Explain How an Online Credit Card Transaction Works, Identifying the Parties

question 84

Essay

Explain how an online credit card transaction works, identifying the parties involved and describing how SSL/TLS is involved. What are the limitations of online credit card payment systems?

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Definitions:

Network Modeling

The method of creating a mathematical model to represent a system of interconnected elements or processes for analysis and optimization.

IT-Based Processes

Processes that rely on information technology to operate or deliver a service, encompassing everything from software development to data management.

Big Data

Extremely large data sets that are analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Reverse Flows

The process of moving goods from their typical final destination for return, repair, remanufacturing, or recycling.