Card Verification Value – Security feature used with card-not-present transactions. The CVV is a 3- or 4-digit code either printed or embossed on a credit or debit card. Also known as Card Security Code (CSC). Issuer variations:

  • • American Express, Discover – CID
  • • Mastercard – CVC,CVC2
  • • Visa – CVV, CVV2

Currency conversion

The process by which the transaction currency is converted into the currency of settlement or the currency of the issuer for the purpose of facilitating transaction authorization, clearing, and settlement reporting. The currency of transaction is determined by the acquirer; the currency of the issuer is the preferred currency used by the issuer, and most often, the currency in which the cardholder will be billed.

Credit card processors

Merchant services providers that handle the details of processing credit card transactions between merchants, issuing banks, and merchant account providers. Also referred to as “third-party processors.”

Credit card

A transaction card bearing an account number assigned to a cardholder with a credit limit that can be used to purchase goods and services and to obtain cash disbursements on credit. The cardholder is subsequently billed by an issuer for repayment of the credit extended at once or on an installment basis.


A payment method that uses near field communication (NFC) technology to enable purchases using an NFC-enabled EMV chip card, or other payment-enabled device such as a mobile phone, at the point of sale without having physical contact with the payment terminal. See NFC for more information.

Code 10 authorization

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


Card Not Present – A transaction made with a payment card in which the customer does not physically present the card to the merchant at the time of the transaction. Examples include online, mobile, and MOTO transactions.


The process of exchanging financial transaction details between an acquirer and an issuer to facilitate posting of a cardholder’s account and reconciliation of a customer’s settlement position.