Comments on: Did federal just pass law that restaurant receipt cannot display all 16 account # & exp date? http://thebestmerchantaccounts.com/92 Tue, 31 May 2011 09:24:11 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: stymiee73 http://thebestmerchantaccounts.com/92#comment-105 stymiee73 Thu, 23 Jul 2009 06:38:44 +0000 http://thebestmerchantaccounts.com/92#comment-105 This is called "credit card number truncation" and is not a federal law but is: 1) A visa and MasterCard regulation 2) A law in almost every state Visa and MasterCard initiated this regulation for every merchant that accepted their credit cards and most states followed suit by making it a law that all of their merchants, not just restaurants, have to follow. This is to prevent credit card fraud from stolen credit cards gotten off of receipts that are lost, thrown away, or misplaced. This is why they also remove the expiration date from receipts as well. This is called “credit card number truncation” and is not a federal law but is:

1) A visa and MasterCard regulation
2) A law in almost every state

Visa and MasterCard initiated this regulation for every merchant that accepted their credit cards and most states followed suit by making it a law that all of their merchants, not just restaurants, have to follow. This is to prevent credit card fraud from stolen credit cards gotten off of receipts that are lost, thrown away, or misplaced. This is why they also remove the expiration date from receipts as well.

]]> By: Laura http://thebestmerchantaccounts.com/92#comment-104 Laura Thu, 23 Jul 2009 02:00:23 +0000 http://thebestmerchantaccounts.com/92#comment-104 I know that merchants are required to only show the last 4 digits on the customers receipt as per ther Merchant's Services provider. Whether it's federal or not, I couldn't say. The best bet is to contact your own merchant's services provider (the phone # and possibly website should be located on your terminal). I don't believe this only petains to restaurants, as my husband has a hot tub & spa business and he had to change his software to meet this new requirement, otherwise there would be stiff penalties. But our terminal does exactly what you stated... the last 4 digits on the consumers copy and the full account # on the merchants copy. I believe that Mastercard & Visa are instituting this procedure - check out the web site below... it's very interesting. I know that merchants are required to only show the last 4 digits on the customers receipt as per ther Merchant’s Services provider. Whether it’s federal or not, I couldn’t say. The best bet is to contact your own merchant’s services provider (the phone # and possibly website should be located on your terminal). I don’t believe this only petains to restaurants, as my husband has a hot tub & spa business and he had to change his software to meet this new requirement, otherwise there would be stiff penalties. But our terminal does exactly what you stated… the last 4 digits on the consumers copy and the full account # on the merchants copy.

I believe that Mastercard & Visa are instituting this procedure – check out the web site below… it’s very interesting.

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