No Receipt Required on Debit Card Purchases
Receipt requirements have changed for debit card purchases…
The Federal Reserve Board modified the receipt requirement of Regulation E to allow merchants to eliminate consumer receipts on debit card purchases of less than $15. This makes it easier for merchants to accept credit cards at laundromats, parking structures and other unattended venues. Previously, a paper receipt was required for all debit card transactions which resulted in the limited ability to use debit cards at these locations.
The change will make small ticket purchases more convenient. According to the Federal Reserve Board, the ruling “is intended to facilitate the ability of consumers to use debit cards in retail environments where making receipts available may not be practical or cost effective.”
Visa, the worlds largest credit card brand, worked closely with the board to change the requirement so that consumers would have more payment options, speedier purchasing power and convenience. Visa research indicates that consumers want the option to use their payment cards at more traditionally cash-heavy locations, including environments where the card terminal is not attended, such as: parking (23 percent), public transit (21 percent), vending machines (18 percent) and laundry (16 percent).
“We applaud the Federal Reserve Board’s decision to change this ruling for debit card transactions. Eliminating this receipt requirement opens the door for consumers to use their debit cards for a wider variety of small ticket transactions, including locations where the card terminal is not attended by a merchant, such as vending machines and parking meters,” said Elizabeth Buse, Executive Vice President, Product Development at Visa USA. “Our research shows that consumers want the option to use their debit cards in more of these locations.”
