Acquiring

Acquiring is the process of accepting payment for services and goods by bank cards, via QR code and other non-cash methods.

COUNTERPARTIES

• merchant;

• acquiring bank

• issuing bank that issued the card;

• payment system - for example, Visa or Mastercard.

CARD ACQUIRING FLOW

1. The bank card details are transmitted to the acquiring bank.

2. The acquiring bank sends a query to the payment system (e.g., Visa, Mastercard). 4.

3. The payment system sends the query to the issuing bank that issued the card.

4. The issuing bank checks whether there are enough funds on the card to make the payment. In case of a positive result, the payment is authorized.

5. The authorization goes through confirmation, returning through the chain discussed above to the acquiring bank and the merchant.

6. Funds are debited from the buyer's card and credited to the seller's current account - this is how acquiring works.

ACQUIRING TYPES

1. Merchant acquiring

2. Internet acquiring

3. Mobile acquiring

4. ATM acquiring

5. QR-acquiring