How Long Should a Business Keep Credit Card Receipts
One thing you may have wondered about if your small business has recently been set up to accept credit cards is how long you should keep the receipts. There is some confusion about this, with some sources saying they need to be kept for several years.
The truth is, your small business should keep legible copies of sales receipts for 18 months in order to have them on-hand for any disputes or chargebacks. Chargebacks are cases where customers believe they have not received what they were promised or tried to return an item and were unable to within a store's return policy. In these cases, credit card companies will cancel the charge and attempt to collect it from you, the merchant.
You should keep business credit card receipts in a locked file cabinet or a safe. Then, after 18 months is over, you should shred the receipts to protect the personal information of the cardholders.
While you certainly can shred credit card receipts the day they're done, if a customer requests a chargeback, you won't have a legal leg to stand on without it. So, keeping them for 18 months is not a law, but rather a recommendation.
On the other hand, you need to destroy credit card information regularly. If you store bags of receipts in an office or cupboard, but not locked up, and a thief walks in and takes them, many people's credit card information could be compromised, and that will most definitely be harmful to your visit. In some businesses, years worth of credit card receipts can sit for years in storerooms where an employee could take them and nobody would notice them missing for a very long time, if ever.
The information on these receipts can be sold easily to those who would use them fraudulently. If the information is breached due to your negligence, you could be fined for it.
Because you will most likely want to store receipts for 18 months to have available in the event of a chargeback, when you set your small business up to accept credit card payments, you should invest in a locking file cabinet or safe that will be large enough to hold 18 months worth of receipts. Of course, the size of the safe or file cabinet will depend on your business volume and how many transactions are paid for with credit cards.
Questions and Answers
Article Tags:
business credit card
,best business credit card
,instant business credit card
,small business credit card
Small business funding can sell your future receivables at discounted prices. You can use funding for small business loans, cash advance, working capital, receivables financing, restaurant equipment, retail funding, business loan.
There are many options for small business owners to get out from under credit card debt. While many of the same principles apply to individuals getting out of debt or small businesses getting out of debt, there may be more options for small businesses. That is because issuers of unsecured debt (like credit cards) have more leeway when dealing with small business accounts than with personal accounts.
Saving on your small business health insurance can be a challenge. But there are ways to overcome the financial obstacles and get the coverage necessary for your business. There are two major benefits of employer-based coverage. First these plans, although expensive, usually carry the best all around protection for you and your employees. Second, providing benefits plays a key role in attracting and retaining quality employees.
Small business owners have to make a large number of important decisions. What type of product line or service offerings will you provide? In what media will you advertise your company? Where will your headquarters be? How many workers must you hire?
Many small businesses want to accept credit cards and just don't know how. Here are valuable tips to help you find the right merchant account processing company for your business.
Naturally, this less complicated path to imperative resources does come with specific terms. The enterprise will be asked to exhibit at least six months in business, including processing reports that show their real credit card income. They need to have accepted credit cards consistently for a at least 6 months also. Whereas there is added flexibility on credit evaluations with a merchant loan, a rating of at least 500 is a standard qualification too. Not a lot to request is it?!
Registering a company is no longer a time-consuming and tedious business. With the new online company formation services available you will be able to register your new company in just a few clicks of a button.
Establishing large credit card debts in college develops poor money management skills. Also, high interest rates keep students in debt well after school.
Typically, small company proprietors rely on financial loans to invest in their companies. But when you're a small company, remember to think about other kinds of economic financing like a business credit line.
If you're planning a holiday with your family, don't forget to include your credit score with you. Monitoring your credit score while you're away can be a big help. If the thought of thieves running up a huge debt on your credit card scares you, then online monitoring is what you need. Read article to know more.
Lots of people want to know how to clean up their credit report. While there are plenty of agencies out there who will do the work for you for a price, it's also possible to clean up your credit report yourself if you're willing to put in the time and effort.
A benefit that all credit cards almost always offer is the ability for you to add a certain number of cardholders to your credit card account. The mechanics for adding cardholders to your account differs for each card provider, although almost all allow you to add your child as one. Given this choice, the question then is if you should or should not make your child an additional cardholder.
If you are trying to take control of your finances, you are probably already aware that managing your credit wisely is one of the steps to ensuring financial stability and success. To manage your credit wisely though, you need to be well aware of where you stand at the moment in terms of your credit score. This shouldn't be to hard to do since all you really have to do is to obtain a copy of your credit report.
Have you ever realised that having a credit card costs you money? Each time you charge anything on your card, it reflects as an additional amount on your account balance.
A lot of factors go into comparing credit cards. There are the interest rates, other charges, rewards programmes, packaged benefits, endless features, and of course, the issuing bank.
If you are experiencing financial difficulty, perhaps the last place your would think to look for help is your credit card provider. It is the common mindset of people to think that credit card providers will simply railroad you into making payments at the detriment of all your other financial obligations.
Discuss this Article
