Glossary: Entities

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Acquiring Bank: The bank or financial institution that processes credit and or debit card payments for products or services for a merchant. The term acquirer indicates that the bank accepts or acquires credit card transactions from the card-issuing banks (customer’s bank) within an association.

 

Issuing Bank: An issuing bank is a bank that offers card association branded payment cards directly to consumers.

 

Merchant Account: Needed for processing and connecting to banks, risk management providers, acquirers etc. Defines where merchant transactions from the same entity are sent to (bank, acquirer etc.), if configured respectively. Can also be used for any lower entities.

 

Merchant: That would be you, our client!

 

PSP: Payment Service Provider, this is us! Peach Payments.

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