Credit card payment processing allows a business to accept credit and debit cards. With a merchant account, customers to buy things from your business using a credit or debit card. The payment terminal or gateway communicates the transaction to the customer bank (issuer) to check if you have enough “credit” or balance in your account. Once the transaction gets approved, the merchant bank (acquirer) adds the transaction details to the general ledger and the customer can take their purchase. That night the transactions settle in a batch and the funds get deposited to the merchant bank account.

Clever Pays will assist the merchant (you) to create a MID. A Merchant Identification Number, (MID) is a special ID number is unique to the payment processing world. The payment processor assigns the MID to the merchant as part of the setup process. This number helps track and process the payments, ensuring the right merchant receives the right deposits from customer purchases.