Merchant Identification Number (MID)

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A merchant identification number (MID) is a unique number assigned to a merchant account to identify it throughout the course of processing activities.When merchants process credit-card transactions over a computer network, those networks are interconnected with a credit...

Mid-Qualified

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Discount rates are percentage-based fees needed to process a credit card or similar sales transaction for a merchant, which are paid to a credit card processing organization and an acquiring bank for the expense and time that is required to handle of several electronic...

Mobile Commerce

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As originally used in 1997, the term mobile commerce describes the use of wireless technology to let consumers shop anywhere. Modern usage of the term typically describes any technology that brings retail straight to customers' hands. Mobile commerce includes many new...

Mobile Payments

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The term "mobile payments" describes the process of using a mobile device, like a smartphone or a tablet, to make a payment or a purchase. Mobile payments are used both in emerging markets and in developed countries for different reasons. American consumers have not yet widely...

Monthly Minimum

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The “monthly minimum” is the specific dollar figure in processing fees that must be generated by a merchant account in a particular month. Many of today’s merchant accounts stipulate the payment of a monthly minimum fee, with the typical amount charged by most companies on...

Monthly Statement

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A Monthly Statement is a printed document and/or an electronic equivalent, displayed on- or off-line, that identifies exactly what fees and charges a merchant pays to a merchant service provider for the use of a merchant bank account. Merchant bank accounts almost always...

Monthly Volume

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Monthly Volume – or MV – is the maximum monthly dollar volume that a merchant is allowed to process for all Visa and MasterCard sales transactions. The monthly volume that a merchant processes is important for underwriting consideration and also helps to determine exactly...