

Updated:  

June 10, 2024

Episode three of The Ecommerce Minute: Quick Tips for Online Sellers explains the basics of merchant IDs, including how to obtain a MID and protect it from revocation with a strong fraud protection strategy.

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Episode 3: Merchant IDs

Simply stated, MIDs are essential to getting paid when running online transactions. Without them, payment processing systems wouldn't know where to send funds. To obtain a merchant ID, you need to apply for a merchant account either directly with sticky.io or with your payment processor.

After an underwriting process and signing an agreement, an account is created and a MID is generated. Now that you have a MID, it can be tricky to avoid losing your MID. Be sure to abide by the terms of your contract and keep your chargeback ratios as low as possible. It's always best to have a chargeback management strategy that includes customer authentication, fraud detection and prevention, as well as chargeback alerts and representments.

Also, make sure to follow all rules set forth by Visa, MasterCard and other card brands as non-compliance with these rules can impact your ability to process transactions, so stay compliant.

Manage your chargeback ratios, follow provider rules to optimize your payment processing and of course, reach out to our team at sticky.io anytime for help.

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