1. What is the defining characteristic of a merchant acquirer.
Is it solely that it has to be registered with the scheme i.e. Visa? Do we have more detail about the pre-requisites to be registered with a scheme? Is it required for you to hold a banking license? I know acquirers like Square do, but is this a hard requirement?
Is it a requirement that the acquirer provides liquidity to the merchant by transfering money immediately? Because they will then have to seek authentication with the scheme and issuing bank but I understand that the actual wire of funds can take t + x (is it t+1 ?)
2. What are some examples of ISOs?
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