Businesses are noticing the increase in small ticket credit card transactions.
Have you noticed that you don’t have to sign your credit card receipt when you go to Starbucks for that cup of coffee? You will start seeing it happen at more places since Visa has announced that it is expanding the No Signature Required Program. Lower transaction fees and faster checkout have been the reward for fast food restaurants, movie theaters, taxi cabs and other select merchant categories that have low average credit card transactions.
Speeding up your checkout line
Beginning July 2010 most businesses with a merchant account will be able to skip the signature on US issued Visa credit card transactions under $25. Not only does it eliminate the signature requirement but, unless requested by the cardholder, there is no need to print a receipt at all.
Also addressed are the the worries about increased instances of small transaction credit card fraud by providing the merchant with a few safeguards. The card issuer is prohibited from issuing retrieval requests and the merchant is free from fraud liability related to signature on qualified transactions.
How to qualify
Most businesses will qualify but there are a few exceptions such as direct marketing services. Be sure to speak with you merchant account provider to find out more information.
