What is an Acquiring Financial Institution?
An Acquiring Financial Institution (or ‘acquirer’) contracts with the Bank and Merchants to enable credit card transactions. The Acquirer deposits the daily credit card totals and debits the end-of-month processing fees from the Merchant’s accounts. This is also known as the Payment Processor or Processing Bank.
Electronic Merchant Systems Payment Processing Glossary :
Defining key payment processing and merchant services industry terms to help business owners make better decisions.