Terms to Know

Validation Code

A unique 4-character value that VISA includes as part of the CPS/ATM program in each authorization response. This code ensures that key authorization fields are preserved in the clearing or settlement record.

Virtual Terminal

A virtual terminal is web-browser-based access to an acquirer, processor or third party service provider website to authorize payment card transactions, where the merchant manually enters payment card data via a securely connected web browser. Unlike physical terminals, virtual terminals do not read data directly from a payment card. Because payment card transactions are entered manually, virtual terminals are typically used instead of physical terminals in merchant environments with low transaction volumes.

Visa

Visa USA is one of the nation’s leading payment brands, backed by a secure payments network. Visa links more than 13,300 financial institutions, 6.9 million merchant acceptance locations and 520 million cards.

Visa Issuer

A member that issues Visa Cards.

Visa Merchant

A merchant that displays the Visa symbol and accepts all Visa cards.

Voice Authorization

An approval response that is obtained through interactive communication between an issuer and an acquirer, their authorizing processors or stand-in processing or through telephone, facsimile or telex communications. A transaction can then be run with the authorization code obtained via voice authorization.

Void Transaction

A deletion of the transaction information.

Void(ed)

Nullifies (nullified) a transaction that has been recorded for settlement, but has not yet been settled. This removes the transaction from the batch of transactions to be settled.