Acquiring Financial Institution

Definition

• To receive credit for credit card transactions, merchants must have and maintain an account with an acquiring financial institution so that daily credit card totals can be deposited into the merchant's account minus any fees owed to the acquiring financial institution.

Synonyms
acquirer, processing bank

Related Terms and Acronyms

• Credit Card (CC) — Acronym, Very Important,
  • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
  ➥ A payment card that gives customers access to a revolving line of credit.
• EFT/POS — Definition,
  • Electronic funds transfer (EFT) at the point of sale (POS).