A merchant account is a type of bank account that allows you to accept card payments. PayVector can set you up with a merchant account through our partners Credorax, Global Payments, Valitor and WorldPay. Request a free quote or call PayVector today to speak to someone from our friendly team.
The application process is straightforward. Since it is considered to be a credit application, certain criteria on your website, your offering and the company itself must be vetted in accordance with "Know Your Customer" requirements. Request a free quote or call PayVector today and speak to someone from our friendly team.
Your money is settled into your business bank account through your merchant account provider. Your funds will reach your designated account within 3 to 7 days, depending on the pre-agreed time between you and your merchant account provider. For more information about how PayVector can help you set up a merchant account, request a free quote or call PayVector to speak to somebody from our friendly team.
You can keep a record of your transactions by using your online account management tool, which is provided by PayVector and your merchant account provider. For more information how PayVector can help you set up a merchant account, request a free quote or call PayVector to speak to somebody in our friendly team.
Your Merchant Identification Number - or MID - is a unique number that connects your payment gateway to your merchant account. Merchant account providers issue separate MIDs for each different capture environment. With PayVector, your MID can either be an ECOM MID (e-commerce), MOTO MID (mail order telephone order), and/or CP (cardholder present), depending on how you wish to accept transactions. It is important to note that you will need to contact American Express if you wish to accept AmEx cards because they issue their own MIDs.
Your business does not need to be a limited liability company. PayVector accepts sole traders, partnerships, LLPs, PLCs, LTDs, charities and others.
Yes. Your funds will need to be settled into a business bank account. This includes sole traders, who should have a business bank account, separate from their personal bank account.
Cards can be declined for a number of reasons, such as the customer not having enough funds on the card they wish to pay with, or the card being blocked by the customer's bank. In both situations the customer should contact their bank.
Card Declined CV2 means that the CV2 for the card that the customer was using for the transaction was incorrect. The CV2 is found on the back of the card. You should try making the payment again with correct details. If it fails again, the customer should contact their bank.
Card Declined AVS means that the card billing address does not match the address details held by the bank. You should try again with correct address details. If it fails again, the customer should contact their bank.
Card Declined 3D-Secure means that the customer input their 3D Secure password incorrectly. The customer should try again with the correct password. If this fails again, the customer should contact their bank.