A merchant account is a special bank account that can receive money from credit card and debit card payments. It is different from your normal business bank account and doesn't need to be with the same bank.
The bank that your merchant account is set up with is known as an ‘acquiring bank’ or ‘acquirer’.
Your merchant account has a unique identifier that banks use to identify it. This is called your Merchant ID or MID. A MID gives you the financial authority to accept card payments.
This MID will also define the type of settings in which you can accept card payments. For example face to face, online, or over the phone.
Yes. All Pay360 clients need to have a merchant account in order to use our payment services.
You can use an existing merchant account to ‘fast-track’ your transition to Pay360 or, a member of the Pay360 sales team can help you apply for a merchant account through our acquiring network.
Yes. You can use your existing merchant account, but you may need to request a new MID from your acquiring bank. These are typically provided at no additional charge. Once you have your new MID let us know and we’ll set it up with your Pay360 service.
We can set you up with a merchant account when you apply for your Pay360 service.
Before accepting you as a merchant, the bank will carry out some standard checks into the business background and financial status. Assuming these checks are successful, the bank will then assign you your own unique Merchant ID (MID).
Pay360 contracts are available with a number of different terms, starting from just 24 months.
ATV stands for the Average Transaction Value for payments made to you by credit and debit cards.
If you are just using our self-service payment solutions (Online or Automated Telephone), you need do nothing more than fill out a simple form as the associated Pay360 service is fully PCI DSS compliant.
If taking card payments over the phone or face to face, we can offer simple advice on how to set up your business to handle this and comply with regulation.