Acquiring: how does it work and why is it necessary for business?

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What is acquiring?
Acquiring ( from English "acquiring" ) is the process of processing payments using debit and credit bank cards. It allows businesses and sellers to accept payment, in non-cash form, for goods and services provided to customers, using electronic means of payment .

The main stages of acquiring include:

Making a payment . The cardholder pays for goods or services, for example, in a store, restaurant, online store, bank, etc. using a bank card.
Transfer of data . When accepting a customer's card, the enterprise transfers the card data to the acquiring company or acquiring bank. This data may include the payment amount, card number, owner's first and last finland email list name, expiration date, CVV code.
Authorization request . The acquiring company or acquiring bank sends a request for payment authorization to the bank that issued the customer's card (issuing bank). This means that the bank that issues the card checks whether there are sufficient funds in the customer's account and whether there are any restrictions or blocks on the card.
Authorization . The issuing bank reviews the request and decides whether to authorize or decline the payment. If the payment is approved, the bank sends an approval code back to the acquiring company or acquiring bank.
Completing the transaction . With the authorization information in hand, the acquiring company completes the transaction. This means that funds corresponding to the purchase amount will be blocked in the customer's account and transferred to the store or company's account.
Acquiring enables businesses to accept various types of payments from customers, improving convenience and accessibility for consumers, and is an important part of the modern payment infrastructure.

Stores and companies using acquiring services typically pay a fee to the acquiring bank or payment aggregator for processing payments.