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Simply stated, MIDs are essential to getting paid when running online transactions. Without them, payment processing systems wouldn't know where to send funds. To obtain a merchant ID, you need to apply for a merchant account either directly with sticky.io or with your payment processor.
After an underwriting process and signing an agreement, an account is created and a MID is generated. Now that you have a MID, it can be tricky to avoid losing your MID. Be sure to abide by the terms of your contract and keep your chargeback ratios as low as possible. It's always best to have a chargeback management strategy that includes customer authentication, fraud detection and prevention, as well as chargeback alerts and representments.
Also, make sure to follow all rules set forth by Visa, MasterCard and other card brands as non-compliance with these rules can impact your ability to process transactions, so stay compliant.
Manage your chargeback ratios, follow provider rules to optimize your payment processing and of course, reach out to our team at sticky.io anytime for help.
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Payment orchestration is more than just a buzzword; it’s a real boon to ecommerce merchants. Here’s what you need to know about POPs and your payments.
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Learn the solutions for common payment declines to make more sales, reduce churn and keep your hard-earned customers happy.
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Watch episode five of The Ecommerce Minute to understand why payments occur and how to stop them from hurting your bottom line.
