Today, I'll explain what this information is and how it should be written on a credit card receipt. I will also talk about the rules for transactions that don't need a receipt.
Product or service description
On the receipt, the goods and services as well as their prices, including any taxes, must be written in enough detail for the transaction to be clear. If the receipt doesn't say what currency was used, the transaction is assumed to have been done in the currency that can be used legally at the point of sale. If the store accepts more than one currency, the sales receipt must have all of the following:
The amount of the transaction in the currency it was made in.
The amount of the transaction in the currency the cardholder chose, and the merchant agreed to (the sale total).
Each currency's symbol.
How the amount in the merchant's home currency was changed into the currency that the cardholder agreed to.
The mark on the card
On the receipt, the badge must be printed in a way that can be read, or the vendor may electronically record the customer's card number and the location of the merchant. If a transaction is made without a card imprint or information that can be gotten electronically, the merchant must write enough information on the receipt so that the cardholder, the merchant, and the card issuer can all be identified. This information must include at least the same name and address of the vendor, the name or trade name of the card issuer as it appears on the front of the card, the account information, the password, the expiration date (or dual date), the cardholder's name, and any company name. If the transaction is finished without a card imprint or information that can be gotten electronically, the merchant is considered to have confirmed that the customer is the cardholder.
The person who owns the card's signature
If the cardholder doesn't use a personal identification number (PIN) in person, he or she must sign the sales receipt. The merchant must do the following after getting a signature:
Compare signatures. If the cardholder doesn't use a PIN, the store has to compare the signature on the receipt to the signature on the card to see if they look the same. In particular, the first letter and how the last name is written must be the same.
Signatures that do not go together. If the merchant thinks that the signature on the card and the signature on the sales receipt don't match, the merchant needs to call the processing bank to find out what to do.
Code for giving permission
If the card provider agreed to the full disclosure request, the authorization number must be written on the sales receipt, unless the payment is made offline with hardware. If more than one authorization is needed for the transaction, like at a hotel, motel, or car rental, all approval numbers, the amounts authorized, and the dates of each authorization must be written on the sales receipt.
Number of the main account
The main card account number must be cut off from all sales receipts from cardholder-activated terminals. The main account number can be cut off any other type of sales receipt as long as it doesn't break any local or federal laws. Only the last four numbers of the main account number should be written on the receipt. Use fill characters like “x,” “*,” or “#” to replace truncated digits instead of spaces or numbers. The last four numbers of the account number and the name on the card must match what's on the receipt.
Identifying the cardholder
Except for transactions at truck stops and card-read transactions where a CVM without a signature is used, the merchant must include a description of the official government document that the cardholder used as identification on the sales receipt. This includes any number plates, the expiration date, the jurisdiction where the document was issued, the order date (if it's not the same name as what's on the card), and the customer's address.
Stay Connected!
