Acquirer: Difference between revisions
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imported>Doug Williamson (Layout.) |
imported>Doug Williamson (Expand definition.) |
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A financial institution - often a subsidiary of a bank - that ‘buys’ credit card transactions, with recourse, from a retailer. | A financial institution - often a subsidiary of a bank - that ‘buys’ credit card transactions, with recourse, from a retailer. | ||
The acquirer will present the transactions to the card issuer for payment and will then pay the retailer the amount of the card transactions less a discount - which covers their own and the card issuer’s fee for handling the transaction. This is how retailers get paid. | The acquirer will present the transactions to the card issuer for payment and will then pay the retailer the amount of the card transactions less a discount - which covers their own and the card issuer’s fee for handling the transaction. | ||
This is how retailers get paid, and are facilitated to accept card transactions. | |||
== See also == | == See also == | ||
* [[Card scheme]] | |||
* [[Credit card]] | |||
* [[Debit card]] | |||
* [[Merchant]] | |||
* [[Payment service provider]] | |||
* [[PSD2]] | |||
* [[Recourse]] | * [[Recourse]] | ||
* [[Strong Customer Authentication]] | |||
Revision as of 08:15, 22 July 2019
A financial institution - often a subsidiary of a bank - that ‘buys’ credit card transactions, with recourse, from a retailer.
The acquirer will present the transactions to the card issuer for payment and will then pay the retailer the amount of the card transactions less a discount - which covers their own and the card issuer’s fee for handling the transaction.
This is how retailers get paid, and are facilitated to accept card transactions.
