What is a Merchant Account (MID)?
MID can be considered as an agreement between merchant, bank and a payment processing provider for settlement of bank card transactions. A merchant account has its account number that is issued by a bank specifically for the merchant. It allows online business to accept payments by debit or credit cards on a website.
You have to have a MID before starting with Tranzzo.
What is a payment gateway?
Payment gateway connects payment processors (the service charging the card) and merchant account provider (the service providing your payment systems) and allows merchant to accept credit card payments. As a payment gateway, Tranzzo connects merchants with banks across the world.
I don’t have a merchant account. Will you provide me with it?
Yes, we will. As a payment facilitator Tranzzo can provide you with a merchant account so there is no need for you to contact acquirer directly and sign a contract.
I have a merchant account. Can I use it?
Yes, you can use your current merchant account.
How do I receive payments?
In case you sign directly with Tranzzo, we settle money to any bank account around the world, as well as provide an option to receive money in alternative way via several electronic wallets.
In case you use your own merchant account (MID), your acquiring bank holds responsibility for the money settlement and Tranzzo doesn’t have direct involvement. But we take care of initiating the authorization, capture and refund on your behalf with payment gateways.
Does Tranzzo support alternative payment options?
Yes, we support over 50 alternative payment options like eBanking, wallets, prepaid cards, SMS billing, etc.