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Acquiring banks Acquiring banks, also known as acquirers, are banks that process payments on behalf of merchants. Issuing banks Issuing banks, or issuers, are entities that issue customer credit cards and handle the transfer of funds to the merchant’s account. This bank is known as the sponsoring bank.
What makes PayFacs unique as compared to other MSPs is that they own a merchant payment processing account directly with an acquiring bank. By operating as a master merchant, they are able to onboard and aggregate many “sub-merchants” under a single merchant account. These technologies are often third-party solutions.
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