Introduction In modern e-commerce – and especially in digital payment processing – a fundamental misunderstanding persists: The terms Merchant of Record (MoR) and Aggregator model (Sub-Merchant structure) are often used interchangeably. Yet in practice, they differ in critical and non-trivial ways. Both models involve the processing of payments [...]

A merchant of record (MOR) is a term used in the field of e-commerce and refers to an organisation or company that is responsible for the sale of goods or services. The merchant of record is legally and financially responsible for finalising sales transactions with customers. This typically includes [...]