Access Control – The process of ensuring that systems are only accessed by those authorized to do so, and only in a manner for which they have been authorized.
Account Number – A unique number assigned by a financial institution to a customer. On a credit card, this number is embossed and encoded on the plastic card.
Acquirer – A bank or company that acquires data relating to transactions from a merchant or card acceptor for processing.
Acquiring Bank – A bank that receives the credit card transactions and then settles with the issuing banks. Bank that signs up / enables the merchant to process transactions.
Address Verification Service (AVS) – A method of reducing fraud in mail order/telephone order transactions by using cardholder billing address information in the authorization request.
American Express – A financial organization that issues their own charge and credit cards. American Express also performs their own transaction processing within their own processing network.
API – Application program interface
Application Layer – The layer of the ISO Reference Model which provides communication between applications.
Application Security – The provision of security services within user applications running above the Application Layer of the ISO model.
Approval Response – An authorization response received when a transaction is approved.
ASCII – American Standard Code for Information Interchange – The standard system for representing letters and symbols. Each letter or symbol is assigned a unique number between 0 and 127.
Authentication – The process of assuring that data has come from its claimed source, or of corroborating the claimed identity of a communicating party.
Authorization – The act of insuring that the cardholder has adequate funds available against their line of credit. A positive authorization results in an authorization code being generated, and those funds being set aside. The cardholder’s available credit limit is reduced by the authorized amount.
Authorization Amount – Dollar amount approved
Authorization Code – A code that an issuer or its authorizing processor provides to indicate approval or denial for an authorization request.
Authorization Date – Date and Time that transaction was authorized
Authorization Only – A transaction created to reserve an amount against a credit card’s available limit for intended purchases; the settlement may occur within three to five days, depending on the card type.
Authorized Amount – Dollar amount approved
Authorized Transactions – Transaction that has been approved
AVS – See Address Verification Service.
Bank Account – Bank account number for the merchant to which funds will be deposited.
Bank Identification Number (Bin) – The first six digits of a Visa or MasterCard account number. This number is used to identify the card issuing institution.
Card Issuer – Any association member financial institution, bank, credit union, or company that issues, or causes to be issued, plastic cards to cardholders.
Card Reader – A device capable of reading the encoding on plastic cards. See Magnetic Stripe Reader.
Cardhholder Information Security Program (CISP) – An information security standard sponsored and promoted by Visa USA that applies to any organization that stores or handles their credit card account numbers.
Cardholder – An individual to whom a card is issued, or who is authorized to use an issued card.
Certificate – A digital identifier linking an entity and a trusted third party able to confirm the entity’s identity.
Certification Authority (CA) – A trusted entity issuing certificates confirming the identity of, or given facts associated with, the certificate’s subject
Chargeback – A transaction returned through interchange by an issuer to an acquirer. A transaction may be returned because of it was non-compliant with the association rules and regulations or because it was disputed by a cardholder.
Chargeback Period – The number of days from the processing date or endorsement date transaction during which the issuer may initiate a chargeback.
CISP – CISP is an acronym for Cardholder Information Security Program. An information security standard sponsored and promoted by Visa USA that applies to any organization that stores or handles their credit card account numbers.
Commerce Service Provider (CSP) – Supplies the system and services to establish the back-office infrastructure for businesses. Major aspects include: the processing of secure transactions, the developing and managing of customer relationships, the collecting of payment, and the delivering of products or services over the Web. A CSP may provide the following services: buyer authentication, order taking, details of what is for sale in an electronic offer, validation, payment processing (via traditional credit card payment processors), and generation of electronic receipts. Fulfillment may be made of electronic goods or physical goods. See also electronic com- merce.
Commercial Card – Commercial cards are the broad definition of a special class of credit or bank card. They differ from consumer cards in that they frequently offer Level-3 (level III) line item detail information and special usage controls to the corporate or governmental user. Another frequently used term is corporate card.
Commercial Cards – A general name for cards typically issued for business use and may include Corporate Cards, Purchase Cards, Business Cards, Travel and Entertainment Cards.
Cookie – A small amount of information stored on a client computer by a Web site that is sent back to the site each time the user visits it. The use of cookies to maintain persistent, client-side state information significantly extends the capabilities of Web-based client/server applications.
Corporate Card – Corporate cards are essentially the same as commercial cards. The broad definition encompasses specific types of card programs such as travel cards, fleet cards, and purchasing cards (or purchase cards, or procards).
