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Obtaining a Merchant Account
The second part of our preparation deals with getting yourself registered with a bank as a merchant for online business. The actual process is similar to the one in normal business, where a merchant approaches a bank to open an account that handles the financial dealings for his business. The bank performs all sorts of checks on the merchants credibility and registers him as an account holder. The account information in this case comprises of the Merchant ID (MID), and the Terminal ID (TID) among other things. The former is something similar to an account number and the latter is the gateway for connectivity to the bank. These two components of account information are shared with the payment software company to setup a payment system for our site.
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