Credit Card Truncation Now Required

The July 1st deadline for credit card truncation has come. Now, any businesses that isn’t properly truncating their credit card receipts is standing to lose a lot of money, and can have their merchant account shut down.

A word to business owners:
Now, it is my belief that most businesses that aren’t truncating right now, are probably not going to find this website. But, one of the most often questions that I am asked, is how to report a business that is not truncating.

If you don’t think that your customers notice or care that you are not truncating, you are dead wrong.

Again, the penalties:
1st Violation – $5,000
2nd Violation – $10,000
3rd Violation – $25,000
4th Violation – $50,000
Willful or Egregious Violation – $500,000/month

Everyone has had a long time to get the problem fixed, and truncating receipts has been an active topic in the news for the past two years. Get it fixed, if you aren’t doing it. Its just not worth the money or the potential loss.