An acquiring bank, or acquirer, handles card acceptance and processing on the merchant's side. It connects payment processing with the card network and issuer and receives funds for settlement. The issuing bank instead serves the cardholder side.[1]
A merchant may arrange acquiring directly or through a provider combining several payment functions.[1] Establish who contracts for acceptance, who pays out funds and who handles chargeback questions. The ordinary business current account and acquiring function need not be provided by the same organisation.
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Compiled with AI assistance using public sources. General explanation, not individual legal or tax advice. Describing a concept does not mean Zoloo offers it as a feature.