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:
“The democrat is a young conservative; the conservative is an old democrat. The aristocrat is the democrat ripe, and gone to seed,—because both parties stand on the one ground of the supreme value of property, which one endeavors to get, and the other to keep.”
—Ralph Waldo Emerson (1803–1882)
“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)