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:
“Like other parties of the kind, it was first silent, then talky, then argumentative, then disputatious, then unintelligible, then altogethery, then inarticulate, and then drunk. When we had reached the last step of this glorious ladder, it was difficult to get down again without stumbling.”
—George Gordon Noel Byron (1788–1824)
“The simple opposition between the people and big business has disappeared because the people themselves have become so deeply involved in big business.”
—Walter Lippmann (1889–1974)