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:
“Friendship takes place between those who have an affinity for one another, and is a perfectly natural and inevitable result. No professions nor advances will avail.... It is a drama in which the parties have no part to act.”
—Henry David Thoreau (1817–1862)
“Do you suppose that sacrifice is the hallmark of moral action?—Just stop to consider whether sacrifice is not involved in every action that is done with deliberation, the worst as well as the best.”
—Friedrich Nietzsche (1844–1900)