Reading time: - 'September 17, 2022 at 05:02Cr. Ignacio Algorta - Consulting ManagerSince September 1st, businesses and service providers have the possibility of having all the payment options for debit, credit and electronic money cards through a single provider.This means that businesses that accept electronic means of payment will be able to collect their sales with cards of all brands, being able to choose the acquiring entity with whom to contract.To better understand this topic, it is convenient to review the definitions of Seal and Acquirer according to BCU regulations.The Seal is the entity that offers the organization, marketing structure, operational and security standards for the operation of the network.Likewise, it grants the license to use the brand and logos for the Issuers, Purchasers and Suppliers of goods or services.Basically it refers to the services provided by MasterCard, Visa, American Express, OCA, ANDA, among others.On the other hand, the Acquirers are the entities authorized to offer merchants and service providers the mechanism to process debit, credit and electronic money cards as a means of payment.They are in charge of affiliating businesses and service providers to the Seal network and making the corresponding payments.Specifically, the Acquiring companies are the figure that mediates between the consumers who have the cards and the businesses that accept those cards as a means of payment.There are currently five companies registered as Buyers in BCU.The acquisition process can be summarized as follows.When a consumer makes a purchase in a store and pays with an electronic payment method, POS terminals are used, among other options.From there, the acquisition process begins.The POS captures the customer's data and sends it to the Purchaser, who requests payment authorization from the card issuer (banks, electronic money issuing institutions or credit card administrators).Upon receiving the payment authorization from the issuer, the Acquirer manages the transfer of the payment to the merchant, thus completing the process.Until now, there were Acquirers dedicated to providing merchants with access to the payment system through a Seal or brand exclusively.For example, a merchant that wanted to accept a particular debit or credit card only had a single provider (Acquirer) available with which to contract the service.Therefore, if that merchant wanted to offer its customers a greater variety of electronic payment methods, it had to contract with each of the exclusive Acquirers, without the possibility of choosing between different alternatives.Now with multiacquisition, Acquirers will be able to offer access to the different payment methods for all authorized Card Seals and merchants will have the possibility of accepting payments with all available means (debit, credit or electronic money cards).With this, each Acquirer will be able to offer merchants all available electronic payment methods.From the point of view of the Acquiring companies, an increase in competition is to be expected, since all of them will be able to offer businesses the same means of payment of the different Stamps.They will not only compete on price, but also on quality, improving the services currently available or developing new ones.As a result of the above, the BCU recommends businesses to evaluate the new conditions of the offers available in the acquiring market.On the other hand, the POS managing entities must make the necessary adjustments to their equipment in order to direct the payment transactions received to the Acquirer chosen by the merchant.Electronic payments continue to grow in quantity and amount and it seems clear that digital means of payment are going to have more and more relevance.The BCU considers that multiacquisition constitutes an improvement in the services offered from the financial system and that more businesses will have access to payment methods by achieving cost efficiency.In turn, multiacquisition directly benefits businesses and service providers, who will now interact with a single supplier.This clearly simplifies the processing of electronic payments.The question remains whether this cost benefit for businesses will be shared with consumers, although the latter will have more payment and financing options.Still don't have an account?Register now.To continue with your purchase, you need to log in.or log in with your account:Enjoy The Observer.Access news from any device and receive headlines by email based on the interests you choose.Do you already have an account?Log in.Register for free and continue browsing.Already registered?sign in here.Go from informing yourself to forming your opinion.You are about to reach the note limit.Unlimited access from US$ 3 45 / monthThis is your last free note.Start from US$ 3 45 / monthYou reached the limit of free notes.I chose your plan and access without limits.Be part, go from informing yourself to forming your opinion.If you are already a Member subscriber, log in here