Acquiring Bank Agreement
/ˈækwəˌraɪɪŋ bæŋk əˈɡriːmənt/
Definitions
- (n.) A contract between a merchant and an acquiring bank outlining terms for processing card payment transactions.
The merchant signed an acquiring bank agreement to begin accepting credit card payments.
Forms
- acquiring bank agreement
- acquiring bank agreements
Related terms
See also
Commentary
Typically governs responsibilities and fees related to transaction processing; drafters should clearly define chargeback procedures and liability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.