How To Get A Merchant Number In NZ: 5 Steps

If you’re setting up EFTPOS for your business in New Zealand, you’ll need a merchant number. But what is a merchant number, and why is it so important? 

Because a merchant ID number is a key part of accepting payments and managing transactions for your business, it’s important to understand exactly how it works and how to get a merchant number. To help you out, our team has put together a step-by-step guide that walks you through what a merchant number is and how you can apply for one, plus we have answers to some of the most common questions we get asked about merchant numbers.

What Is a Merchant Number?

A merchant number, also called a Merchant ID (MID), is a unique number given to your business by your bank or payment provider. It links your EFTPOS terminal to your merchant account, allowing you to accept payments from customers. Think of it as a virtual account that holds funds from card transactions until they are settled.

One of the most important things about a merchant ID is that it helps track and identify transactions that are associated with your business and ensures that funds are deposited into the correct merchant bank account.

Typically used for administrative and financial purposes, merchant IDs are not directly associated with specific payment terminals and can only be issued to authorised business bank accounts and organisational bank accounts.

How to Get a Merchant Number in NZ for Long-Term Use

If you’re setting up a permanent retail store, launching an online shop, or running a hospitality business that processes regular EFTPOS transactions, you’ll need a long-term merchant number. 

Here’s how you can get a merchant number to use long-term:

1. Apply for a Merchant Account: A merchant account needs to be set up before you receive a merchant ID. This account handles all of your payments and is where your transactions will go. It’s never been easier to apply for a merchant account – Eftpos Now is here to help you with your application, making for a seamless and stress-free process.
2. Provide Your Business Details: When you’re applying for a merchant account in New Zealand, you’ll need to share information like your business name, registration number, and financial details, so it’s a good idea to have these details on hand.
3. Submit Documents: You’ll also need to provide documents like your business registration, financial records, and even your business plan because the provider uses this information to assess your application.
4. Sign the Agreement: Once approved, you’ll sign a merchant agreement. This document will outline all of the fees, limits, and other important terms so it’s essential you have a good read-through and ask questions where necessary.
5. Receive Your Merchant Number: After signing the agreement, you’ll get your merchant number. This number is linked to your EFTPOS terminal, so you can start accepting payments straight away. Once you have your Merchant number, let the team at Eftpos Now know and we will get it programmed into your new EFTPOS terminal.

How to Get a Merchant Number in NZ for Short-Term Use

If you only need a merchant number for a short time, such as for a pop-up store or event, Eftpos Now can help. Simply follow the steps below:

1. Share Event Details: Similar to a long-term merchant ID application, you’ll also need to provide important information when you apply for a short-term merchant number. This includes the duration you’ll need to use it for, your expected sales volume, and the nature of your business or event.
2. Submit Documents: The paperwork for short-term accounts is usually simpler than for long-term accounts but it still needs to be supplied in full to support your application.
3. Review and Sign: Because fees and terms can differ for short-term merchant accounts in NZ, it’s essential to read through the agreement carefully and ask questions if necessary.
4. Get Your Merchant Number: Once your merchant ID application has been approved, you’ll get a number that’s active for the specified period in which you’re hosting your event or pop-up business. Once you have your Merchant number, let the team at Eftpos Now know and we will get it programmed into your new EFTPOS terminal

How to Find an Existing Merchant Number

You’ll find your merchant ID number in your bank records so you should always keep this information handy, especially when you are reviewing any merchant services fees charged to you by your bank. Conveniently, each of the payment networks has their own online portals where you can view your transactions and unique reference numbers in real time. 

If you are in front of one of our EFTPOS terminals and are asked to supply your merchant ID number and terminal ID, you can simply do so by looking at your EFTPOS receipt and locating the numbers as highlighted in the example below.

[INCLUDE EXAMPLE RECEIPT IMAGE FROM THIS BLOG]

Frequently Asked Questions

Can I use the same merchant number for multiple EFTPOS terminals?

Yes, if they are for the same location, you will need to have additional Terminal IDs added to the existing merchant number. If it is for a new location, you will need to get your bank to add additional merchant IDs and each new connection, either merchant ID or Terminal ID, will have additional network connection charges.

Can I change my merchant number?

Merchant numbers don’t usually change. You’d likely need to close the existing account and open a new one, but it’s best to contact your EFTPOS provider for guidance.

Can I use my existing merchant number?

Because you can only have a merchant number in one terminal, you will have to apply with your bank to add an additional terminal ID.

How long does it take to get a merchant number in NZ?

It usually takes around 3-7 business days for long-term accounts, but short-term accounts might be set up faster.

Get a Merchant ID with Eftpos Now

As a New Zealand-owned company led by a director with over 20 years’ experience in the EFTPOS industry, our focus is on building strong business relationships with our nationwide client base. From large corporates to small home-based businesses, Eftpos Now is known for delivering exceptional service at every step. Whether you’re in Kaitaia or Bluff, we offer a 24/7 helpline, so you can always speak to a real person who understands your needs. 

Ready to get started? Contact our dedicated EFTPOS specialists today and let us make the merchant ID process simple and straightforward for you.