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November 23, 2004
Another New Banking Law for Small Business to Plan For
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."
Posted November 23, 2004 09:29 AM
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Comments
I hope this doesnt affect what I can and cannot buy online. Because that is what everything is going to - online commerce. When you buy something online, you dont get a real receipt, you just get a "confirmation email." I dont think you should have to get a real receipt either. The people that are stuck in the ways of the old economy just need to chill out and loosen up a little bit. Things change.
Posted by: Interest ed at January 17, 2005 06:56 PM
at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
