U
Unauthorized Transaction
This refers to a credit card transaction that is made without the cardholder’s permission or knowledge. This can occur if a card is lost or stolen, or if someone gains access to a cardholder’s account information without their consent.
Under Review
This term is used to indicate that a credit card transaction or application is being reviewed or examined by a financial institution or credit card company. This process may involve verifying the accuracy of the information provided, or checking the cardholder’s creditworthiness or ability to pay.
Underwriter
An underwriter is a person or organization responsible for evaluating the risk associated with a financial product or service, such as a merchant account. They use various criteria to assess the creditworthiness of an applicant and determine whether to approve or deny an application.
Underwriting
Underwriting is the process of evaluating the risk associated with a financial product or service, for instance a merchant account to process credit cards. This involves analyzing an applicant’s credit history, income, and other financial information to determine their ability to repay the debt or assess their likelihood of default.
UnionPay
UnionPay is a payment card company based in China that issues credit and debit cards, as well as other financial products and services. UnionPay cards are accepted at merchants and ATMs around the world, and are a popular choice among Chinese travelers and consumers.
Unique Transactions
Unique transactions refer to individual credit card transactions that are not part of a recurring payment or subscription. These are onetime purchases or charges that are not tied to a specific account or payment plan.
Unsecured Credit
Unsecured credit is a type of credit that is not backed by collateral, such as a home or car. This means that there is no physical asset that can be seized in the event of default. Credit cards are typically unsecured, as they are issued based on an applicant’s creditworthiness and ability to repay the debt.
V
Validation Code
A validation code is a unique set of numbers or letters that is used to confirm the authenticity of a credit card transaction. This code is typically provided by the card issuer and is used to verify that the cardholder is the owner of the card being used.
Value Added Reseller (VAR)
A Value Added Reseller (VAR) is a company that resells software or hardware products and adds value by providing additional services, such as customization, training, or support. VARs often specialize in a specific industry or type of product, and may work with credit card processing systems and point-of-sale terminals.
VAR Sheet
A VAR sheet is a document or file that contains vital information surrounding the merchant account. The VAR sheet is usually used to set up the gateway/virtual terminal and contains information like the merchant ID number, Terminal ID, bank account information and processor information.
Velocity Check
A velocity check is a security measure that is used to prevent fraud or abuse of a credit card system. It involves setting limits on the number of transactions that can be made within a given time period, limiting the number of transactions by Ip address, or monitoring patterns of use to detect unusual activity.
Verified by Visa (VBV)
Verified by Visa is a security feature that is offered by some credit card issuers to protect against unauthorized online transactions. It requires cardholders to enter a unique password or code when making online purchases, in addition to the standard card information.
Verifone
Verifone is a global payment technology company that provides a range of products and services for businesses, including credit card terminals, point-of-sale systems, and mobile payment solutions. Verifone’s products are used by merchants and financial institutions around the world.
Virtual Point of Sale (VPOS)
A Virtual Point of Sale (VPOS) is a system that allows businesses to process credit card transactions remotely, using a computer or mobile device. VPOS systems typically include a virtual terminal, which allows merchants to enter card information manually, and a card reader, which allows them to accept card payments in person.
Virtual Terminal
A virtual terminal is a software application that allows businesses to process credit card transactions remotely, using a computer or mobile device. Virtual terminals are typically used by businesses that do not have a physical storefront or point of sale, such as online merchants or home-based businesses. Virtual terminals can support single sales as well as recurring transactions.
Visa BIN Attribute Sharing Service (VBASS)
The Visa BIN Attribute Sharing Service (VBASS) is a tool that helps merchants and financial institutions verify the authenticity of Visa cards and reduce the risk of fraud. VBASS allows merchants to check the Bank Identification Number (BIN) and other card attributes, such as the cardholder’s name and expiration date, to ensure that the card is valid and in good standing.
Visa Cardholder Information Security Program (CISP)
The Visa Cardholder Information Security Program (CISP) is a set of security standards and best practices that are designed to protect the personal and financial information of Visa cardholders. CISP applies to merchants, financial institutions, and other organizations that handle Visa card transactions, and includes requirements for data storage, transmission, and access.
Visa Claims Resolution (VCR)
Visa Claims Resolution (VCR) is a program that helps merchants and financial institutions resolve disputes related to Visa card transactions. VCR provides a set of procedures and guidelines for handling and resolving disputes, including fraud and unauthorized transactions, chargebacks, and other issues.
Visa Dispute Monitoring Program (VDMP)
The Visa Dispute Monitoring Program (VDMP) is a tool that helps monitor merchants that have an unacceptable chargeback ratio. VDMP uses data analytics and other techniques to monitor transaction patterns and identify potential disputes, and provides guidance on how to resolve them. Merchants are automatically enrolled and need to lower their chargeback/disputes or face consequences.
Visa Fraud Monitoring Program (VFMP)
is a merchant monitoring initiative administered by Visa that helps merchants manage their criminal fraud risk and merchants are typically inducted into the VFMP if they are experiencing a high volume of fraudrelated Visa disputes. The VFMP requires merchants to develop a mitigation plan with their acquiring bank to address their rising chargeback problem. If merchants are unable to bring their chargeback rate under the acceptable threshold after the first four months of the program, Visa will begin assessing fines and fees for every chargeback received.
Visa Merchant Purchase Inquiry (VMPI)
Rolled out by Visa in 2017, the Visa Merchant Purchase Inquiry (VMPI) is a system that allows Visa merchants to quickly and efficiently address transactions that are not recognized or are being disputed by customers. By providing relevant transaction information to the issuing banks in near realtime, VMPI helps merchants resolve customer disputes before they escalate into chargebacks. This process helps merchants maintain good relationships with their customers and minimize financial losses due to chargebacks.
Visa Resolve Online (VROL)
Visa Resolve Online (VROL) is a tool that allows merchants and financial institutions to resolve disputes related to Visa card transactions online. VROL provides a secure, convenient way to review and resolve disputes, including chargebacks, fraud, and unauthorized transactions, without the need for paper documents or manual processes.
Visa Secure
Visa Secure is a security feature that is offered by some credit card issuers to protect against unauthorized online transactions. It uses a variety of techniques, such as twofactor authentication and risk assessment, to verify the identity of the cardholder and ensure that the transaction is legitimate.
VISA
VISA is a global payment technology company that issues credit, debit, and prepaid cards, as well as other financial products and services. VISA cards are accepted at merchants and ATMs around the world, and are a popular choice among consumers and businesses.
Vital Processing Services
Vital Processing Services is a payment processing company that provides a range of products and services for businesses, including credit card terminals, point-of-sale systems, and mobile payment solutions. Vital Processing Services is known for its reliable, secure, and innovative payment solutions.
Voice Authorization Fee
A voice authorization fee is a charge that is applied by a credit card issuer or acquiring bank when a voice authorization is requested for a credit card transaction. This fee is typically paid by the merchant and is used to cover the cost of the authorization process.
Voice Authorization
Voice authorization is a process used to verify the authenticity of a credit card transaction by contacting the card issuer or acquiring bank and obtaining verbal approval for the charge. This is often done when the cardholder is present, but may also be done remotely in certain situations.
Void
To void a credit card transaction means to cancel it and reverse any charges that have been applied. A void may be requested by the cardholder or the merchant, and can be done either before or after the transaction has been completed. Voiding a transaction typically requires the approval of the card issuer or acquiring bank.