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Tour & Activity Industry Terms

What is an Acquiring Bank?

An acquiring bank is a financial institution that provides merchant accounts and processes credit card transactions on behalf of a merchant. A merchant account is a type of bank account which allows you to accept credit cards. All merchant accounts must be sponsored by an acquiring bank that is a member of the card associations (Visa, MasterCard, American Express, etc…). They are responsible for depositing the funds into the merchants receiving bank account.

Note:Built-in Payments powered by TrustMyTravel utilizes a number of acquiring banks located around World allowing for local processing at industry leading rates.

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