An acquirer is a bank or financial institution that operates on the merchant’s behalf to collect funds from customers via a credit or debit card transaction.
What Does An Acquirer Do?
- Issue merchant accounts
- Obtain funds from the cardholder’s issuing bank and deposit them into the merchant’s account
- Assess fees to the merchant on behalf of the processor, issuers, and card associations.
- Monitor risk and implement revenue holds when necessary
Also referred to as:
- Acquiring bank
- Merchant bank