Corporate Procurement Card – Corporate procurement cards are one type of corporate card. They are typically issued to individuals that have the authority to make purchases on behalf of their organization. The cards are centrally billed to the card-holder’s organization.
Corporate Purchasing Card – Corporate Purchasing Card is another name for corporate procurement card (or procard).
CPS – See Custom Payment Service.
Credit Card Gateway – Credit card, or internet payment, B220.
Credit Card Number – Unique number assigned to credit card
Credit Card Processing – The general term for processing transactions against bankcards according to terms defined by Visa and MasterCard.
Credit Card Processor – A company that performs authorization and settlement of credit card payments, usually handling several types of credit and payment cards (such as Visa, MasterCard, and American Express). If merchants wish to sell their products to cardholders, they retain the services of one or more processors who handle the credit cards that the merchant wishes to accept. When a merchant retains the services of a credit card processor, it is issued a merchant ID.
Credit Limit – The dollar amount assigned to a cardholder to which they are approved to borrow.
Cryptographic Key – A mathematical term or other parameter used to define how a given algorithm will transform data into ciphertext
Cryptography – The art or science of transforming clear, meaningful information into an enciphered, unintelligible form using an algorithm and a key.
Currency – Default is USD for U.S. dollars. This feature will be used when non-U.S. dollars are used in a transaction Custom Payment Service (CPS)
Visa’s regulations for the information that must be submitted with each transaction. Transactions must meet CPS criteria in order to qualify for lowest transaction processing fees available. Similar to MasterCard’s Merit system.
Customer Code – A 17 character alphanumeric field that is used with Purchase Card transactions. The code is typically defined by the customer (cardholder) and used for accounting or project tracking purposes.
Data Capture – Also known as electronic draft capture (EDC) or draft capture. A data processing term for collecting, formatting, and storing data in computer memory according to predefined fields, for example, customer name, account number, and dollar amount of purchase. When a terminal reads this information from a plastic card or from entries at a terminal, the information is stored in computer memory for later output as a hard copy printout or as soft copy on a CRT display. See Electronic Draft Capture.
Data Encryption Standard (DES) – DES. A cryptographic algorithm adopted by the National Bureau of Standards for data security. The algorithm encrypts or decrypts 64 bits of data using a 56-bit key. See also Triple DES.
Data Integrity – Measures to prevent unauthorized alteration of data
Debit – A charge to a customer’s bankcard account. A transaction, such as a check, automated teller machine (ATM) withdrawal, or point-of-sale (POS) debit purchase that debits a demand deposit account.
Deciphering – Conversion of ciphertext back into plaintext
Decryption – Decryption is the process of transforming ciphertext back into plaintext. It is the reverse of encryption.
Decryption Key – See key.
Deposit – Process of transmitting a batch of transactions from the merchant to the acquiring institution in preparation for settlement.
DES – Data Encryption Standard. A cryptographic algorithm adopted by the National Bureau of Standards for data security. The algorithm encrypts or decrypts 64 bits of data using a 56-bit key. See also Triple DES.
Digital Signature – A data element allowing the recipient of a message or transaction to verify the content and sender
Discount Fee – Fee paid by the merchant to the merchant bank or other contracted party for processing the merchant’s credit card sales (transactions).
Discount Rate – This is the percentage rate that a merchant institution charges the merchant giving deposit credit for handling merchant sales drafts or electronic sales transmissions. The discount fee is the dollar amount charged.
Draft Capture – The act of electronically capturing transactions. See Electronic Draft Capture.
DSA – Digital Signature Algorithm – the algorithm used in creating the digital signature for a given message or transaction
Electronic Authorization – Obtaining authorization for use of a credit card by electronic means, as via computer equipment and telephone line.
Electronic Commerce – A system of integrated communications, data management, and security services that allow business applications within different organizations to automatically interchange information.
Electronic Draft Capture (EDC) – EDC is a point-of-sale terminal that reads the information encoded in the magnetic stripe of bankcards. These terminals electronically authorize and capture transaction data, eliminating the need for a paper deposit.
Enciphering – Conversion of plain data into encrypted data (plaintext into ciphertext)
Encryption – Encryption is the process of disguising a message (using mathematical formulas called algorithms) in such a way as to hide its substance, a process of creating secret writing.
