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:
“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)
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