The process of encoding data so only authorized parties can read it, used to protect payment data in transit and at rest. End-to-end encryption (E2EE) and TLS are common methods in payments.
A global standard for chip-based card transactions that improves security and reduces counterfeit fraud. EMV adoption in the U.S. introduced the liability shift, incentivizing merchants to use chip-capable terminals.
A contractual fee applied if a merchant cancels their processing agreement before the term ends. Merchants should review agreements to understand conditions and any liquidated damages provisions.