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).
Read more about this topic: Payment
Famous quotes containing the words parties and/or involved:
“Jarndyce and Jarndyce drones on. This scarecrow of a suit, has, in course of time, become so complicated that no man alive knows what it means. The parties to it understand it least; but it has been observed that no two Chancery lawyers can talk about it for five minutes, without coming to total disagreement as to all the premises.”
—Charles Dickens (1812–1870)
“Tommy: You’re gonna have trouble with that one.
Milo: Oh no I’m not. He’s just not housebroken yet, that’s all.
Tommy: When are you going to stop getting yourself involved with young itinerant artists? It never works. If they’re no good, you’re ashamed. And if they are, they get independent.”
—Alan Jay Lerner (1918–1986)