As a Visa Merchant, you need to be familiar with these and other commonly used terms. This Glossary will make this task easier for you.
A
Acquirer
A financial institution or processing company that signs an agreement with the merchant to accept Visa cards at its business locations as payment for the goods and services it sells, and with which the merchant deposits the receipts for the Visa card transactions completed at its business locations.
Authorization
The approval the merchant receives from the financial institution that issued the cardholder's Visa card, authorizing acceptance of the transaction for a given amount.
Authorization Code
The code that determines if you obtained the required authorization for a given Visa card transaction.
Automatic Debit
An automatic debit is set up when the cardholder authorizes a charge to his or her card as payment for recurring services. Consumers use automatic debit often to pay all kinds of bills and invoices.
C
Card Issuer
A financial institution that issues Visa cards to cardholders, with which the cardholder has signed an agreement to repay the institution for the debt that is pending on his or her account.
Card Present Transactions
Transactions where both the cardholder and the card are present at the point of sale.
Card Verification Value 2
The Card Verification Value 2 (CVV2) is a 3-digit value that permits a cryptographic verification of the information encoded on a Visa card. The Card Verification Value 2 immediately follows the account number printed on the signature panel, on the reverse of the card.
Cardholder
The person to whom the payment card is issued, that is to say, the authorized holder of the account represented by the card that was issued by the financial institution.
Chargeback
A transaction that the Issuer institution returns to the merchant's financial institution (Acquirer) and which constitutes a financial obligation, usually due to a disputed transaction that said institution can return to the merchant.
Copy request
A request the card Issuer sends to the merchant's financial institution (Acquirer) to retrieve and send a copy or fax of the order form, telephone order record, or Internet transaction record. The merchant's financial institution fulfills the request and sends the copy to the Issuer, or forwards the request to the merchant so that the merchant can provide the requested documents.
Credit
A credit to a Visa account for a partial amount or for the full amount of a purchase transaction that the merchant submits to the Acquirer financial institution.
Credit Slip or Receipt
Proof of a reimbursement granted by a merchant for an amount that will be credited to the cardholder's Visa account.
CVV2
Standard abbreviation of Card Verification Value 2, a security feature incorporated to Visa cards to protect cardholders from fraudulent use of the account by unauthorized persons. See Card Verification Value 2.
D
Data Capture Terminal
Terminal that captures and saves all information relevant to the transaction. Transactions are reconciled and transmitted daily to the processor or merchant's financial institution electronically, so that payment can be made to the merchant.
F
Floor Limit
The amount established by Visa for individual transactions at different types of merchants and branches, over which the merchant is required to obtain authorization.
I
Issuer Financial Institution
See Card Issuer.
M
Merchant Agreement
Monto que Visa ha establecido para transacciones individuales en tipos específicos de comercios y sucursales, por encima del cual se requiere obtener autorización.
Merchant Financial Institution/Acquirer
See Acquirer.
Merchant Identification Number
The number a financial institution assigns to the merchant to individually designate the type of business activity of that merchant.
S
Substitute Transaction Receipt
A paper document or record that is not a sales receipt, and that the merchant provides when it is allowed to do so. At the present time, this type of document is issued for mail/telephone orders, electronic commerce transactions, and automatic debit transactions.
T
Transaction Receipt or Sales Receipt
The transaction record that confirms the purchase of goods or services by a cardholder at a merchant or service location. This receipt is proof that payment was made with a Visa card.
V
Visa Authorization Center
An authorization center staffed by operators who answer authorization requests from merchants that are not equipped with point-of-sale electronic terminals, when terminals are inoperative, or when special assistance is needed for any reason.
Visa
The association to which all financial institutions that are Members of the payment system-Issuers and Acquirers-are affiliated and connected in order to enable processing of Visa payment transactions made by consumers.
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