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 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.
What is a master merchant?
Master Merchants. Typically a Master Merchant will carry out all claims processing and accept all settlement and clearing activity on behalf of their merchants.
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 PayPal 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 bank does Stripe use?
Who does Stripe use as their processing bank/gateway? Merchants use Stripe as their gateway.
What does it mean to be merchant of record?
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 are marketplace sales?
A Marketplace Facilitator is defined as a marketplace that contracts with third party sellers to promote their sale of physical property, digital goods, and services through the marketplace.
Is Shopify a marketplace facilitator?
A Marketplace Facilitator is defined as an entity that contracts with third-party sellers to promote their sale of physical property, digital goods, and services through a marketplace. As a result, Amazon is considered a marketplace facilitator for third-party sales facilitated through the Amazon website.