This section provides definitions of key terms related to credit and debit card transactions in Virginia, including 'acquirer,' 'cardholder,' 'credit card,' and 'issuer.' These definitions clarify the roles and types of payment instruments involved in financial transactions. Understanding these terms is essential for interpreting laws related to credit card use and fraud prevention in Virginia.
An 'acquirer' is a business or financial institution that authorizes a merchant to accept credit card payments for goods, services, or other value.
A 'cardholder' is the person or organization named on the face of a credit or debit card for whom the card is issued.
It includes any instrument issued by an issuer for obtaining money, goods, or services on credit, including credit cards, debit cards, and similar devices.
Yes, an 'issuer' is the business or financial institution that issues the credit or debit card to the cardholder.