Setting up a Merchant Account with Paysight
Setting up a merchant account with Paysight is simple and straightforward. By navigating to Management > MIDs, you can easily view a list of all your current and pending merchant accounts (MIDs).
To create a new merchant account, click Connect Merchant Account, and a form will appear for you to complete. Once you fill out the necessary details, your new MID will be set up and ready for use in just a few clicks. Paysight makes managing and creating merchant accounts effortless, so you can focus on growing your business.
Tips for Setting Up Your Merchant Account
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Ensure Accuracy: Double-check the company, brand, and MID details before submitting the form to avoid delays in processing.
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Set Appropriate Limits: Define limits, caps, and fees that match your business’s revenue and transaction flow to prevent issues during high-volume transactions.
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Review Protection Settings: Make sure to enable chargeback and fraud protection to safeguard your account, especially if you are processing large transaction volumes.
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Stay Updated: Regularly update your billing descriptor and MCC to reflect any changes in your business model and avoid confusion for your customers.
Form Fields Overview
Below are the details required to set up a merchant account. Each field plays an important role in ensuring that your account is properly configured and ready for processing payments.
Basic Information
These fields capture the fundamental details about your merchant account and company.
A friendly title for your merchant account for internal reference.
The name of the company to which the MID belongs (existing or new company).
The brand assigned to the MID (existing or new brand).
Merchant’s bank-approved website (include the full URL starting with “https://”).
Any additional notes or information you would like to add about this merchant account.
Merchant Account Details
Provide key details about the merchant account, including gateway and identification numbers.
A payment gateway is a service that receives, protects, and transmits transaction information. (e.g., NMI Gateway)
The API key for the payment gateway, essential for integrating systems and enhancing functionality.
The unique merchant identification number (MID) assigned to the merchant account.
The acquiring bank (e.g., FIS, Worldpay) that processes payment transactions on behalf of the merchant.
The payment processor that handles transactions between card brands, acquirers, and gateways.
The independent sales organization (ISO) that works with acquirers or processors to manage the account.
The ISO agent, often a salesperson, responsible for managing the merchant account on behalf of the ISO.
Billing & Identification
Ensure that billing descriptors and category codes are set properly to avoid confusion with transactions.
A billing descriptor that helps cardholders identify transactions on their bank statements.
A merchant category code (MCC) that classifies the business type (e.g., MCC 0742 for veterinary services).
The bank identification number (BIN) assigned to Visa transactions.
The bank identification number (BIN) assigned to Mastercard transactions.
The Card Acceptor ID (CAID), a unique identifier for the merchant in transaction processing.
Protection & Mitigation
Set up chargeback and fraud protection to safeguard the merchant account.
Options for chargeback and fraud protection (e.g., CB911, Paysight Resolve).
The mitigation provider selected to reduce chargebacks and fraud.
Enter the username and password for Chargeback 911. For first-time setup, include API credentials.
Limits, Caps, and Fees
Define financial limits and transaction-related fees for the merchant account.
The currency in which the merchant account will transact (e.g., USD).
The maximum allowable price per transaction in USD (e.g., $1000).
The monthly revenue capacity in USD (e.g., $50,000).
The percentage of revenue reserved by the bank for chargebacks and refunds (e.g., 10%).
The discount rate paid by merchants to credit card processors (e.g., 2%).
The transaction fee, typically covering AVS, Auth, and Gateway fees (e.g., $0.25).
The fee charged per chargeback transaction (e.g., $35).
The fee for Rapid Dispute Resolution (e.g., $15).
The fee for Ethoca Alerts.