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Glossary and terms about credit cardsHome » Credit Card Glossary
Acquiring Financial Institution
A bank that settles and processes a business’ daily transactions, which vary from credit cards to on-line transactions, after which it then settles these transactions with the appropriate association or credit card issuer, is known as an acquiring financial institution. Merchants must maintain such an account to receive credit for credit card transactions. Daily card transaction totals are deposited in the merchant's account after settlement and discount fees are deducted. In this way, such a financial institution acquires, or serves as the intermediary, to facilitate the credit transaction and pays the merchant, less a discount fee for the service.