Encryption Key – When used in the context of encryption, a series of numbers which are used by an encryption algorithm to transform plaintext data into encrypted (ciphertext) data, and vice versa.
End-To-End Security – Application of security measures consistently across a whole data system or process, leaving no weak points
E-Procurement (Or Eprocurement) – Electronic procurement, or electronic purchasing, refers broadly to the technology that automates some or all of the processes related to creating a requisition document, obtaining purchase approval, locating or sourcing a supplier, creating a Purchase Order (PO), and delivering the PO to the supplier.
Expired Card – A card on which the embossed, encoded, or printed expiration date has passed.
Fleet Card – Fleet Cards are a specific type of commercial card (or corporate card) used to purchase goods and services for automobile/vehicle, aviation, or marine fleets.
Floor Limit – An amount that Visa and MasterCard have established for single transactions at specific types of merchant outlets and branches, above which authorization is required.
Fraudulent Transaction – A transaction unauthorized by the cardholder of a bankcard. Such transactions are categorized as lost, stolen, not received, issued on a fraudulent application, counterfeit, fraudulent processing of transactions, account takeover, or other fraudulent conditions as defined by the card company or the member compa- ny.
Fraudulent User – An individual who is not the cardholder or designee and who uses a card (or, in a mail/phone order or recurring transaction, an account number) to obtain goods or services without the cardholder’s consent.
Government Card – A generic term for commercial purchasing cards (purchase cards) issued to federal, state, or local government agencies. It can refer to a Purchase, Travel, or Fleet card.
Government Payments – An inexact term used to describe either payment received from citizens or businesses by the government, or payments from a government agency to a supplier.
Http (Hypertext Transfer Protocol) – HTTP is a client/server protocol for delivering hypertext material across an internet. HTTP is stateless: when a client makes multiple requests to a single HTTP server, each request is treated independently. HTTP servers do not remember the earlier requests. The stateless protocol allows HTTP servers to respond to requests quickly
Https (Hypertext Transfer Protocol – Secure) – A variant of HTTP for handling secure transactions. Browsers that support the URL access method, “https”, connect to HTTP servers using SSL. “https” is a unique protocol that is simply SSL underneath HTTP. Use “https://” for HTTP URLs with SSL and “http://” for HTTP URLs without SSL. The default “https” port number is 443.
Hyperlink – An active cross-reference from one resource to another. The cross-reference is called active because it is presented in a medium which allows the reader to follow it, for example by mouse-clicking it. A reader can follow hyperlinks in an HTML document using a Web browser, or navigate through online help, or fol- low hyperlinks between terms defined in a
Independent Service Organization (ISO) – ISO. In the payment systems industry, a third-party organization that facilitates merchant registration to accept charge or credit cards.
Interchange – The exchange of information, transaction data and money among banks. Interchange systems are managed by Visa and MasterCard associations according to their requirements and are very standardized so banks and merchants worldwide can use them.
Interchange Fee – A fee paid by the acquiring bank/merchant bank to the issuing bank. The fee compensates the issuer for the time after settlement with the acquiring bank/merchant bank and before it recoups the settlement value from the cardholder
Interchange Rate – Interchange rates are baseline costs established by the two bankcard associations, Visa and MasterCard, on behalf of their member banks that set the foundation costs which makeup the merchant’s bank card processing fees. Additional fees may be added by the merchants acquiring bank to reach a final rate called the “discount rate”.
Interchange Reimbursement Fee – One of the following: A fee that an acquirer pays to an issuer in the clearing and settlement of an interchange transaction, based on either the standard (paper-based) rate or electronic rate. A fee that an issuer pays to an acquirer for making a cash disbursement to a cardholder or check purchaser.
Internet – A global public network consisting of millions of interconnected computers all linked together using the Internet Protocol.
Internet Payment Gateway – An Internet payment gateway is a centrally managed service that offer merchants the ability to process credit card transactions into the credit card networks. Typically, the credit card data uses the Internet as a method of transporting the data from the merchant’s systems to the operator of the payment gateway.
ISO – Independent Service Organization. In the payment systems industry, a third-party organization that facilitates merchant registration to accept charge or credit cards.
Issuer – Any association member financial institution, bank, credit union, or company that issues, or causes to be issued, plastic cards to cardholders.
