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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Acquiring Financial Institution


Synonyms:acquirer, processing bank
Filed Under: financial-banking
Tags: banking
 

Definition of acquiring financial institution

acquiring financial institution
1. To receive credit for credit card transactions, merchants must have and maintain an account with an acquiring financial institution so that daily credit card totals can be deposited into the merchant's account minus any fees owed to the acquiring financial institution.

Related Terms and Acronyms:

  • credit card (CC)   A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
      ➥  A payment card that gives customers access to a revolving line of credit.
  • eft/pos   Electronic funds transfer (EFT) at the point of sale (POS).

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