What is acquiring?

Acquiring is a service that enables individual entrepreneurs to accept cashless payments for goods and services. Customers can use bank cards and the Mir Pay app on smartphones and other devices for payment.

After a customer pays for a purchase through a terminal, the funds are first credited to the acquiring bank and then transferred to the seller's account. Acquiring comes in two types:

• Merchant acquiring — the ability to make payments using a card through a terminal at the checkout or upon delivery
• Internet acquiring — acceptance of payments for goods and services through online payment systems on the company's website