Key – When used in the context of encryption, a series of numbers which are used by an encryption algorithm to transform plaintext data into encrypted (ciphertext) data, and vice versa.
Large Ticket Rate – Visa and MasterCard have created special interchange rates that incent the merchant to process higher dollar credit card transactions. Large ticket transactions are often greater than $100,000.00 and may exceed several million dollars.
Level III – Level III purchase card information refers to the ability to process detailed purchase information with the financial credit card transaction. The supplemental information typically includes data elements like a Customer Code, Invoice and Order number, Part Number, Item Description, Quantity, Unit of Measure, Unit Price, etc. Level III (Level-3) is a feature associated with purchase card (or purchasing card) programs.
Level-3 – Level-3 purchase card information refers to the ability to process detailed purchase information with the financial credit card transaction. The supplemental information typically includes data elements like a Customer Code, Invoice and Order number, Part Number, Item Description, Quantity, Unit of Measure, Unit Price, etc. Level-3 (Level-III) is a feature associated with purchase card (or purchasing card) programs.
Line Item Detail – Line item detail is the specific information that is carried in a Level-3 (Level III) purchase card (or purchasing card) transaction. The supplemental information typically includes data elements like a Customer Code, Invoice and Order number, Part Number, Item Description, Quantity, Unit of Measure, Unit Price, etc.
Magnetic Stripe – A stripe of magnetic information affixed to the back of a plastic credit or debit card. It contains customer and account information required to complete electronic financial transactions. The physical and magnetic characteristics of this stripe are specified in the International Organization for Standardization standards 7810, 7811, and 7813.
Magnetic-Stripe Reader – A device that reads information from the magnetic stripe and transmits that information to a transaction processor or computer terminal. Also referred to as card reader.
Magnetic-Stripe Terminal – A terminal that reads the magnetic stripe on a plastic card. Mail/Phone Order Merchant
A merchant that transacts business by mail or phone.
Mail/Phone Order Transaction – A transaction where a cardholder orders goods or services from a merchant by telephone, mail or other means of telecommunication, and neither the card nor the cardholder is present at the merchant outlet.
MasterCard – MasterCard International Inc., and all of its subsidiaries and affiliates.
MasterCard Acquirer – A member that signs a MasterCard merchant or disburses currency to a MasterCard cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.
MasterCard Card – A card that bears the MasterCard symbol, enabling a MasterCard cardholder to obtain goods, services, or cash from a MasterCard merchant or an acquirer.
MasterCard Issuer – A member that issues MasterCard cards.
Merchant – An entity that contracts with merchant banks or ISO’s to originate transactions.
Merchant Agreement – A written agreement between a merchant and a bank containing their respective rights, duties, and warranties with respect to acceptance of the bankcard and matters related to the bankcard activity.
Merchant Bank – Bank that has a merchant agreement with a merchant to accept (acquire) deposits generated by bankcard transactions.
Merchant Category Code – Four-digit classification codes used in the warning bulletin, authorization, clearing, and settlement systems to identify the type of merchant business in various stages of transaction processing.
Merchant Depository Account – Demand deposit account established by a merchant with the acquiring bank to receive payment for sales drafts submitted to the bank card plan.
Merchant ID – In the credit card industry, a merchant ID is a number provided to a merchant by a credit card processor when that merchant retains the services of that processor. Also sometimes called the merchant number.
Merchant Number – A series or group of digits that uniquely identifies the merchant to the merchant signing bank for account and billing purposes.
Merit – MasterCard’s requirements for obtaining favorable interchange rates. Similar to CPS requirements by Visa.
MO/TO – See Mail Order / Telephone Order
Multiple Transaction Processing (Multi-Trans) – Electronic communications process where multiple authorization requests and responses are exchanged during a single phone connection with the third-party transaction processor.
On-Us Transaction – A transaction where the issuer and the acquirer are the same. An “on-us” check would be one in which a depositor’s check is presented for payment at the same financial institution that carries the account on which the check is written.
Open To Buy Amount – Dollar amount of credit remaining for customer at the time of authorization.
Order Number – A 17 character alphanumeric field that may be used between the Cardholder and the Merchant for accounting or tracking purposes.
Overlimit – This refers to a cardholder’s account that has surpassed its credit limit with a transaction. (Their outstanding balance is beyond their credit limit.)
Paper Draft – Sales slips, credit slips, cash disbursement slips, drafts, vouchers, and other obligations indicating use of a card or a card account.
