Just when small businesses are getting used to the changes created by “Check 21,” another law is going into effect that may also change the way they take payments as reported today at Inc.com.
“Beginning in January, the Fair and Accurate Credit Transactions Act (FACT) will limit what information can be printed on any electronic credit or debit card receipt. FACT forbids card expiration dates from appearing on receipts and mandates that no more than the last five digits of a credit or debit card number be listed on any electronic receipt.”
Although the law goes into effect on 1/1/05, there is a grace period to make any changes in credit card equipment until 12/31/06. After that, the penalties could be significant if you are not in compliance.
“To enforce the new law, the Federal Trade Commission is empowered to issue fines and prosecute businesses for noncompliance under the Fair Credit Reporting Act, which also holds businesses liable for consumer losses resulting from failure to comply with FACT, opening the door to civil lawsuits filed by defrauded consumers.”
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