What role does a credit network such as Visa, MasterCard, Discover, or American Express play in your credit card purchase?(1 point) Responses They maintain the network over which the retailer communicates with the issuer of the credit card. They maintain the network over which the retailer communicates with the issuer of the credit card. They set the price of the item you are purchasing. They set the price of the item you are purchasing. They maintain the network over which the retailer checks to make sure you have enough money in your account to cover the purchase. They maintain the network over which the retailer checks to make sure you have enough money in your account to cover the purchase. They issue the credit card.

Question

What role does a credit network such as Visa, MasterCard, Discover, or American Express play in your credit card purchase?(1 point) Responses They maintain the network over which the retailer communicates with the issuer of the credit card. They maintain the network over which the retailer communicates with the issuer of the credit card. They set the price of the item you are purchasing. They set the price of the item you are purchasing. They maintain the network over which the retailer checks to make sure you have enough money in your account to cover the purchase. They maintain the network over which the retailer checks to make sure you have enough money in your account to cover the purchase. They issue the credit card.

Answer 1

They maintain the network over which the retailer communicates with the issuer of the credit card.

Answer 2

The correct answer is: They maintain the network over which the retailer communicates with the issuer of the credit card.

Answer 3

The correct answer is: They maintain the network over which the retailer communicates with the issuer of the credit card.

Credit networks such as Visa, MasterCard, Discover, or American Express act as intermediaries between the retailer and the issuer of your credit card. They provide the infrastructure and systems that enable the retailer to securely transmit the transaction details to the issuer for authorization.

When you make a purchase with your credit card, the retailer sends the transaction information to the credit network. The credit network then routes the information to the corresponding issuer, which could be a bank or financial institution that issued your credit card.

The issuer processes the transaction and determines whether to approve or decline it based on factors such as your available credit, account standing, and other risk considerations. The issuer then communicates the approval or decline decision back to the retailer via the credit network.

In summary, credit networks play a crucial role in facilitating the communication between the retailer and the issuer of your credit card, ensuring the authorization of transactions in a secure and efficient manner.