What is FACTA?
FACTA is the Fair and Accurate Credit Transactions Act. Signed by President Bush on Dec. 4, 2003.
As A Merchant What Does FACTA Mean For Me?
One of the ways FACTA tries to prevent identity theft before it occurs is by requiring merchants to leave all but the last five digits of a credit card number off store receipts. This law will make sure that slips of paper that most people throw away do not contain their credit card number, a key to their financial identities.
What Does "Truncation" Mean?
Account number truncation is the elimination of the expiration date and all but the last four digits of the cardholder's account number on electronically printed store receipts.
Why Is Truncati
on Important?
By eliminating your customers account number from electronically printed receipts you greatly reduce you chances of fines.
What Are the Penalties If I Do Not Comply?
Current Visa/Mastercard penaties are:
1st violation - $5,000
2nd violation - $10,000
3rd violation - $25,000
4th violation - $50,000
Willful or Egregious violation - $500,000/month
Federal Fines may be up to $2,500 per violation.
State Non-Compliance penalties vary but may be up to $10,000 per voilation.
Also you may face lawsuits from employees and victims.
What should I do if I am not in compliance?
Call us today (406) 640-1133 to see if your current machine can be reprogrammed, a free service, or what options you may have.
Machines currently banned by Visa/Mastercard?
Verifone Zon Jr.
Verifone Von Jr XL
Linkpoint 4000
POS 50
POS 500
For more information or live help call us at (406) 640-1133 or click here to send us an email.
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