Verified by Visa is actually a group of four domains which work together in the context of credit card security. The names refer to the “three realms” that interact with the standard payment protocol: the merchant/buyer domain, the issuer/processor domain, and the interchange domain. The idea is to provide merchant establishments with a more advanced level of protection that they can rely on without fear of their transactions being subjected to fraud. In most cases, a Visa card is used by any individual or company that has a registered business address, as well as a financial instrument (like a bank). Merchants use this third party service to prove to their card processors that they are legally permitted to transact on behalf of a particular entity.
A verified Visa card is issued at each participating merchant institution which is licensed by Visa Incorporated to process payments for this brand. Every time a transaction is processed, a unique set of verification codes are generated and stored within the system. As a part of the agreement between the company and Visa, these codes will be checked against each transaction which transacts. Whenever a match is found, an authorization code is generated. When authorized, the payment will be made and this authorization code is also what is used to make any changes which are made to the information contained in the payment transaction record.
There are basically two ways in which Visa-MasterCard transactions can take place. First of all, there is direct interaction between the parties which takes place in the currency of the issuing bank. Secondly, there is indirect processing. This involves an intermediary (bank), which acts as a go-between for Visa and MasterCard.
Verified by Visa purchases are subject to very strict security measures. The entire transaction is done within Visa-MasterCard networks. Thus, all of the data that passes through international gateways such as the NYSE, NASDAQ, and others is encrypted and protected. All of it is first examined and then run through several layers of review before being made available to clients who need to transact with it.
The actual process of verification is not only about Visa-MasterCard. Credit card and e-check transactions are subject to equally stringent security measures. However, unlike with Visa, people have to go through more steps to verify these types of transactions. Basically, there is no middleman involved here. All transactions go through the same network as the customer goes through.
To verify by Visa, you have to contact your financial institution either through the website or over the phone. In the case of e-checks, you have to directly give authorization to the processor. The only thing that will vary is the time frame given to the issuer. As for credit cards, you will have to take note of the charge passed on to your account and keep tabs of any unauthorized charges that happen during the course of your transaction. Verification can come in the form of a request for an itemized statement.
In most cases, when you have already established yourself in the country you are dealing with, verification will be unnecessary. However, it can be a very useful tool if you are starting out. It helps you know more about the different types of payments which take place in the country you are traveling to. It also gives you the general idea of how trustworthy the people in that country are, which will allow you to transact with them more confidently.
If you plan to travel to Asia sometime soon, you should start verifying by Visa early. This way, you will know for sure whether or not you are eligible for a visa. Remember that it can take up to a year to get one, so do the necessary research in advance!
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