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Glossary of Terms
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V
V#
Visanet's identifier for Terminal # for each unique processing terminal.
Valid Date
The date embossed by the card issuer on the credit card. An establishment cannot accept a card for payment of goods or services prior to this date.
VAR
Value Added Reseller; provides the software to run POS Systems.
V-Code or CVVC
Additional 3 digits on the back of bank cards used in efforts of fraud patrol.
Virtual Terminal
On-line terminal used to process credit cards.
Visa
An association of banks that governs the issuing and acquiring of Visa credit card transactions.
Voice Authorization
When a merchant calls to obtain a verbal credit card authorization rather than using a
terminal or credit card software to obtain the authorization. The merchant must, in addition to the voice
authorization, submit the credit card information via terminal or software to close out the transaction and transfer
the funds to the merchant's bank account. This is performed by manually entering the transaction information into
the terminal or software.
Voice Response Unit (VRU)
Technology employed at various call centers that handle simple customer requests
(e.g., account balance inquiries) that do not require personal assistance. Ordinarily, customers are provided with
instructions and they respond by pushing keys on a touch-tone telephone keypad.
Void
Deleting a transaction in a batch due to error or return prior to submission or settlement.
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