What does it mean when it says merchant copy?

What does it mean when it says merchant copy?

A merchant (copy) receipt is a printed or electronic copy of the transaction that contains specific information not found on the cardholder receipt that is defined later in this section.

Do you keep the merchant copy?

However, individual payment card brands have their own guidelines on how long merchant receipts should be stored for. Visa state that merchant receipts must be stored for at least 13 months from the date of the transaction, as do On the other hand, American Express recommend a retention period of at least 24 months.

What does merchant mean on a receipt?

“The ‘Merchant Copy’ has an agreement just below the signature line that states the customer agrees to pay the amount shown on the receipt,” he said. So the ‘merchant copy’ is basically designed to be a contract that is signed for the merchant records, and the ‘customer copy’ is used to for customer records.”

What happens if a customer doesn’t sign the receipt?

Signatures are required to prevent fraud. Your signature on a credit card receipt authorizes the payment; it follows that if you don’t sign, you can later claim that you didn’t authorize the charge. If you win your claim, the bank that issued the credit card is liable for the payment.

How long do merchants need to keep credit card receipts?

The receipt also helps prove you had the card, or information from the card, to enter into the merchant terminal. It is advised to keep signed credit card receipts for at least 18 months for chargeback rebuttal. As for tax purposes, it is recommended that merchants keep signed receipts for at least 3 years.

Does a customer have to sign a credit card receipt?

Credit card issuers are no longer requiring card customers to provide a signature on a purchase receipt in order to verify a point-of-sale transaction. Visa, MasterCard, Discover and American Express no longer require signatures on debit or credit card purchases made with cards that have a security chip.

Do customers need to sign credit card receipts?

The signature requirement for credit card transactions was originally an identity-verification step. Signing your name was how you “proved” you were you. Although many people don’t bother to do so, you’re supposed to sign the back of your credit card.

Does it matter which copy ( merchant or customer ) of a receipt?

For example, some payment card receipts have a mini agreement on the merchant copy that may not be present on the customer copy. In the rental industry and lodging industry this may be more common. In the end, the copy with your signature is only really used to defend the merchant from “I was not there” chargebacks.

Why do I need a signed payment card reciept?

The primary purpose of a signed payment card reciept is to prove that the customer was physically present at the merchant location to sign, tip and total the reciept. If the two receipts are identical up to the wording “merchant copy” and “customer copy”, then any signed receipt would be a defense for a merchant in a chargeback investigation.

What’s the difference between customer and merchant checks?

So that’s nice. And, he’s willing to answer most pressing questions for me about the industry, even if they’re kind of dumb. For the record, Berlin did confirm that there are subtle differences between the seemingly identical “Merchant” and “Customer” checks.

Do you sign as a customer or a merchant?

While it doesn’t logistically matter if you sign the one labeled merchant or customer, point of sale systems are designed to give out two versions just to make the choice easier, and to allow slight levels of customization (like the friendly goodbye messages, and the shockingly handy tip calculators).

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