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)
“University degrees are a bit like adultery: you may not want to get involved with that sort of thing, but you don’t want to be thought incapable.”
—Peter, Sir Imbert (b. 1933)