Card payment business can be confusing for new merchants even for experienced merchants. There are 5 parties involved. Let's see the following to understand better.
Card payment business can be confusing for new merchants even for experienced merchants. There are 5 party mainly roles. Let's see following for mores understanding.
A merchant, that may be you, is an entity that contracts with an acquirer (CB Bank) to accept card payments for goods or services provided.
An acquirer (CB Bank) also known as merchant bank that is a financial institution licensed by MasterCard, Visa or UnionPay. The acquirer is set up to connect and process transactions over the card payment network and sell its processing service to merchants.
Institutions such as banks, credit unions, savings & loan association or even retailers that provide to a consumer through a payment card. Please note that MasterCard, Visa and UnionPay is not an issuer.
MasterCard, Visa and UnionPay are the world-wide network managers. They provide secure and maintain the network that allows transactions between accepting merchants, card issuers and acquirers to happen.
Card Holder mean the person whose name is imprinted/embossed on the cards and whose signature appears on the signature panel as the authorized user thereof, or in the case of bearer prepaid/gift card, shall refer to the holder of card.
Foreigners visiting Myanmar has for the first time crossed 1 million mark in 2012. So far, they have difficulties using their credit or debit cards issued internationally. Now, CB Bank is providing MasterCard, Visa, UnionPay (CUP) card acquiring services to Merchants in Myanmar. Don't miss this opportunity. Accept payments with MasterCard, Visa, UnionPay Card and enjoy greater business growth. Learn how it works.