Visa recently updated its transaction receipt requirements. The changes help increase flexibility for merchants and what is required. The majority of the changes surround contactless and unattended terminals.
What Transaction Receipt Should Have
According to the Visa’s 2018 Dispute Management Guidelines, a card-present merchant should have the following on their card present receipt:
- Merchant name and location
- Transaction date
- Merchant location code
- Description of goods or services
- Suppressed Account Number or Token
- Authorization code
- Transaction amount
- Signature space
- Return/refund policy
The New Transaction Receipt Requirements
Transaction receipt capability requirements can account for a significant portion of terminal costs. In an effort to reduce the cost and complexity of accepting cards, Visa has modified its transaction receipt requirements. Visa removed outdated or unnecessary data elements required on transaction receipts. These changes when into effect on October 19, 2019.
Visa Transaction Receipt Changes
These Visa changes provide more flexibility for merchants with the following changes:
- “For transactions at unattended cardholder activated terminals (UCATs), the threshold for when the terminal must be capable of providing a transaction receipt upon cardholder request will be raised to USD 25 (or local currency equivalent) globally. For UCAT transactions up to USD 25 (or local currency equivalent), a transaction receipt will not be required. This can help reduce costs and promote expanded acceptance in new and growing use cases such as parking, vending, and electric vehicle charging.
- For face-to-face transactions at charity merchants using contactless-only terminals (where permitted), a transaction receipt will not be required, regardless of the transaction amount. The merchant may choose whether or not to provide an electronic or paper transaction receipt.
- For all other non-UCAT merchants using contactless-only terminals (where permitted), the merchant has the option of providing only electronic receipts, if a transaction receipt is requested by the cardholder.
- For transactions at automated fuel dispensers (AFDs) and terminals using quick-chip technology, standalone requirements have been removed. The requirement to provide a transaction receipt in these scenarios is upon cardholder request, which is already the default standard for most transaction types.”
The next set of changes remove unnecessary elements previously required:
- “Data elements for both manual cash and quasi-cash transactions have been combined, as they are the same.
- Data elements for Visa fleet card transactions in the Canada, 3 CEMEA3 and U.S. regions have been combined.
- Standalone requirements for Visa prepaid load transactions have been removed, as they are covered in separate rules specific to the Visa prepaid load service.
- All rules for when a fee is assessed have been combined, where permitted. The rule updates also clarify that any fee, if assessed, must not be identified as a Visa-imposed charge.”
Even if the changes do not affect your business currently, the most significant insight that merchants can take away is the change for contactless-only terminals have the option of sending an electronic receipt if the cardholder requests a receipt. This change shows that as customers and the types of payments they use evolve, so will the rules surrounding them.
What is a Copy Request?
While on the topic of receipts, merchants should also be aware of copy requests. A copy request is when an issuing bank requests a copy of the transaction receipt. The request is given to the acquiring bank, who then passes the request to the merchant. Once the merchant receives the request, they must provide the receipt. When the cardholder obtains the receipt information, it usually resolves the question or issue. Merchants should store receipts for 120 days after the transaction to ensure they can respond to copy requests.
Similar to a dispute ratio, Visa suggests that merchants should keep track of the number of copy requests they receive. If the ratio of copy requests to transactions becomes higher than .5%, then the merchant should take action to improve procedures.