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

• Ensure Accuracy: Double-check the company, brand, and MID details before submitting the form to avoid delays in processing.
• Set Appropriate Limits: Define limits, caps, and fees that match your business’s revenue and transaction flow to prevent issues during high-volume transactions.
• Review Protection Settings: Make sure to enable chargeback and fraud protection to safeguard your account, especially if you are processing large transaction volumes.
• 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.

Name · string

A friendly title for your merchant account for internal reference.

Company · string

The name of the company to which the MID belongs (existing or new company).

Brand · string

The brand assigned to the MID (existing or new brand).

Website · string

Merchant’s bank-approved website (include the full URL starting with “https://”).

Notes · string

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.

Payment Gateway · string

A payment gateway is a service that receives, protects, and transmits transaction information. (e.g., NMI Gateway)

Gateway API Key · string

The API key for the payment gateway, essential for integrating systems and enhancing functionality.

MID Number · string

The unique merchant identification number (MID) assigned to the merchant account.

Aquiring Bank · string

The acquiring bank (e.g., FIS, Worldpay) that processes payment transactions on behalf of the merchant.

Processor · string

The payment processor that handles transactions between card brands, acquirers, and gateways.

ISO · string

The independent sales organization (ISO) that works with acquirers or processors to manage the account.

ISO Agent · string

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.

Descriptor · string

A billing descriptor that helps cardholders identify transactions on their bank statements.

MCC · string

A merchant category code (MCC) that classifies the business type (e.g., MCC 0742 for veterinary services).

BIN - Visa · string

The bank identification number (BIN) assigned to Visa transactions.

BIN - Mastercard · string

The bank identification number (BIN) assigned to Mastercard transactions.

CAID · string

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.

Protection & Mitigation · string

Options for chargeback and fraud protection (e.g., CB911, Paysight Resolve).

Mitigation Provider · string

The mitigation provider selected to reduce chargebacks and fraud.

Chargeback 911 Account · string

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.

Currency · string

The currency in which the merchant account will transact (e.g., USD).

Max Price ($) · number

The maximum allowable price per transaction in USD (e.g., $1000).

Monthly Cap ($) · number

The monthly revenue capacity in USD (e.g., $50,000).

Reserve Percentage · number

The percentage of revenue reserved by the bank for chargebacks and refunds (e.g., 10%).

Discount Rate Percentage · number

The discount rate paid by merchants to credit card processors (e.g., 2%).

Transaction Fee · number

The transaction fee, typically covering AVS, Auth, and Gateway fees (e.g., $0.25).

Chargeback Fee · number

The fee charged per chargeback transaction (e.g., $35).

RDR Fee · number

The fee for Rapid Dispute Resolution (e.g., $15).

Ethoca Fee · number

The fee for Ethoca Alerts.