Most people expect that they will need to sign the receipt when using a credit card to make a purchase. For many years, it has been standard practice for the business to require signatures for credit card transactions.
Changes in the Credit Card Industry
But, everything changed last month. Most of the major credit card companies announced that they are ending the signature requirement when credit cards are used in-store. American Express, Mastercard, and Discover all ended this practice on April 13, 2018. Visa ended the signature requirements later in the month.
The policy varies depending on the credit card company. American Express eliminated signatures worldwide. On the other hand, Visa is still maintaining signatures outside of North America. Additionally, Visa requires that businesses must use chip card machines to eliminate the need for signatures.
Even though this announcement is recent, these changes started up to eight years ago. Many of these credit card companies stopped requiring signatures for small transactions. Most of the time, it meant that a transaction under $25 or $50 didn’t need a signature on the printed slip.
Business Owners Can Decide
Keep in mind that the elimination of credit card signatures doesn’t mean that you will never sign a credit card receipt again. This change in the industry means that the credit card companies no longer require signatures from the merchants. But, business owners can choose whether they want to require signatures in their retail stores or restaurants.
A few big retailers have announced that they are doing away with the signed receipts. If you shop at Target or Walmart, you can expect to skip the credit card signature. At the same time, other companies are still maintaining the requirement, so it will be a case-by-case basis depending on where you shop.
Staying Up-To-Date in the Industry
Are you staying current in the merchant processing industry? It is essential that you have a trusted merchant services team that you can lean on for support. We are always here to answer your questions and ensure that you are current with your payment processing systems. Contact us today to learn about the services that are available.