Issuer Processor vs. Acquirer: Key Differences Explained
Read on to explore the key differences between issue processors and acquirers, understand their unique roles within the payment ecosystem, and discover how Qwikcilver by Pine Labs’ specialized solutions can help your business achieve a more efficient and effective payment process.
What Are Issue Processors?
Credit cards, debit cards, prepaid cards, and ATM cards enable the cardholder to make purchases. The issuing processor assesses the cardholder’s financial credentials to decide on the issued approval.
For example, when issuing a credit card, they will evaluate the applicant’s credit history before approving the issue and setting limits on credit usage. On the other hand, in the case of prepaid cards, there is no need for a review of a consumer’s credit history. This is because funds are already preloaded onto the cards.
What Are Acquirers?
The acquirer must promptly and efficiently deposit payments from customers, vendors, and other stakeholders into the merchants’ bank accounts. They also need to follow stringent regulatory guidelines to ensure compliance. Failure to do so can attract penalties, fines, and even potential shutdowns.
Issue Processors Vs. Acquirers: Key Differences
Type of Customer
Key Role and Responsibility
They must ensure that customers honor their debt, which is encountered via credit tools such as credit cards. On the other hand, the acquirers ensure that payments are collected from cardholders and deposited into the merchant’s account.
Source of Revenue
Engagement with the Payment Network
They must ensure compliance with credit regulatory guidelines. On the other hand, acquirers are invested in the technical aspects of payment processing and must ensure merchants’ operational success.
Qwikcilver by Pine Labs’ Expertise with Issue Processors
Here’s a snapshot of the advantages of its key pillars for business success:
1. Issues a Wide Range of Cards
Qwikcilver by Pine Labs issues a wide range of cards tailored to serve businesses’ diverse needs, from gifting and reimagining expense management to introducing elevated employee rewards programs.
The cards can range from consumer gift cards, co-branded network cards, and prepaid cards to credit and debit cards, forex prepaid cards, and National Common Mobility Card (NCMC) cards.
With Qwikcilver’s issue processor solutions, businesses can customize cards based on the needs of their target audiences and align them with their business goals.
2. Network Partnerships
Qwikcilver by Pine Labs has partnered with the top four global and homegrown leaders in the network domain and can expedite the issue of new cards.
Here’s a list of Qwikcilver’s network partners:
- Visa is a global network that offers advantages such as insurance and purchase protection, luxury hotel collection, travel benefits, and emergency services.
- Mastercard’s global network offers advantages such as insurance and purchase protection, concierge services, and access to luxury resorts, hotels, and events.
- RuPay, an Indian multinational services network, offers benefits such as multi-category exclusive offers, cashback schemes, and low transaction costs.
- UPI is a homegrown network that enables instant, secure payments between different banks using mobile phones. It also supports QR code-based payments.
3. Single, Unified Management Interface
Business team members can run their entire card services operations from a single, unified interface and reap the benefits of end-to-end card management solutions.
For instance, the workflow spans all the steps, including flexible KYC (Know Your Customer) onboarding, clearing and settlements, issuance and end-to-end card lifecycle management, and transaction authorization. Businesses can log in from anywhere and track users’ real-time financial dates.
4. Availability of Powerful API
5. Access to Real-Time Analytics
Concluding Thoughts
In the digital economy, superior issue processor solutions are elevating the payments ecosystem. For instance, they can enable businesses to harness the power of gift cards to deliver more value to diverse users, such as consumers and employees.
By partnering with a gift card pioneer like Qwikcilver by Pine Labs, businesses can leverage the company’s issue processor expertise to meet their business goals. They can access superior, seamless, innovative card issue solutions addressing many engagement, operational, and revenue-related challenges.
