When businesses approach Eftpos Now to explore the possibility of renting or purchasing an EFTPOS terminal, the questions we field are mainly around the Merchant ID. This number is particularly relevant when acquiring an EFTPOS terminal, assigning your rental agreement if you sell your business and if you cease using your EFTPOS terminal. It is also key when specifying the terminal(s) during a service call or accounts query.
This article will help you find your own Merchant ID and Terminal ID should your bank, network provider/payment processor or your EFTPOS provider (Eftpos Now) request this unique identifier when assisting you.
To understand the fundamentals of possessing a Merchant ID and its significance, see our blog titled ‘The Importance of a Merchant ID’.
Merchant IDs in a nutshell
A Merchant ID can easily be obtained from a bank or the network provider and can be a ‘set and forget’ aspect of EFTPOS operation.
A merchant ID and a terminal ID are two distinct identifiers used in the world of payment processing, typically by businesses that accept credit and debit card payments. They serve different purposes and are associated with different aspects of the payment process. Here’s an explanation of each:
- Merchant ID:
- A merchant number, also known as a merchant ID (MID) or merchant account number, is a unique identifier assigned to a business by a payment processor/payment network (such as Worldline or Verifone) or bank.
- It represents the merchant’s account with the payment processor, allowing them to accept card payments. Think of it as a virtual account that holds funds from card transactions until they are settled.
- The merchant ID number helps track and identify transactions associated with a specific business. It is crucial for reconciling payments and ensuring that funds are deposited into the correct merchant bank account.
- Merchant numbers are typically used for administrative and financial purposes and are not directly associated with specific payment terminals. They can only be issued to authorised business bank accounts and organisational bank accounts, but not to personal accounts.
- Terminal ID:
- This can be referred to as a ‘lane’.
- A terminal ID (TID) is a unique identifier associated with a physical payment terminal used by a merchant to process card payments.
- Each physical payment terminal in operation in New Zealand is assigned a terminal ID to distinguish it from other terminals within the same merchant’s network.
- When a card is swiped or inserted into an EFTPOS terminal, the terminal ID routes those transactions through the payment network and identifies which merchant’s account should be the beneficiary of that transaction.
- Terminal IDs are important for tracking transactions at the device level, and they may also be used for troubleshooting and maintenance of the payment terminals.
You will be issued your new merchant ID and terminal ID by your bank or payment network (Worldline or Verifone) when you apply through either of these parties. You will need one terminal ID per EFTPOS terminal and you must not use the same terminal ID in multiple devices.
The terminal IDs will be linked to your business bank account or organisational bank account and this unique number will give you the ability to accept the types of transactions that add value to your business. This includes PayWave, MANPAN (card not present) and the ability to refund. Your preferences must be specified when acquiring or maintaining your merchant account at bank level or with the network provider (Worldline or Verifone).
Where can I find my merchant ID and terminal ID?
You will find your merchant ID and terminal IDs 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 which you are granted access to, and you can view your transactions and unique reference numbers in real time.
If you are in front of our EFTPOS terminal 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.
Summary
In summary, the merchant number and terminal ID can easily be identified by referring to:
- Correspondence and statements from your bank
- The online portal where you view your EFTPOS transactions in real time (speak to your bank or network provider to obtain login details)
- A receipt printed from your EFTPOS terminal.
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