The Seller of Record indicates which legal entity or person is identified as selling a specific product to the end consumer.
The Seller of Record also often assumes responsibility of accounting for transaction tax on that particular transaction.
What does it mean to be the merchant of record?
A merchant of record (MOR) is an entity that is authorized, and held liable, by a financial institution to process consumer’s credit card and debit transactions on your behalf.
Is stripe the merchant of record?
Square is what is known as an “aggregator”, meaning they are the Merchant of Record (MOR) for the transactions they process. Their terms of service state “Stripe may use your information to apply for card merchant acquiring accounts on your behalf…” (https://stripe.com/terms).
What does a process card contain?
Payment processors are companies that process credit and debit card transactions on behalf of merchants and their merchant banks. Issuing banks are the banks, credit unions, and other financial institutions that issue debit and credit cards to cardholders through the card associations.
What is a payment facilitator?
A payment facilitator is a merchant service provider that simplifies the merchant account enrollment process. Payments Facilitators (PayFacs) have emerged to become one of those technology capabilities that have challenged the balance of power in the merchant services space.
Is PayPal the merchant of record?
The merchant of record may be the payment facilitator — also known as the master merchant — or it may be a sub-merchant. In that case, PayPal is both the PayFac and the merchant of record. Of course, PayPal also acquires transactions for larger merchants, including airlines and websites like Overstock.com.
What is Marketplace Merchant?
Founded in 2010, Stripe is an e-commerce merchant account aggregator that enables merchants to accept payments through their websites. For an additional 0.5%, marketplace owners can upgrade to managed accounts, which provide identity verification, custom branding, flexible payouts, local optimization, and reporting.