Term – Encryption

Summary – Encryption keeps your sensitive data including payment data and transaction information safe. Encryption is one of the most important aspects of merchant processing security. Encryption is found on both traditional merchant processing and even a cash discount program. It is accomplished by the use of various algorithms and cryptographic keys which converts data into information which is unreadable to anyone without access to decrypting (undoing the encryption).

Encryption Benefits:

There are several benefits associated with EMV chip cards. Below are just a few of the most popular benefits

  1. Added Security: EMV chips greatly minimizes the chances of card-present fraud as cloning is significantly difficult.
  2. Reduced Liability: A liability reduction will occur as the merchant will face the liability for fraudulent transactions if they are in an EMV region, encounter fraud, and opted to not upgrade (EMV chip card transaction at a non-EMV compliant merchant).
  3. Accepted Globally: EMV is not new, it has been widely adopted on a global scale which makes it extremely convenient.
  4. Customer Trust: The more secure the payment options, the more customer trust you will have.

If you have any questions on how Eliminate Card Fees can help you eliminate all credit card processing fees, give us a call to learn more at 877-624-8043

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