| gen. |
merchant account (rechnik); acquiring (Merchant acquiring. Acquiring – description of the business models. I. Diagram: Four party scheme transaction. II. What are Acquirers? Acquirers, also known as Merchant Acquirers, basically collect card based payments which have been accepted from Retailers. They aggregate and separate those payments and then send them to Card Issuers, normally via the respective Card Scheme (e.g. Visa/MasterCard) networks, known as ‘interchange'. These payments are debited to the Card Issuing bank and ultimately the cardholder. The Issuing Bank then sends a credit for all their daily payments back via the Schemes to the Acquirer who completes the cycle by funding the Retailer's nominated bank account. This cycle can be completed in as little as 12 hours but is typically 3 or 4 days depending on individual contracted arrangements. Alexander Demidov) |
