A federally insured financial institution responsible for connecting merchants to Visa Inc. and MasterCard Worldwide authorization and settlement systems. Also called an acquiring bank, merchant bank or sponsor bank.
Acquirers and merchants are the two signatories to merchant agreements. Acquirers can be thrifts, banks or credit unions. For example, First National Bank of Omaha is an acquirer and a bank. To sell bankcard services, it is necessary to have a signed agreement with an acquirer or be part of an ISO that is sponsored by an acquirer.
Among other things, an acquirer
A countertop device used to scan and recover information contained in magnetic ink characters printed on checks and documents. The magnetic ink character recognition (MICR) line, usually printed at the bottom of a check, is a sequence of digits that provides details about the bank and account on which the check is drawn. The MICR line supports authorization and clearing routines.