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:
“It is best for all parties in the combined family to take matters slowly, to use the crock pot instead of the pressure cooker, and not to aim for a perfect blend but rather to recognize the pleasures to be enjoyed in retaining some of the distinct flavors of the separate ingredients.”
—Claire Berman (20th century)
“Are you involved in politics now? Leave that to the writers and to the ugly girls.”
—Albert Camus (1913–1960)