I had the same problem all day Sunday; my credit card, saved on their site (I have ordered from V4L many times using the saved billing info), was continually denied. There was no mismatch, no problem from Chase (I spent an hour on the phone with them, no suspicious activity, confirmed CVV2 #, etc), I even placed an order with Amazon (that I really didn't need to) just to confirm card function. I logged on / off, deleted card, re-entered card, all information was identically entered (as it was before), still nothing.
Val was kind enough to reply on a Sunday afternoon, but all she could say was: "Verify that you entered your billing information exactly as you have it listed with your credit card company. Our system didn't decline the card. Our system submitted the information provided by you to your credit card company and then they declined the charge. All I can do is suggest logging out of your account, logging back in, and then re-entering your billing information carefully. Valerie".
Needless to say, I was not happy with the V4L server / card authentication server - there DEFINITELY was a problem on the V4L end, as it worked fine Monday morning. It may have been something out of their control related to card verification services they use, but I doubt I will ever know. All I can suggest is to try it again the next day; maybe Steve can help you if it still doesn't work.