As a new business owner in New Zealand, you may have heard the term “merchant ID number” or “terminal ID” or another combination of the two before, but do you know what it is and why it’s important? In simple terms, a Merchant ID Number (MID) is a unique identification number that allows you to accept payments via electronic funds transfer at point of sale (EFTPOS) machines, and the Terminal ID Number is a unique identifier assigned to a specific payment terminal device. The terminal number helps distinguish one physical payment device from another and each number is programmed into the terminal to track transactions or troubleshoot issues related to that specific terminal.
If you want to accept card payments, you will need to have a MID. Without it, you won’t be able to process any transactions. The good news is that getting a merchant ID is easy, especially if you’re using a payment network like Worldline, which Skyzer connects to. So, what exactly is Worldline? It’s a leading payment services provider that operates in more than 50 countries, including New Zealand. If you sign up with Worldline, you’ll be able to accept a wide range of payment methods, including Visa, Mastercard, and UnionPay.
Where to begin:
- If you haven’t already done so, you’ll need to set up a merchant bank account, also known as a business account, with your bank of choice. This account will be linked to your EFTPOS terminal, so every transaction will end up in this bank account.
- Once you have your merchant account set up with your bank, get in touch with Skyzer or your bank of choice to sort out your Merchant Services Fees which will give you a Worldline Merchant ID Number.
Once you have your merchant account and a merchant ID, we’re able to program your EFTPOS terminal to begin accepting payments!
If you ever forget your Terminal ID Number, an easy way to find it is on a receipt. It is located on the first line of the receipt (as circled).
Having a merchant ID number and/or a terminal ID is the first step towards accepting card payments, and it’s a crucial one if you want to provide a convenient payment option for your customers.
In short, if you’re a new business owner in New Zealand, getting a merchant bank account and a merchant ID should be your top priorities to getting your business set up. Don’t hesitate to reach out to your bank or Skyzer if you need any guidance. Happy transacting 🙂
