Voice Response Unit

Voice Response Unit (VRU) – An automated authorization support system for touch-tone telephones.

Voice Authorization

Voice Authorization – Transactions authorized by a voice operator. Voice-approved transactions must be “forced” into a terminal batch for settlement.


Visanet – The data processing systems, networks, and operations used to support and deliver authorization services, exception file services, and clearing and settlement services.


Visa USA – A member-owned national bankcard association, governed by a board of directors, which licenses members to issue cards and accept merchant drafts under the Visa Program. MasterCard owns and operates its own international processing network.

Virtual Terminal

An Internet-based portal used for processing card transactions. Brick-and-mortar merchants may use an online payment gateway to process card transactions online without a POS terminal or card processing software. Online merchants must have an online payment gateway to enable their business for ecommerce. Also called an online payment gateway.

Valid Date

Valid Date – The date embossed on a payment card stating when the card may first be used.

Transaction Fee

Transaction Fee – The amount a merchant pays per transaction for processing

Transaction Date

Transaction Date – The actual date on which a transaction occurs.


Transaction – Any action between a cardholder and a merchant or member that results in activity on the account, such as a purchase, cash advance or credit.

Track Two

Track Two – Track Two information, stored on the magnetic stripe on the back of a card, has the account number and expiration date.