Terms to Know

Standard Floor Limit

A floor limit that varies by merchant type. This refers to a currency limit on transactions, above which authorization requests are required.

Stored Value Card

A stored-value card is a credit-card-sized device that is implanted with a computer chip with stored money value. A reloadable stored-value card can be reused by transferring a dollar value to it from an automated teller machine or other device. A disposable card cannot be reloaded.


Acronym for “Terminal Access Controller Access Control System.” Remote authentication protocol commonly used in networks that communicates between a remote access server and an authentication server to determine user access rights to the network. This authentication method may be used with a token, smart card, etc., to provide two-factor authentication.

Tiered Rewards

A rewards earning calculation that is typically disclosed as “up to” a certain percentage cash back. Various spending tiers earn increasing percentage rewards, up to the maximum amount advertised. For example, a reward offer advertised as up to 1% cash back could involve 0.25% for the first $1,000 in spending, 0.50% for the next $1,000 and 1.0% for all spending > $2,000.


(1) Any agreement between two or more parties that establishes a legal obligation. (2) The act of carrying out such an obligation. (3) All activities affecting a deposit account that are performed at the request of the account holder. (4) All events that cause some change in the assets, liabilities or net worth of a business. (5) An action between a cardholder and a merchant or a cardholder and a member that results in activity on the cardholder account.

Transaction Identifier

A unique 15-character value that VISA assigns to each transaction and returns to the acquirer in the authorization response. VISA uses this value to maintain an audit trail throughout the life cycle of the transaction and all related transactions, such as reversals, adjustments, confirmations and charge-backs.

Truth in Lending Act (TILA)

The primary federal law governing the extension of consumer credit by lender in the United States. Congress instituted the TILA in 1968 to ensure more accurate disclosure of credit terms so that consumers could compare the various credit terms available in the credit marketplace, to avoid the uninformed use of credit, and to protect themselves against inaccurate and unfair credit billing and credit card practices. The regulation that implements TILA’s requirements is Regulation Z, which is administered by the Federal Reserve. Under Regulation Z, card issuers are required to disclose the terms and conditions to potential and existing cardholders at various times.

Universal Default

A provision allowing issuers to increase card members' interest rates for adverse financial actions such as when cardholders failed to make timely payments to other creditors, like other credit card issuers, utilities, car lenders, landlords or mortgage lenders.

Unsecured Credit Card

Credit card that is not secured by collateral. Customers qualify for unsecured credit cards based on their credit history, their financial strength and their earnings potential.

Validation Code

A unique 4-character value that VISA includes as part of the CPS/ATM program in each authorization response. This code ensures that key authorization fields are preserved in the clearing or settlement record.

Virtual Terminal

A virtual terminal is web-browser-based access to an acquirer, processor or third party service provider website to authorize payment card transactions, where the merchant manually enters payment card data via a securely connected web browser. Unlike physical terminals, virtual terminals do not read data directly from a payment card. Because payment card transactions are entered manually, virtual terminals are typically used instead of physical terminals in merchant environments with low transaction volumes.


Visa USA is one of the nation’s leading payment brands, backed by a secure payments network. Visa links more than 13,300 financial institutions, 6.9 million merchant acceptance locations and 520 million cards.

Visa Issuer

A member that issues Visa Cards.

Visa Merchant

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

Voice Authorization

An approval response that is obtained through interactive communication between an issuer and an acquirer, their authorizing processors or stand-in processing or through telephone, facsimile or telex communications. A transaction can then be run with the authorization code obtained via voice authorization.

Void Transaction

A deletion of the transaction information.


Nullifies (nullified) a transaction that has been recorded for settlement, but has not yet been settled. This removes the transaction from the batch of transactions to be settled.