{"id":138,"date":"2006-06-12T11:15:41","date_gmt":"2006-06-12T18:15:41","guid":{"rendered":"http:\/\/www.merchantaccountblog.com\/?p=138"},"modified":"2007-06-29T07:45:12","modified_gmt":"2007-06-29T12:45:12","slug":"credit-card-truncation-deadline-approaching","status":"publish","type":"post","link":"https:\/\/www.merchantequip.com\/merchant-account-blog\/138\/credit-card-truncation-deadline-approaching","title":{"rendered":"Credit Card Truncation Deadline Approaching"},"content":{"rendered":"<p><a href=\"http:\/\/www.merchantequip.com\/merchant-account-blog\/archives\/32\">Credit Card Truncation<\/a>, which is the removal of all but the last 4 digits of the credit card number and the expiration date from the customer\u00e2\u20ac\u2122s transaction receipt, has been implemented successfully for quite a while now. Until now under Visa and MasterCard policies, existing businesses weren&#8217;t required to comply with truncation, but on July 1st, 2006 all businesses whether new or existing must comply with the credit card truncation requirements. <\/p>\n<p><strong>Visa and MasterCard penalties are as follows:<\/strong><br \/>\n1st Violation &#8211; $5,000<br \/>\n2nd Violation &#8211; $10,000<br \/>\n3rd Violation &#8211; $25,000<br \/>\n4th Violation &#8211; $50,000<br \/>\nWillful or Egregious Violation &#8211; $500,000\/month<\/p>\n<p>There are only a few weeks left to make sure that your terminals or software is truncating. Hopefully everyone is compliant, but those who aren&#8217;t will most likely temporarily lose the ability to process credit cards, until they are compliant. We saw the exact same thing happen with a few major banks about two years ago when several older terminals were phased out, and merchants lost their ability to process with very little warning. July 1st is quickly approaching.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit Card Truncation, which is the removal of all but the last 4 digits of the credit card number and the expiration date from the customer\u00e2\u20ac\u2122s transaction receipt, has been implemented successfully for quite a while now. Until now under Visa and MasterCard policies, existing businesses weren&#8217;t required to comply with truncation, but on July [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-138","post","type-post","status-publish","format-standard","hentry","category-merchantaccounts"],"_links":{"self":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/comments?post=138"}],"version-history":[{"count":0,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/138\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/media?parent=138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/categories?post=138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/tags?post=138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}