Password – A sequence of characters which allows users access to a system. Although they are supposed to be unique, experience has shown that most people’s choices are highly insecure. Humans tend to choose short words such as names, which are easy to guess.
Pcard – Pcard is an abbreviation for Purchasing Card, Purchase Card, Procurement Card, or Purchasing Card.
P-Card – Pcard is an abbreviation for Purchasing Card, Purchase Card, Procurement Card, or Purchasing Card.
Per Transaction Fees – Fees paid by the merchant to the merchant bank or other contracted party on a per transaction basis.
PIN – Personal Identification Number – A sequence of digits used to verify the identity of the holder of a token. It is a kind of password.
Plaintext – Data before the application of a cryptographic algorithm
Plastic (Card) – This is a generic term used to identify any of the various cards issued to cardholders.
Point Of Sale (POS) – Location in a merchant establishment at which the sale is consummated by payment for goods or services received.
Policy – An informal, generally natural language description of desired system behavior. Policies may be defined for particular requirements, such as confidentiality, integrity, availability, safety etc.
POS System – A system that processes commercial transactions such as a credit card terminal, electronic cash register, or specialized software.
Posting – The process of updating individual cardholder account balances to reflect merchandise sales, instant cash, cash advances, adjustments, payments, and any other charges or credits.
Presentment – A clearing record that an acquirer presents to an issuer through interchange, either initially (a first presentment) or after a chargeback (a re-presentment).
Primary Account Number (PAN) – The number that is embossed, encoded, or both, on a plastic card that identifies the issuer and the particular cardholder account.
Prime Vendor – Prime vendor is a general term used in procurement to describe an important supplier. In some cases, such as the U.S. Department of Veterans Affairs (VA), it also connotes a certain way of doing business with said supplier.
Prior Authorization – An authorization usually done before a transaction takes place. The approved authorization request may be held for an extended length of time before a card is present or not.
Private Key – A cryptographic key known only to the user, employed in public key cryptography in decrypting or signing information.
Procard – Procard (lowercase) is used by some organizations as an abbreviation for Procurement Card. ProCard (uppercase) is the name of a company that provides software and services to some issuing banks.
Processing Date – The date on which the transaction is processed by the acquiring bank.
Procurement Card – Procurement Card(s) (or purchase cards / purchasing cards) are one type of corporate/commercial card. They are typically issued to individuals that have the authority to make purchases on behalf of their organization; expenses are centrally billed to the cardholder’s organization.
Public Key – A cryptographic key which is used for data encryption and which cannot be used for decryption. Public keys can be freely published.
Public Key Cryptography – A form of asymmetric encryption where all parties possess a pair of keys, one private and one public, for use in encryption and digital signing of data
Purchase Card – Purchase Card(s) (or procurement cards / purchasing cards) are one type of corporate/commercial card. They are typically issued to individuals that have the authority to make purchases on behalf of their organization; expenses are centrally billed to the cardholder’s organization.
Purchasing Card – Purchasing Card(s) (or purchase cards / procurement cards) are one type of corporate/commercial card. They are typically issued to individuals that have the authority to make purchases on behalf of their organization; expenses are centrally billed to the cardholder’s organization.
Receipt – A hard copy document recording a transaction that took place at the point of sale, with a description that usually includes: date, merchant name/location, primary account number, amount, and reference number.
Recurring Billing – Transactions for which a cardholder grants permission to the Merchant to periodically charge his account number for recurring goods or services.
Reference Number – Number assigned to each monetary transaction in a descriptive billing system. Each reference number is printed on the monthly statement to aid in retrieval of the document, should it be questioned by the cardholder.
Refund – Create a credit to a cardholder account, usually as a result of a product return or to correct an error.
Request Authorization (auth) – Submits a transaction for Authorization Only. (See Authorization)
Retail Merchant – A merchant that provides goods and/or services in the retail industry, but is not a mail/phone merchant, a recurring services merchant, or a T&E merchant.
Retrieval Request – An issuer’s request for a transaction receipt, which could include the original, a paper copy or facsimile, or an electronic version thereof.
Reversal – An online financial transaction used to negate or cancel a transaction that has been sent through interchange in error.
Sales Draft – A paper record evidencing the purchase of goods or services by a cardholder.
