For more information: https://www.2checkout.com/ecommerce-resources What is a Getting Bank? A bank or banks that
accepts debit or charge card Transactions for a cardholder. How Does an Obtaining Bank Work? Acquirers/Acquiring Banks are signed up members of a card network, such as MasterCard or Visa, and accept (or obtain )Deals on these debit and credit card networks’ behalf for a Merchant. The card network links Obtaining Banks to banks that issue charge card, or Issuing Banks, so that a consumer transaction can be confirmed. Whenever a cardholder utilizes a debit or charge card in a purchase, the Getting Bank will either approve or decrease the Deals based upon the information the card network and Issuing Bank have on record about that cardholder’s account. Aside from managing all Transactions that a cardholder completes with his/her credit or debit card, an Acquirer likewise presumes complete threat and duty connected with the Transactions it processes. Due to the fact that of this, the Acquirer charges different charges for its services. These costs differ by Acquirer, however they’re frequently evaluated on a regular schedule for activity such as Transactions, refunds, Chargebacks, and other different circumstances and factors. The Acquirer examines fees on behalf of themselves, the card network, and the Issuing Bank. Source
