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:
“I care nothing for all the political parties in the world except as they stand for justice.”
—Anna Howard Shaw (1847–1919)
“What men have called friendship is only a social arrangement, a mutual adjustment of interests, an interchange of services given and received; it is, in sum, simply a business from which those involved propose to derive a steady profit for their own self-love.”
—François, Duc De La Rochefoucauld (1613–1680)