How do I get a merchant bank account?

Before you can accept and process online credit card orders you will need to apply for or set up a merchant account for use with your store. You have the choice between three options:

Sign up for and set up PayPal Payments Pro

To sign up for PayPal Payments Pro, the Yahoo preferred merchant account provider, from the Payment Wizard:

  1. From the Open for Business Control Panel, click the "Payment Methods" link.
  2. Click Set Up My First Payment Method.
  3. Select the No option and click Next.
  4. Select the option to "Accept credit cards directly on your site".
  5. Select the option for PayPal Payments Pro and click Next.
  6. Read the information and click Signup for PayPal Payments Pro.
  7. Complete the steps in the PayPal signup and setup process including:
    • select an account type
    • enter your business and personal information
    • confirm your email address with PayPal
    • confirm your bank account and credit card with PayPal
    • accept the billing agreement
    • grant API access to Yahoo

To sign up for PayPal Payments Pro from the Payment Center:

  1. From the Store Manager, click the "Payment Center" link appearing in the Order Settings column.
  2. Click Add New Processor.
  3. Select the option for a merchant account.
  4. Select the option for PayPal Payments Pro and click Next.
  5. Follow steps 6 and 7 listed above.

Your account will remain as "pending" in the Payment Center until you have completed all necessary steps at PayPal. Once complete, your account will appear as PayPal Payments Pro in the Payment Center.

Set up with Bank of America Merchant Services

New and current Yahoo Merchant Solutions merchants can apply online for a merchant account with Bank of America Merchant Services directly in the Store Manager.

Bank of America Merchant Services requires one to three business days to process your application, and if your application is accepted, your new merchant account is automatically set up for your store, and you'll be ready to process orders online.

To apply for Bank of America Merchant Services from the Payment Wizard:

  1. From the Open for Business Control Panel, click the "Payment Methods" link.
  2. Click Set Up My First Payment Method.
  3. Select the "Yes" option.
  4. Select the "existing business account" option and click Next.
  5. Read the information and click Sign up for Bank of America Merchant Services.
  6. Complete all steps in the Bank of America Merchant Services application process.
  7. Once approved, you can publish your order settings.

To apply for Bank of America Merchant Services from the Payment Center:

  1. Sign in to the Store Manager, and click the "Payment Center" link under Order Settings.
  2. Click Add New Processor.
  3. Select the "Sign up for a merchant account option.
  4. Select Bank of America Merchant Services and click Next.
  5. Click the "Setup with Bank of America Merchant Services" link in the Merchant Account section.
  6. Fill out the Bank of America Merchant Services online merchant application. Bank of America Merchant Services will notify you in one to three business days.

Next Steps:

For more information, see Bank of America Merchant Services Merchant Account Help.

Sign up for and set up an FDMS-compatible merchant account

Yahoo Merchant Solutions uses First Data Merchant Services (FDMS) as the payment gateway to process transactions from your store in conjunction with your merchant account. It is only possible to setup a store for online credit card processing with a merchant account that uses First Data Merchant Services (FDMS) as described below.

If you need to sign up for a merchant account and you do not wish to use PayPal Payments Pro or Bank of America Merchant Services, you can explore other FDMS-compatible merchant account providers. Once you have been accepted for a merchant account, use the instructions below to set up your merchant account in your store.

If you have an existing merchant account, your first step is to determine if your merchant account is compatible with the FDMS Nashville Platform. Contact your merchant account provider to determine if this is the case. If your merchant account is not compatible with FDMS, you can still process credit cards orders offline. Ask your merchant account provider for a new MID/TID pair for your Yahoo Store. You should ask them to use the following information in the setup:

  • Product Name: Yahoo Store FDMS (g/w)
  • Product ID:819000
  • Vendor Name: Yahoo
  • Vendor ID:190

(Once you have this information, you will need to log in to your store to set up online processing.)

 

To set up an existing merchant account from the Payment Wizard:

  1. From the Open for Business Control Panel, click the "Payment Methods" link.
  2. Click Set Up My First Payment Method.
  3. Select the Yes option.
  4. Select the existing payment processor option, select the existing business account and click Next.
  5. Enter your merchant account information supplied to you by your merchant account provider into the fields (see A-D Figure 1):

To set up an existing merchant account from the Payment Center:

  1. From Store Manager, click the "Payment Center" link under the "Order Settings" column. (You may be prompted to enter your security key to proceed).
  2. Click Add New Processor.
  3. Select the existing payment processor option, select the existing business account and click Next.
  4. Enter your merchant account information supplied to you by your merchant account provider into the fields (see A-D Figure 1):

Figure 1: Setting up an existing merchant account
  1. Name of Bank—enter the name of your merchant bank
  2. Merchant Number—enter your merchant account number. If you have multiple accounts you need only enter the number for one.
  3. MID—enter your Merchant Identification number; valid MID and TID numbers on this platform are usually 7 digits long each (not counting any leading zeroes). MID is not the same as your merchant account number.
  4. TID—enter your Terminal Identification number

Note: Check that your MID and TID are accurate before you finalize the setup process and select only the cards that your account is capable of processing.

There is no additional charge for using your own merchant transaction service provider.

Note: While an authorization usually indicates that the card is valid, it isn't a guarantee. (For example, the card may be stolen but not yet reported.) For more information, see Avoiding Fraudulent Orders.

See Also


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