Detail
The issuing bank assumes primary liability for the consumer's capacity to pay off debts they incur with their card.
In the case of credit cards, the issuing bank extends a line of credit to the consumer. Liability for non-payment is then shared by the issuing bank and the acquiring bank, according to rules established by the card association brand.
Read more about this topic: Issuing Bank
Famous quotes containing the word detail:
“Art, it seems to me, should simplify. That, indeed, is very nearly the whole of the higher artistic process; finding what conventions of form and what detail one can do without and yet preserve the spirit of the whole—so that all that one has suppressed and cut away is there to the reader’s consciousness as much as if it were in type on the page.”
—Willa Cather (1873–1947)
“If the religious spirit be ever mentioned in any historical narration, we are sure to meet afterwards with a detail of the miseries which attend it. And no period of time can be happier or more prosperous, than those in which it is never regarded or heard of.”
—David Hume (1711–1776)
“James’s great gift, of course, was his ability to tell a plot in shimmering detail with such delicacy of treatment and such fine aloofness—that is, reluctance to engage in any direct grappling with what, in the play or story, had actually “taken place”Mthat his listeners often did not, in the end, know what had, to put it in another way, “gone on.””
—James Thurber (1894–1961)