Payment - Parties Involved

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:

    “Good parties create a temporary youthfulness.”
    —Mason Cooley (b. 1927)

    “There is a “sanctity” involved with bringing a child into this world: it is better than bombing one out of it.”
    —James Baldwin (1924–1987)