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An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. [ 1 ] The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa , MasterCard , Discover , China UnionPay , American ...
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales ...
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. [1] The payment gateway may be provided by a bank to its customers, but can be provided by a specialised ...
Card scheme. Card schemes are payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. By becoming a member of the scheme, the member then gets the possibility to issue cards or acquire merchants operating on the network of that card scheme.
An issuing bank (also called an issuer) is part of the 4-party model of payments. [2] It is the bank of the consumer (also called a cardholder) and is responsible for paying the merchant's bank (called an Acquiring Bank or Acquirer) for the goods and services the consumer purchases. It issues the payment card and holds the account with the ...
Global Payments Inc. Global Payments Inc. is an American multinational financial technology company that provides payment technology and services to merchants, issuers and consumers. [8] In June 2021, the company was named to the Fortune 500. [9] The company processes payments made through credit cards, debit cards, [10] and digital and ...
Merchant banking offers specialized financial services to large corporations and high-net-worth individuals. The high-end services available through this type of financial institution aren't ...
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...