Parties Involved
Payments may be classified by the number of parties involved to consummate a transaction. For example, a credit card transaction in the United States requires a minimum of four parties (the purchaser, the seller, the issuing bank, and the acquiring bank). A cash payment requires a minimum of three parties (the seller, the purchaser, and the issuer of the currency). A barter payment requires a minimum of two parties (the purchaser and the seller).
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Famous quotes containing the words parties and/or involved:
“Friendship takes place between those who have an affinity for one another, and is a perfectly natural and inevitable result. No professions nor advances will avail.... It is a drama in which the parties have no part to act.”
—Henry David Thoreau (1817–1862)
“University degrees are a bit like adultery: you may not want to get involved with that sort of thing, but you don’t want to be thought incapable.”
—Peter, Sir Imbert (b. 1933)