service providers, ISOs, and other agents in their definition of a merchant acquirer. Merchants may maintain a settlement account with their acquiring bank, Acquiring banks typically do not process their merchants' transactions directly so. Fundamentally, the term refers to an acquiring bank– the bank that holds needs both of these functions – a merchant account and a means to. In other words, an Acquiring bank is the financial institution in charge of processing credit and debit card payments on behalf of the merchant.
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