The rise in digital, contactless, and chip payments across the world means new regulations that protect both consumers and businesses. Some of these regulations are broad and cover general transaction security with things like EMV and PCI compliance. Others are less applicable to all merchants and cover more specific aspects of a business. Payment processors have to abide by the regulations set forth by the credit card companies they work with. These requirements are usually payment-type specific. This article will cover the most common requirements and recommendations that credit card companies have.
CHIP & PIN payment methods on-site
Credit card companies and payment processors require merchants to have an alternative method of payment in addition to contactless. This is because processors sometimes decline contactless payments or have issues processing because of spending limits or because of malfunctioning chips. Having a chip & PIN alternative is a requirement by payment processors compatible with Visa, AMEX, JCB, Discovery, and UnionPay. This ensures that customers won’t have a method to pay and merchants will receive without payment.
Providing optional receipts is strongly recommended for all merchants with contactless only payment stations. Providing the option for a receipt when a transaction is over $20 is only a receipt requirement by Interac Debit. However, payment processors still recommend that all merchants have a fallback solution to print receipts for customers. This prevents issues when there are transaction mistakes or when there is confusion about the charges on cards. Canadian receipt regulations require all receipts to have optional printing in both official languages.
There are multiple payment and receipt requirements in Canada to maintain compliance with accounting standards. To learn more about them visit the Moneris developer information website here.
Wiz-Tec offers various payment points with receipt printing in store or on location. For contactless only options, Wiz-Tec’s payment systems post transactions directly to iPOS for in-store receipt printing. See more here.