An acquirer is a company, that:
- enables a merchant to process payments by credit and debit card - at the point of sale and over the Internet securely and reliably;
- settles these card payments for the merchant;
- in the case of credit card payments in particular, acquirer advances the payment amount to the merchant, while awaiting payment from the cardholder; for this reason, the acquirer is also called a merchant bank
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’.
Yes. All Paydoo clients need to have a merchant account in order to use our payment services. A member of the Paydoo sales team can help you apply for a merchant account through our acquiring bank network.
We can set you up with a merchant account when you apply for using Paydoo services. Before accepting you as a merchant, we will carry out some standard checks of the business background and financial status. Assuming these checks are successful, we will then assign a unique Merchant ID (MID) to you.
Your merchant account has a unique identifier that banks use for identification. This is called your Merchant ID or MID. A MID gives you the ability 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.
There is no fixed term of our contracts.