Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Acquirer
An acquirer is a financial institution that enters into a contract with merchants to accept and charge credit cards as a means of payment for goods and services.
Payment card acceptance
The conclusion of a contract between an acquirer and a contracting company (service provider, retailer, seller, department store) for the acceptance of payment cards is referred to as acquiring. The aim of acquiring is to create the widest possible network of contracting companies and to increase the acceptance of payment cards. The more contracting companies accept a payment card, the more the usability of a payment card by the cardholder improves.
Acquirer and BaFin
Pursuant to section 1(1) sentence 2 of the ZAG, the acquisition business is considered a payment service, so that the acquirer requires a license from BaFin pursuant to section 10(1) of the ZAG. Section 1 (35) ZAG defines the acquisition business in more detail. According to this definition, an acquisition transaction is a payment service that results in the transfer of funds to the payee and in which the payment service provider concludes a contractual agreement with the payee on the acceptance and processing of payment transactions. The acquirer is supervised by BaFin on an ongoing basis even after it has been granted a license.