Glossary of Terms: V
V/MC (Visa/MasterCard) Number
Also known as your Merchant ID Number. This number is unique to your business and is one of the ways we identify your business within our database. Keep this number handy - we will ask you for it should you need to call in for assistance.
Valid Date
The date embossed on a payment card stating when the card may first be used.
VAR
Value Added Reseller - A third-party that certifies their software to be used on a processor's system.
Verified By Visa (VBV)
Verified by Visa (VBV), a system used by Visa’s 3D Set technology, and SecureCode,utilized by Mastercard,as additional layer of security for online credit card transactions. This means, that a transaction using Verified by Visa/ SecureCode will initiate a redirect to the website of the card issuing bank to authorize the transaction either using private personal details kept by the bank, a user-chosen password, or, even more securely, a one-time password.
Visa USA
A member-owned national bankcard association, governed by a board of directors, which licenses members to issue cards and accept merchant drafts under the Visa Program. Visa owns and operates its own international processing network.
Voice Authorization
Transactions authorized by a voice operator. Voice-approved transactions must be "forced" into a terminal batch for settlement.
Void
When a transaction is cancelled out of a processing system PRIOR to settlement; virtually erasing the transaction.
