The Merchant of Record is an entity that is authorized and held liable by the financial institution to process the end consumer’s credit and debit card transactions.
A Merchant of Record handles the following administrative tasks: Maintain a merchant account and payment gateway to process payments.
What is a seller of record?
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.
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 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.
Is Square secure for credit cards?
To keep your customers’ data safe from hackers, credit card companies require merchants to follow a series of security guidelines called PCI compliance. Square products are compliant so you don’t have to pay extra for your data security.