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:
“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)
“What men have called friendship is only a social arrangement, a mutual adjustment of interests, an interchange of services given and received; it is, in sum, simply a business from which those involved propose to derive a steady profit for their own self-love.”
—François, Duc De La Rochefoucauld (1613–1680)