Fraud Prevention
The Fair and Accurate Credit Transaction Act (FACTA) was signed into law in December of 2002, requiring that all electronic terminals print no more than the last 5 digits of a credit or debit card number on receipts, all states are required to comply.
The Fair and Accurate Credit Transaction Act (FACTA) was signed into law in December of 2002, requiring that all electronic terminals print no more than the last 5 digits of a credit or debit card number on receipts, all states are required to comply.
TIPS: Debit Cards
To receive the best rate for debit card transactions, a pin pad can be installed to allow customers to enter their debit card pin code. Using this method not only offers the customer a cash-back option, but also reduces your rate, either by having a low percent fee or a low flat rate per item. In addition, debit transactions processed through this method are not subject to chargebacks, funds are guaranteed, and processing is immediate, eliminating the 2-3 day delay between transaction and transfer of funds with credit cards. To set up your processing system to accept debit cards using the pin pad method, contact our office.
If your business is primarily engaged in Mail/Telephone Order transactions and the above prompts are not currently in your POS terminal or network, please contact our office so the appropriate Mail/Telephone Order software can be loaded. If the ratio of Mail/Telephone Order transactions for your business has increased, we can address alternate processing solutions so that you qualify for the best rate.
With E-Commerce transactions on the rise, so too is the occurrence of Mail or Telephone Order transactions. In order for your business to qualify for the best possible rate on these types of transactions, it is imperative that the following data is entered at the Point-of-Sale terminal or network:
- If your terminal has a “Mail/Telephone Order” key, this must be pressed to indicate a “card-not-present” transaction. If your terminal does not have a designated “Mail/Telephone Order” key, when prompted (after manually keying in the credit card number), you must indicate on the terminal that the cardholder is not present. When prompted, you must enter the street number for the billing address of your customer.
- When prompted, you must enter the zip code for the billing address of your customer. This procedure is called Address Verification and is a requirement to qualify for the best discount rate.
- When prompted, you must enter the Customer Order Number as it is a requirement to qualify for the best discount rate.
TIPS: E-Commerce
If a portion of your business involves the acceptance of customer credit cards over the Internet (E-Commerce), all merchants that accept Visa branded cards are required to comply with Visa’s Card Holder Information Security Program. MasterCard has a similar program, SDP for Internet merchants, which allows merchants to be eligible for security software discounts. As indicated on the respective association’s websites, the fines for failure to comply can be substantial. If your business participates in E-Commerce, it is crucial that you contact our office for specific solutions regarding compliance.
TIPS: Corporate Cards/Purchasing Cards
