Accounts Payable:

Debts your business owes to creditors.

Accounts Receivable:

Debts owed to your business.

Account Information Security (AIS):

Account Information Security is a standards-based compliance validation program designed to protect Visa Account and Transaction Information, by helping anyone who stores, transmits or processes Visa account data — financial institutions, merchants, Acquirers and Payment Processors — to assess whether cardholder data is secure within their organization.

Acquirer:

The Acquirer (financial institution) initiates and maintains contractual agreements with merchants for the purpose of accepting and processing Visa card transactions.

Address Verification Service (AVS):

AVS matches the billing address of the purchaser against the address that the Visa card issuer has on file to help ensure the person making the purchase with their Visa card online, by mail or by phone is the same person who receives the Visa card statement each month.
Learn more about Address Verification Service

Audit:

Inspection and verification of financial accounts, records, and accounting procedures.

Authorization:

This is the approval from the financial institution that issued the cardholder's card that allows a merchant to accept the transaction for a given amount.

Authorization Code:

Notifies a merchant that they have obtained the authorization for a specific Visa card transaction.

Cancellation Code:

The code that a lodging or car rental merchant gives to a cardholder. The cancellation code confirms that the cardholder did, indeed, cancel a reservation.

Cardholder:

An individual to whom a card is issued.

Card-Not-Present (CNP) Transactions:

Credit or debit card transactions that take place over the phone, through the mail, or in the e-commerce environment.

Card Verification Value 2, CVV2 (Three-Digit Code):

CVV2 is a security requirement on all Visa cards, it is found on the back of Visa cards, printed at the end of the signature panel or in a white box outside the signature panel. When a merchant asks their customers for this unique three-digit code, Visa and the card issuers can provide a real-time check to help ensure that the person making the purchase physically has the card in hand.
Learn more about CVV2

Chargeback:

Also known as a "Debit Memo", a chargeback is a reversal of a sales transaction. So if you deposited a $50 transaction in your merchant bank account, a chargeback for that transaction means that the $50 has now been debited from your merchant account.

Chip & PIN:

A chip card is a plastic payment card with an embedded chip containing a micro computer. The chip stores encrypted confidential information such as the cardholder's account number and Personal Identification Number (PIN).
Learn more about Chip & PIN

"Code 10" Authorization:

This is a voice authorization code that you might initiate when you suspect a card is stolen or fake, or when a customer is acting suspiciously.

• E-Commerce and Social Media :
  A Canadian Perspective
• Becoming a Visa Merchant
• Accepting Visa Cards Online
• Merchant Glossary