Credit Cards Glossary: Compare Low Interest Credit CardsAccount number and Acquiring financial institution
Content: Description of Compare Low Interest Credit CardsAccount number , Acquiring financial institution, Daily card transaction totals, credit card transactions, Merchants
Compare Low Interest Credit CardsAccount number — A unique number assigned by a financial institution to a credit card customer. On a credit card, this number is embossed and encoded on the face of the plastic, discount fee for the service
Acquiring financial institution– An acquiring financial institution is a bank that processes and settles a merchant’s daily credit card transactions, and then in turn settles those transactions with the card issuer/association. Merchants must maintain such an account to receive credit for credit card transactions. Daily card transaction totals are deposited in the merchant’s account after settlement and discount fees are deducted. In this way, such a financial institution acquires, or serves as the intermediary, to facilitate the credit transaction and pays the merchant, less a discount fee for the service.
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