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:
“Remorse—is Memory—awake—
Her Parties all astir—
A Presence of Departed Acts—
At window—and at Door—”
—Emily Dickinson (1830–1886)
“Forty years after a battle it is easy for a noncombatant to reason about how it ought to have been fought. It is another thing personally and under fire to have to direct the fighting while involved in the obscuring smoke of it.”
—Herman Melville (1819–1891)