Who and What is the “Aquiring Bank?”
An acquiring bank (or acquirer ) is the bank or financial institution that accepts payments for the products or services on behalf of a merchant. The term acquirer indicates that the bank accepts or acquires transactions performed using a credit card issued by a bank other than itself.
The acquiring bank’s contract with the merchant is referred to as a merchant account. Under the contract, the acquiring bank exchanges funds with issuing banks on behalf of the merchant, and pays the merchant for the net balance of their daily bankcard activity: gross sales, minus credits, interchange fees , and acquirer fees.
For more details on merchant account fees read Who Get’s Your Merchant Account Fees?
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