Acquiring is accepting cashless payments in favour of a merchant. The buyer pays by card or through a faster payments system, the money travels through banks and the payment system, and it reaches the merchant account already net of the fee.
Who takes part in a payment
- The buyer and their bank. The issuing bank produced the card and decides whether to allow the operation.
- The merchant and their provider. Accepts payment, passes the data and credits the account.
- The payment system. Sets the rules by which the banks settle with each other.
What the fee pays for
- The largest share goes to the buyer bank — for the risk and card servicing.
- Part stays with the payment system for the rules and routing of an operation.
- The rest goes to the provider for accepting payments, support and refunds.
What a merchant needs to start
- A site or another sales channel — a payment link works without a site at all.
- Bank details for receiving payouts.
- A contract with the provider and a clear description of what you sell.
How internet acquiring differs from in-store is covered separately.
