not too sure about the merchant acct's but a token gets created when a service you select such as auctiva, inkfrog or a charity is allowed access to your ebay account to do certain things. I'm sure somebody here could explain that a little better than me on the merchant end.
Oh, I heard about tokens and Auctiva but don't use none of that stuff. Just want to use CCnow only to collect payments from multiple ebay accounts sometimes.
Then that's easy since ccnow doesn't have to be linked to an account. All you do is invoice. Just make sure you use auction invoice & then you have real listing then input tracking numbers.
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It kind of depends on the merchant account. Different merchant accounts share different information with eBay. There are forums on what works, this is also talked about in eBay Stealth.
In my experiences, most merchants will allow separate tokens for different eBay accounts.