Glossary
Acquirer
The licensed financial institution that holds the merchant account, receives funds from the card schemes and settles them to the merchant.
The acquirer — also called the acquiring bank — carries the financial and regulatory relationship with the merchant. It underwrites the merchant's risk, holds the merchant account, receives the funds from the card networks and settles them.
A gateway is software that connects a merchant to an acquirer. The two roles are often bundled commercially, which is why they are frequently confused, but the licensing and liability sit with the acquirer.