Merchant Services Terms - V

These terms occur frequently in both the merchant services industry and on our website.

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Validation Code

A unique 4 character value that VisaŽ includes as part of the CPS / ATM program in each authorization response to ensure that key authorization fields are preserved in the clearing or settlement record.

Verified by VisaŽ (VBV)

The VisaŽ scheme designed to authenticate cardholders so that they cannot subsequently repudiate there use of a card to purchase goods. It will also reduce other fraud as fraudulent users will not generally know the pass phrase or PIN associated with the card.

Voice Authorization

An Authorization process whereby a Merchant calls the Voice Authorization Center and provides Cardholder and purchase information over the telephone. The Voice Authorization Center then provides an Authorization Code to the Merchant.

Void(ed)

Nullifies a Transaction that has been recorded for Settlement, but not yet settled. This removes the Transaction from the Batch of transactions to be settled.

Voice Authorization Center

The center that conducts Voice Authorization for Credit Card Transactions.

VBV

See Verified by VisaŽ

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