Receipt requirements_ Law differs from card network rules – mastercard number 26

Elaine pofeldt is a journalist whose articles on entrepreneurship and careers have appeared in fortune, working mother, money and many other publications. She is a former senior editor at fortune small business magazine and an entrepreneur herself, as co-founder of 200kfreelancer.Com, a website for independent professionals. She writes your business credit, a weekly column about small business and credit, for creditcards.Com. Ask a question.

Dear your business credit,


Merchant information is required on receipts? Does the response given apply to

Credit card sales slips given to the customer? I found a may 2014 publication by

MasterCard may that includes POS transaction receipt requirements

And it states the merchant name (address also) must be included on the receipt.Mastercard number 26

— robert

Dear robert,

I asked richard agins, an attorney in chandler, arizona, who

Practices business law, for an answer to your question. He said that generally,

Credit card transactions are considered electronic fund transfers and are

Governed by federal law. This is all contained in the electronic fund transfer

Act and regulation E, he says. Regulation E is the federal reserve board’s regulation

Implementing the electronic fund transfer act.

On receipts for a point-of-sale transaction, you must include

Several pieces of information, according to agins:

The date of the transaction.

The amount of the transaction.

The type of transaction (such as sale).

The type of account the customer used to pay.

The last four digits of the customer’s account

Number.Mastercard number 26

The location or

An identification number associated with the terminal. If the location is

Disclosed it needs to include the city and state plus one of the following: the

Street address or a generally accepted name for the location (such as times

Square) or the name of the owner or operator of the terminal.

There may be state and local laws that govern this, too, but

Federal law preempts them unless they are more protective of consumers.

Bear in mind the individual card issuers may impose their

Own requirements. In the case of mastercard, the rules appear on pages 3-16 of mastercard’s transaction processing rules.

MasterCard’s rules are more stringent than the law requires

When it comes to identifying where the terminal is. Here are some of mastercard’s

mastercard number 26

Requirements that you must meet on a receipt for a point-of-sale transaction:

Your name as

Merchant and your street

Address, city, state/province and country.

The type of transaction (retail sale, credit,

Cash disbursement, refund).

The primary account number (PAN), but on the

Cardholder receipt, this must be truncated to the last four digits. Truncation

Is also highly recommended for merchant copies of the receipt.

A description and the price of each product and

Service that was purchased or returned, including taxes.

The total amount of the transaction and currency


The transaction date.

For card-present point-of-sale transactions, a

Legible imprint of the card (unless the card is unembossed) or an electronic

Recording of the magnetic stripe-read, chip-read or key-entered card data.Mastercard number 26

The authorization number, if obtained from the issuer.

On the cardholder copy, space for the cardholder’s


On the cardholder copy, the words IMPORTANT

— retain this copy for your records, or a similar message.

I recommend thoroughly reading the entire section of the document

I have mentioned to make sure you understand all the nuances, and calling

Your merchant account provider for help if you are unclear. Light reading it is

Not. But when you are dealing with credit card transactions it is important to

Follow the rules to the letter of the law and any agreements you signed with

Card issuers.

Also keep in mind that it is usually good business practice to include your contact details on your receipts. Good luck!

See related: 8 tips for merchants to avoid credit card chargebacks, what merchants should do if customer presents unsigned card, should I offer e-receipts to customers?Mastercard number 26

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