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:
“This will not be disloyalty but will show that as members of a party they are loyal first to the fine things for which the party stands and when it rejects those things or forgets the legitimate objects for which parties exist, then as a party it cannot command the honest loyalty of its members.”
—Eleanor Roosevelt (1884–1962)
“Not only do our wives need support, but our children need our deep involvement in their lives. If this period [the early years] of primitive needs and primitive caretaking passes without us, it is lost forever. We can be involved in other ways, but never again on this profoundly intimate level.”
—Augustus Y. Napier (20th century)