20 Oct If You Accept Credit Cards, You Must Know About FACTA
If your business accepts payments using credit cards, it is very important that you ensure you are in compliance with the provisions of the Fair and Accurate Credit Transaction Act (FACTA).
Every year, businesses are sued for different violations of the FACTA. Here are some examples of provisions commonly violated:
*Receipts must not show more than the last 5 digits of the customer’s credit card number.
*Receipts must not show the customer’s credit card’s Expiration Date.
Non-compliance of these and other provisions can lead to Class-Action-type Lawsuits, with fines of $1,000 per customer and legal fees.
Please note that these lawsuits are NOT covered under any insurance policies!
If you are unsure about your current credit card processing practices, you can contact your credit card processing company for details and compliance information.
For more information on the FACTA, please CLICK HERE!