V

virtual

Based on digital bits, not atoms. A simulation of a physical concept, such as a virtual store located in a virtual shopping mall.

Visa

An association of banks that governs the issuing and acquiring of Visa credit card transactions.

voice authorization

A supported transaction type that enables capture of a voice authorization transaction. Sometimes, processing networks decline transactions with a referral message indicating that the merchant must call the cardholder’s issuing bank to complete the transaction. The payment information is then submitted over the phone. If the transaction is approved, the merchant is provided with an authorization code (AUTHCODE) for the transaction. This AUTHCODE must then be sent to the server as part of a voice authorization transaction.

void

The reversal of an approved transaction, one that has been authorized but not settled. Settled transactions require processing of a credit in order to be reversed. A void does not remove any hold on the customer’s open-to-buy.