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:
“Both parties are injured by what is going on at Washington. Both are, therefore, more and more disposed to look for candidates outside of that atmosphere.”
—Rutherford Birchard Hayes (1822–1893)
“Are you involved in politics now? Leave that to the writers and to the ugly girls.”
—Albert Camus (1913–1960)