How to Process Credit Card Payments After Signature Rule Change

In this article, we discuss the details related to Credit Card Payments After Signature Rule Change. We will discuss old and new rules related to the payment after signature. For more information, feel free to contact Merchant Stronghold at the toll-free number.

What was the Earlier Credit Card Payment Rule?

The MasterCard was the first network to announce the change. Before that, credit card payment followed these rules:

And that slip was kept by the merchant as a document of a genuine purchase.

Before the year 2017, a cardholder needs to sign over the payment slip after the successful transaction.

Now, in case of chargeback or fraud, a merchant is allowed to use this payment slip as a piece of evidence.

The other card networks such as Visa, Discover, and American Express were also following the same steps.

Why There was Need to Make Changes to the New Rule?

Other card networks such as Visa, American Express followed over the steps of the MasterCard. But the Visa made it optional to sign on the receipt. Here are factors that made card networks to change the norms related to signature.

Also, a signature is not a strong evidence to fight against chargeback/fraud for a merchant.

The Card brands wanted to speed up the payment process by eliminating a step that is Signature.

Most of the signatures were unrecognized by the customers.

Also, most of the people are adopting the internet banking methods, where signature rules are not applicable.

Moreover, by applying the proper safety instruments, a merchant can reduce the card fraud and number of chargebacks. And new methods are more reassuring than the previous ones.

This is one of the most recent changes and many customers are not aware of this. The process of Credit Card Payments After Signature Rule Change is a lot easy. However, many customers still wait to sign the slip after making the payment.

Looking for More Information Related to Credit Card Signature Laws? – Merchant Stronghold

If you need more information related to the Credit Card Payments after Signature Rule Change. Then feel free to contact Merchant Stronghold. We have a team of experts, 24/7 available to guide the merchants with their various issues.