A payment acquirer is a financial institution that provides payment processing services to merchants. They enable businesses to accept various payment methods, such as credit and debit cards or digital wallets. Payment acquirers are licensed to issue business accounts and handle the risks and regulations associated with these transactions. In essence, they establish a direct link between merchants and major payment networks like Visa, Mastercard, and American Express. When a customer makes a payment, the acquirer ensures the authorization and processing of the transaction, manages fund settlement, and provides comprehensive reporting and reconciliation services.
Some of the payment acquirer are: Wells Fargo, TD, First Data, Heartland, Chase, Bank of America, Global Payments, Elavon, Moneris Solutions