MASTERCARD ANNOUNCES REVISED STANDARDS FOR POS TERMINAL/ATM RECEIPT REQUIREMENTS
MasterCard has announced that the standards for POS terminal and ATM terminal receipts will become effective on October 1, 2008. Following are the revised requirements:
Cardholder receipts generated by an electronic point-of-sale (POS) terminal (attended or unattended) or by an ATM must:
Include only the last four digits of the primary account number (PAN), replacing all preceding digits with fill characters that are neither blank spaces nor numeric characters, such as “x”, or “*”, or “#”, and exclude the card expiration date.
Check the receipts that you are currently printing out. What kind of numbers do you see? If it appears as though that both the customer and your copy, are not compliant with the mandate coming in October, you need to get it fixed. In most cases, all that will need to be done is to have your current terminal reprogrammed. Contact your processor's help desk for assistance.
Merchant receipts must exclude the card expiration date. Additionally, MasterCard strongly recommends that merchant receipts reflect only the last four digits of the PAN.
Credit card fraud and mishandling of card-holder information is increasingly becoming a major problem. You, as a merchant, want to take all the steps you possibly can to protect both you and your customers.
If, in the event, you need to recall a specific transaction, to issue a refund, let's say, you will be able to retrieve the necessary information from your processor's customer service desk. Simply provide them with the transaction number from the receipt.
Continue to increase your understanding of how the credit card processing industry works and begin saving more money on these necessary services. Visit us at:
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