Acquiring: What It Is, How It Works, and What Benefits It Offers

According to the National Bank of Kazakhstan, over 1.2 billion transactions were made using bank cards in September 2024 alone, totaling more than 16.8 trillion tenge.
However, for a business to accept such payments, it must connect to a banking service known as acquiring.

What Is Bank Acquiring?

Simply put, acquiring allows customers to pay for goods and services using a bank card. Payments can be made not only with a physical card, but also via a smartphone or smartwatch with a connected payment service app.

The service is relevant for businesses of various sizes and industries — from small coffee shops and retail stores to gas stations, restaurants, and medical centers.

Types of Acquiring

There are three types of acquiring, allowing you to choose the best solution for your business based on its specifics:

1. Merchant Acquiring

This is the classic form of acquiring, where payments are made by card through a POS terminal (Point of Sale). Terminals are in demand in places where customers must be physically present to purchase goods or pay for services: supermarkets, pharmacies, gas stations, and offices.

As part of the ready-made business solution BCCBOX from Bank CenterCredit, POS terminals provided by the partner company Alsep (Digitech) combine a fiscal cash register, inventory management system, and barcode scanner. Entrepreneurs also get access to the TIS system from Uchet.kz and a business card linked to their current account. The POS terminal is activated within one hour, so you can start accepting payments immediately. Bank CenterCredit offers a competitive commission rate and 24/7 technical support — allowing you to quickly resolve any issues.

2. Mobile Acquiring

In this case, payments are also processed through a mobile terminal, which is optimal for courier services, delivery services, and taxis. Such terminals are often connected directly to a smartphone or tablet via a dedicated app.

3. Online Acquiring

With this type of acquiring, payments are made directly on the website. This service is commonly used by online stores. To complete a payment, the customer is redirected to a secure page, enters their card details, and receives a receipt via email.

How Does Card Payment Work?

Let’s say a customer visits a coffee shop and wants to buy a latte using a bank card:

1. The customer taps their card on the terminal. If the card supports contactless payment — which most cards do today — there’s no need to insert it into the reader.

2. The payment information is sent to the customer’s issuing bank. The bank checks whether there are sufficient funds for the purchase. If the funds are insufficient, the transaction is declined.

3. If there are enough funds, the bank debits the card and sends the payment to the acquiring bank — the one that provides acquiring services to the business. The POS terminal prints a receipt as confirmation of a successful transaction.

4. The acquiring bank transfers the funds to the business’s account, minus the commission fee for its services.

Interbank transfers are usually processed quickly — they typically take about one day, but may take up to three days in some cases.

Benefits of Acquiring for Businesses

• Increased sales. People prefer to pay for goods and services by card — it's fast, convenient, and secure. For example, with cashless payments, there's no need to wait for change, which significantly speeds up the purchasing process.
• Expanded customer base. The number of customers grows not only due to those who are used to paying by card. Card payments are also convenient for foreigners: they simply tap their card on the terminal, and the currency is automatically converted at the current exchange rate — no need to find an exchange office. Many banks offer cashback and loyalty programs, which further encourage card usage.
• Increased payment security. Since cashiers don't handle physical money, the risks of theft and fraud are reduced. There's no chance of receiving counterfeit bills or giving incorrect change. Entrepreneurs no longer have to deal with cash-related issues such as ensuring safe storage, transporting it to the bank, checking for worn or fake bills, or handling coins.
• Lower costs. Funds are credited directly to the account, eliminating the need to pay for cash collection services. It also minimizes the risk of cashier errors during transactions.

However, acquiring is convenient and beneficial not only for the seller, but also for the customer. There’s no need to carry large amounts of cash, and payment takes just a few seconds. Additionally, many cards offer increased cashback for purchases in specific categories — the money saved can be spent on other purchases.

Merchant acquiring services are provided by Bank CenterCredit. With this service, your company can accept payments via international card systems such as Visa, Union Pay, and Mastercard. Account opening, as well as terminal provision and setup, are free of charge, reducing the financial burden on your business. You can conveniently manage payments through the bcc business app, which helps you save time and focus on core business processes.

The share of cashless payments is growing rapidly, so acquiring is essential for any business that wants to keep up with the times. Today, the ability to accept card payments is seen as a competitive advantage.

This article has been translated from its original language using neural network-based translation technology.