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Traditionally, to be afforded the opportunity to accept credit and debit cards from their customers any organisation (typically called a “merchant” by the financial services industry) must be granted so-called “proper” status as a bank. This proper status is given to a merchant through the vehicle of a unique Merchant ID (or MID) from the bank and allows them to participate in the payments chain. Attractive much all large businesses have a merchant account like this. However, the smaller the organisation gets the less likely that they will have one and may be missing outside on the benefits. In this article we explore what it takes to locate up a merchant account, why it is beneficial to do so and what alternatives exist to getting a merchant account with the minimal of hassle.
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