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Glossary of Industry Terms

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                                           PCI Related Terms Technical 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.
 

Value Added Reseller

Third-party vendor that enhances or modifies existing hardware or software, adding value to the services provided by the processor or acquirer.
 

Venture Capital

Money available to invest in new, and/or risky, enterprises.
 

Verified by Visa

Visa’s online security program that lets consumers choose a password for their Visa credit card to increase security of online payments made with that card.
 

Virtual Private Network

(PCI) (Technical)
Private network established over a public network
 

Virtual Terminal

This tool allows a merchant to manually process credit card numbers received by telephone, fax or mail order. You can use the Virtual Terminal in addition to (or instead of) accepting credit card transactions from your website.
 

Virus

(PCI) (Technical)
Program or string of code that can replicate itself and cause modification or destruction of software or data
 

Visa

Visa International Service Association and all of its subsidiaries and affiliates. An association of financial institutions that handles the issuing and acquiring of Visa credit card transactions.
 

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 Issuer

A member that issues Visa Cards.
 

Visa Merchant

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

Visa Payment Authentication Service

Under Visa\'s PAS, cardholders must authenticate themselves by verifying their identity with a password when buying from a Web storefront. The ultimate aim is to secure merchant databases against compromise by hackers, and to password-protect card numbers that may be stored in a database.
 

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 from the card issuer through interactive communication between an issuer and an acquirer, their authorizing processors, or stand-in processing, through telephone, facsimile, or telex communications.
 

Voice Authorization Center

The place a merchant calls to get verbal approval from a live operator at an issuing bank to accept a credit card. The Voice Authorization Center is used to process transactions if the merchant\'s primary method of processing is temporary not working or if the Issuing Bank informs the merchant through a message sent tot the terminal that more information is needed on the Cardholder.
 

Void

The process of deleting a transaction, usually because of operator error. Once a transaction has been voided, a newly entered transaction can be processed to correct the transaction amount, if that was the source of the void. The transactions, marked as Void, are not included into the batch and are not presented to further payment.
 

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.
 

Void Credit

This action removes a Credit transaction. This action can only be performed before the end of day batch settlement/close.
 

Void Sale

This action removes a sale transaction. No funds will be received from this transaction. Use the Void Sale action to correct mistakes and on same-day returns. This action can only be performed before the end of day batch settlement/close.
 

Voided

See Void.

VPN

(PCI) (Technical) See Virtual Private Network.

Vulnerability

(PCI)
Weakness in system security procedures, system design, implementation, or internal controls that could be exploited to violate system security policy.
 

Vulnerability Scan

(PCI) (Technical)
Scans used to identify vulnerabilities in operating systems, services, and devices that could be used by hackers to target the company’s private network.
 

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