Acquirer Obligations and Activities

Acquiring Transactions

Each acquiring bank must acquire all transactions properly presented to it from each of its merchants on such terms as set forth in the merchant agreement between them and under applicable rules and procedures.

Payments to Merchants

Each acquiring bank must pay its merchant for all transactions received from the merchant no later than the next business day following the day of receipt. The acquiring bank may delay payment for only as long as it is necessary to determine the legitimacy of the deposit, within local law or banking regulation. Payment must be made by cash, check or credit to an account designated by the merchant. This requirement does not apply to transaction amounts withheld by an acquiring bank, by agreement of the merchant, for chargeback reserve or similar purposes.

Supplying Materials

Each acquiring bank must ensure that each of its merchants is provided with all materials necessary to effect card transactions in accordance with applicable rules and regulations and to signify acceptance of the supported brands. These materials may include sales slips, credit slips, terminals, authorization services, acceptance displays, and the like.