PayPal is an online payment system. It is used for electronic money transfers. It is being performed in the majority of countries. Due to this method of using PayPal, traditional methods of payments like checks and money orders have been completely forgotten by people. It also became an independent company.
When a person opens a PayPal account, then automatically, an ID is assigned to that person. It is called a PayPal Merchant ID or MID. It is a 13 character string that consists of random numbers and letters. The most important fact about this number is that it can’t be changed and neither edited.
MID which is also known as “Merchant Identification Number”. Anybody might get keen to know exactly, what the Merchant Identification Number is?
If a person is running any business or he/she is selling goods or services, then Merchant Identification Number is an extremely important part of the whole procedure. MID helps to tie the merchant account into the credit card processor and then only payments can be accepted.When we talk about “PayPal”, it is the most used payment method for customers. It is also a very essential merchant service. PayPal is a very easy means to pay. It gives the cardholders, two options of payments to choose from, either they can make payments with their credit cards or also they can opt for another option like making payments from their bank accounts.If any merchant is there, who is selling their commodities or services to customers and accepting credit card payments, should also accept PayPal, for their point of sale.A merchant can have many bank accounts if he has money to put in them. But when it comes to Merchant Identification Number, a merchant can only have one. Only one MID is needed, to route the funds through to all those accounts which a merchant has.PayPal is said to be the world’s most familiar and preferred brand. It is also a very trusted brand.
The features of the PayPal Merchant Account are the following:-
• Payments can be made anywhere and everywhere-
Customers can make online payments through this mode which is very quick and easy to use. Payments are also accepted through emails.
• On one platform, growth is there-
The comprehensive commerce platform has different tools designed, to grow with the customers.
• Expansion is there, on new channels-
Social media are used as platforms to sell goods and services. Subscriptions are also offered. On one simple platform, everything is made available.
• Payments are being accepted-
When you checkout the website, you can also make payments for the services or goods purchased.
Thus, we can conclude that online payment methods have made the lives of people more convenient and easy. Technology has made new innovations and thus payment methods have also become uncomplicated. Online payment methods are quick to use and secure too.PayPal Merchant Account is now an ideal merchant or payment platform for business and personal anywhere and anytime.