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:
“The democrat is a young conservative; the conservative is an old democrat. The aristocrat is the democrat ripe, and gone to seed,—because both parties stand on the one ground of the supreme value of property, which one endeavors to get, and the other to keep.”
—Ralph Waldo Emerson (1803–1882)
“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)