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:
“Hostesses who entertain much must make up their parties as ministers make up their cabinets, on grounds other than personal liking.”
—George Eliot [Mary Ann (or Marian)
“I who have been involved with all styles of painting can assure you that the only things that fluctuate are the waves of fashion which carry the snobs and speculators; the number of true connoisseurs remains more or less the same.”
—Pablo Picasso (1881–1973)