Acceptance has different meanings in different contexts and fields. In general, it refers to a promise to pay which is made when the drawee of a time draft (bill of exchange) writes the word “accepted” above the signature and designates a date of payment (see: acceptance).
In relation to transfer systems, acceptance refers to the entry of a transfer order for funds or securities in a system’s operations for further processing, usually subject to various checks (e.g. regarding availability of funds, technical standards, etc.), as defined in the operational rules of the system.
In the field of cards (payment cards), it represents the process whereby a specific card (as defined by an issuer or a brand) is accepted by a terminal, merchant (POS) or an entity.
In any relevant context, an acceptor is a merchant or other entity that accepts a payment instrument used by a client in order to transfer funds (as a means of payment) to that merchant or entity.
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