SDP (SDP Program) – SDP is an acronym for Site Data Protection program. An information security standard sponsored and promoted by MasterCard that applies to any organization that stores or handles their credit card account numbers.
Settlement – The reporting of settlement amounts owed by one member to another, or to a card issuing concern, as a result of clearing. This is the actual buying and selling of transactions between the merchants, processors, and acquirers; along with the card issuing entities.
Settlement Bank – A bank, including a correspondent or intermediary bank, that is both located in the country where a member’s settlement currency is the local currency, and authorized to execute settlement of interchange on behalf of the member or the member’s bank.
SIC Code – Standard Industry Classification Code. A system used to categorize businesses by industry group. This system is being replaced by the NAICS Coding system.
Site Data Protection Program (SDP) – An information security standard sponsored and promoted by MasterCard that applies to any organization that stores or handles their credit card account numbers.
Smart Card – A plastic card containing a computer chip with memory and CPU capabilities. Such a card may be used for identification, to store information or financial amounts, or other forms of data. Also called an integrated circuit card or a chip card.
SSL – Secure Sockets Layer – an encryption standard devised by Netscape Communications for secure communication over the World Wide Web
Standard Floor Limit – A floor limit that varies by merchant type. This refers to a dollar limit on transactions above which authorization requests are required.
Statement – A written record prepared by a financial institution, usually once a month, listing all transactions for an account, including deposits, withdrawals, checks, electronic transfers, fees and other charges, and interest credited or earned. The statement is usually mailed to the customer.
Stored-Value Card – A stored-value card is a credit-card-sized device, implanted with a computer chip, with stored money value. A reloadable stored-value card can be reused by transferring value to it from an automated teller machine or other device. A disposable card cannot be reloaded.
TCP/IP – Transport Control Protocol/Internet Protocol. A standard format for transmitting data from one computer to another. TCP deals with the construction of the data. IP routes the data from one computer to another.
Terminal ID – In the payment card industry, a number provided to a merchant by a credit card processor when that merchant retains the services of that credit card processor to uniquely identify a terminal. Also some- times called the terminal number. A credit card processor may assign several terminal IDs to a given merchant’s terminals although that merchant has a single merchant ID with that processor.
Third-Party Transaction Processor – An entity that validates and authorizes credit card purchases. They may also service the actual accounts on behalf of the issuers, emboss cards, and mail cards to cardholders.
Transaction – (1) any agreement between two or more parties that establishes a legal obligation. (2) the act of carry- ing out such an obligation. (3) all activities that effect a deposit account that are performed at the request of the account holder. (4) All events that cause some change in the assets, liabilities or net worth of a business. (5) Action between a cardholder and a merchant or a cardholder and a member that results in activity on the cardholder account.
Transaction Identifier – A unique 15 character value that VISA assigns to each transaction and returns to the Acquirer in the authorization response. VISA uses this value to maintain an audit trail throughout the life cycle of the transaction and all related transactions, such as reversals, adjustments, confirmations, and chargebacks.
Transaction Processor – An entity that validates and authorizes credit card purchases. They may also service the actual accounts on behalf of the issuers, emboss cards, and mail cards to cardholders.
Transaction Type – A specific type of financial detail transaction activity that can be submitted to the clearing system.
User Authentication – Process of validating that a user is who they represent themselves to be.
User ID – The identity of the person authorized to log on to the system.
Validation Code – A unique 4 character value that VISA 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.
Visa – Visa International Service Association and all of its subsidiaries and affiliates.
Visa Acquirer – A member that signs a Visa merchant or disburses currency to a Visa cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.
Visa Card – A card that bears the Visa symbol, enabling a Visa cardholder to obtain goods, services, or cash from a Visa merchant or an acquirer.
Visa Commerce – Visa Commerce is a newly released offering by Visa to support corporate card programs by allowing the buyer and seller to establish the trading rules supporting their businesses.
Visa Issuer – A member that issues Visa Cards.
Visa Merchant – A merchant that displays the Visa symbol and accepts all Visa cards.
Visanet – The systems and services, including the V.I.P. system and BASE II, through which Visa delivers online financial processing, authorization, clearing, and settlement services to members.
Voice Authorization – An approval response obtained through interactive communication between an issuer and an acquirer, their authorizing processors, or stand-in processing, through telephone, facsimile, or telex communications.
Void Transaction – Delete the transaction information.
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.
