An acquirer is the regulated firm that accepts card transactions on your behalf, routes them to the card schemes, and pays you the proceeds. It is the counterparty on your merchant agreement and the reason your rate is what it is. The terminal on your counter is hardware; the acquirer is the business relationship.
What the acquirer actually does
It underwrites your business, holds the merchant agreement, submits your transactions to Visa or Mastercard, receives the funds, deducts the merchant service charge and settles the rest to you. It also carries the risk if you take money and fail to deliver, which is why underwriting exists and why high risk trades are priced differently or refused.
Acquirer, payment institution and reseller
Not every provider is an acquirer. Some are payment institutions aggregating merchants under someone else's acquiring; some are resellers of an acquirer's product. It matters for who holds your money and who you escalate to when something goes wrong. Ask plainly which one you are contracting with and who the acquirer behind it is.
Pre authorisation and held funds
A pre authorisation reserves an amount without taking it, which is how hotels and car hire handle deposits. The reservation reduces the customer's available balance until it clears or expires. If your trade needs it, ask whether your provider supports pre authorisation on your terminal and what the completion window is, because both vary.
Questions people ask about acquirer
What is an acquirer in card payments?
The regulated firm that accepts card transactions for a merchant, routes them through the card schemes and settles the funds. It holds the merchant agreement and sets the merchant service charge.
Is my acquirer the same as my bank?
Not necessarily. Bank owned acquirers exist, and so do independent ones and payment institutions. Your acquirer may be a different firm from where your settlement account sits.
What is a credit card pre authorisation?
A hold that reserves funds on a customer's card without taking them, used for deposits and open tabs. Support and completion windows vary by provider, so confirm both if your trade relies on it.