An
association of banks that govern the issuing and acquiring of Visa credit
card transactions.
Voice
Authorization
When
a merchant makes a telephone call to obtain a credit card authorization
rather than using a terminal, or credit card software to obtain the
authorization. The merchant must, in addition to the voice authorization,
submit the credit card information via telephone, terminal, or software to
close out the transaction and transfer the funds to the their bank
account.
Void
The act of canceling a purchase. There is only a
small period of time in which a purchase can be canceled. Voids are
typically handled by issuing credit to the consumer's account
