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