Merchant Service
Glossary - V
Glossary Terms
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.
Verified by Visa® (VBV)
The Visa® 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.
