What is TID Full Form in Banking?
The TID full form in Banking is Terminal ID Number. A terminal ID number, often known as a terminal identification number, is an eight-digit string of characters used by financial institutions to track which terminal is processing a transaction. The TID also allows merchants to rapidly locate transactions in case of a refund or dispute. This eight-character alphanumeric number enables the bank, terminal supplier, and payment network to identify the POS terminal, the software running, and the location and state of the hardware.
Purpose of Terminal ID Number:
TIDs can be used to seek authorization codes from the purchasing bank, depending on the service being used. There can only be one active connection between the merchant and their purchasing bank per TID on the account. In other words, if the account only has one TID, they are only allowed to request one authorization code at a time. Businesses may easily enhance the functionality of your account by simply adding more TIDs.
How to Find the TID?
The payment processor, bank, or terminal provider may occasionally require the terminal ID or merchant ID to find and authenticate a transaction. The carrier may also call to submit this information so that the account and terminal may be identified and authenticated. Both numbers will appear at the top of your transaction and settlement receipts.
