What is Card Acquiring?
Card Acquiring Is Part of the Behind-the-Scenes Infrastructure that Facilitates Consumer Card Payments.
Behind each seemingly instant transaction is an elaborate journey that results in the payment either being authorized or declined. The acquiring bank, or “acquirer”, is a bank or financial institution that processes credit and/or debit card payments for merchants via card networks such as Visa, Mastercard, Discover, China UnionPay, American Express, Diners Club, Japan Credit Bureau, and Indian Rupay. Most businesses are familiar with processing local credit card transactions. For businesses operating globally, dealing with cross-border transactions can make things more complicated.
Local VS International Card Acquiring
Having a local card acquirer in every country you do business helps improve acceptance rates from customers in those countries. Additionally, many consumers around the globe use credit and debit cards that aren’t approved for international transactions. You’ll need to work with local card acquirers to accept card payments from those consumers.
How Can Merchants Easily Enjoy the Benefits of Local Card Acquiring?
Managing relationships with multiple acquiring banks is too complex and time consuming for most merchants. That’s why Rapyd Collect provides you with a single partner and a single solution for local card acquiring across international markets. This gives you the benefit of higher authorization rates, lower transaction fees, and faster settlement.
Other Key Players in Card Payments
- Card Network