Credit Card Processing Blog

Content of sales receipts. Sales receipts are used by both customers and merchants to validate a transaction in which they have participated and to use them as reference points whenever a dispute needs to be resolved or a representment is requested in a case of a chargeback. Each copy of a receipt for a retail sale, credit, or cash disbursement transaction must contain the following information:

• In the case of retail sale and credit receipts, a space for the description of products or services that are sold by the merchant to the customer and their cost, in sufficient detail to identify the transaction.
• Sufficient spaces for:
  • Customer’s signature.
  • Card imprint and the merchant or bank identification plate imprint.
  • Transaction date.
  • Authorization number (except on credit slips).
  • Sales representative’s initials or department number.
  • Currency conversion field.
  • Merchant’s signature on credit receipt.
  • Description of the identification document supplied by the cardholder on cash disbursements and retail sale slips for certain unique transactions.
• A note clearly identifying the receipt as a retail sale, credit, or cash disbursement and the receiving party of each copy.
• On the customer copy of the sales receipt, the words (in English, local language, or both): “IMPORTANT – retain this copy for your records,” or words to that effect.

The merchant can include other relevant information on the receipt, provided it is not inconsistent with these rules. It is recommended that each retail receipt identifies the organization that distributed the receipt to the merchant.

Card account number truncation. Since 2005 it is also required that all sales receipts generated by newly installed, replaced or relocated point-of-sale terminals, whether attended or unattended, display only the last four digits of the account number. All preceding digits must be replaced with fill characters that are neither blank spaces nor numeric characters, such as “X,” “*,” or “#.” The last four digits provide the customer with enough information to identify the card that he or she used in the transaction.

General truncation consideration. Typically, the truncation of a greater number of digits, when compared to the total number of digits in the personal account number (PAN), increases the effectiveness of the procedure. However, it can also make it more confusing and difficult for cardholders to reconcile transaction receipts to their monthly card statements. There are several considerations to take into account when developing your own procedures for truncating account numbers:

• A truncation of the routing bank account number (BIN) alone, while helpful, may not prevent duplication of the PAN. It is possible to observe the card in use in order to obtain card issuer identification.
• Truncating the check digit and several other digits does not improve PAN security. Without the check digit, calculation of several missing digits within the PAN, especially if the routing BIN also is truncated, is substantially more complicated and time consuming.
• Truncating a small number of digits, when compared to the total number of digits in the PAN, makes the procedure less effectiveness. It is possible to reconstruct a few missing digits by trial and error.
• Truncating a greater number of digits, when compared to the total number of digits in the PAN, increases the effectiveness of the procedure.

Electronic signatures. Processing banks that are using Electronic Signature Capture Technology (ESCT) must ensure the following procedures are implemented:

• Adequate electronic data processing (EDP) controls and security measures are established, so that digitized signatures are recreated on a transaction-specific basis. Processors may recreate the signature captured for a specific transaction only in response to a retrieval request for the transaction.
• Sufficient controls exist over employees with authorized access to digitized signatures maintained in the processor’s or merchant’s computers. Employees and agents should be allowed to access the stored, electronically captured signatures only on a “need to know” basis.
• Digitized signatures are accessed and used in compliance with applicable industry regulations.

Learn how to lower your card acceptance cost

Learn how to accept credit and debit cards at the lowest processing costs. The Payment Card Acceptance kit contains a video and an e-book:

• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).
• E-Book – Payment Card Acceptance Guide (19 pages).