How Long Should a Business Keep Credit Card Receipts

<h1>How Long Should a Business Keep Credit Card Receipts</h1>Author: <a title="Peter Carville" href="http://www.articlesbase.com/authors/peter-carville/158457.htm">Peter Carville</a> 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 <a href="http://www.mbna.co.uk/business">business credit card receipts</a> 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 <a href="http://en.wikipedia.org/wiki/Negligence">breached due to your negligence,</a> 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.About the Author: Peter Carville is a freelance article writer who writes for <a href="http://www.financialfacts.org">Financial Facts</a> about the current financial news and the credit crunch.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/credit-articles/how-long-should-a-business-keep-credit-card-receipts-1342892.html" title="How Long Should a Business Keep Credit Card Receipts">How Long Should a Business Keep Credit Card Receipts</a>

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.

Peter Carville is a freelance article writer who writes for Financial Facts about the current financial news and the credit crunch.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/credit-articles/how-long-should-a-business-keep-credit-card-receipts-1342892.html

Related Videos
Related Articles
Ask / Related Q&A

Play

How to Use a Credit Card

Play

How to Understand Credit Card fees

Play

How to Read Your Credit Card Statement

Play

Credit Card Basics - Part 1 - 2MinuteFinance.com

Play

Learn About Credit Card Balances

Latest Credit Articles
More from Peter Carville

After Holiday Bill Paying Fiasco Might Go Smoother With An Indian Medicine Bag Good Luck Charm!

By: Father Time | 20/12/2009
Most people struggle to pay off bills after the holiday season. Maybe an Indian Medicine Bag Good Luck Charm can help you find or earn the money that you need!

Make Your Miami Commercial Real Estate Investments Work

By: Mark Ferrer | 19/12/2009
The most important factor to consider in investing in Miami commercial real estate is profitability. If you are planning to finance an investment, it is only natural to expect something in return. But starting investors oftentimes commit costly mistakes that harm the progress of their ventures. In order to lessen the risk of failing and ensuring that your investment will work, here are some tips to help you.

Credit Card Processing Services-Fed Credit Card Tips Coming to Big Screen Near You

By: hardeepsingh | 19/12/2009
The profit charge is being around, even ambitious. At the present, the excellent publication tells that there is a single period plan price.

Yearly credit report: Take the help of this facility immediately

By: Tom Lopez | 19/12/2009
Checking your report can really help you in so many manners. Getting the report is very easy. There are also online ways to get the report. Report keeps the crucial information about your financial history.

Don't Bury Yourself In Debt!

By: Mel Jensen | 18/12/2009
This article talks about avoiding the pitfalls of the Holiday Season and completely demolishing your credit. By some careful planning and dedication you can easily put that bad spending habit away for good.

Merchant Cash Advance

By: Pinki Gupta | 18/12/2009
"My faith is sway 'sub par' condition-to say the primitive but I feel be entertained that the break through of repairing my judgment is just so complicated that it all adapted seems too overwhelming to handle - therefrom surpassingly so that I can't seem to continuous pride the animation to take the culminating step to do something about it."

Credit Card Balance Transfer Benefits

By: Matthew Pressman | 18/12/2009
Transferring the balance of an existing credit card onto a new credit card is a handy way to effectively manage your finances. Find out about balance transfers to make the process as easy as possible.

Credit Report: Find Out Why a Free Credit Report Could Be Worth Thousands to You

By: Anneline Smith | 18/12/2009
Free credit report worth thousands? Many people may think that’s a foolish statement. How can something free be potentially worth thousands of dollars? The fact is that your free credit report contains vital information that has direct bearing on every aspect of your life.

Where will I find the best Irish credit cards?

By: Peter Carville | 18/12/2009 | Credit
The very best of credit card deals in Ireland can certainly be found online. All major credit card issuing companies maintain an online presence and that’s the reason why you can shop around for the best card.

Where can I compare Irish credit cards effectively?

By: Peter Carville | 17/12/2009 | Credit
After you have decided that you must have a credit card to go about your business, finding the right kind of credit card is the next stage. But, this is going to be a tough goal to accomplish and the reason is the overabundance of credit card issuing companies.

Where will I find the best credit card in the U.K?

By: Peter Carville | 17/12/2009 | Credit
Finding a credit card in the U.K is not an issue, but finding the best credit card is the real catch. As there are many companies in the UK offering all amazing deals, it is easy for an average Joe to get confused at the time of making a decision.

What is a cash back credit card?

By: Peter Carville | 17/12/2009 | Credit
Credit cards are popular because of many reasons and one good reason is about getting certain rewards when using these cards. Of all these reward credit cards, one of the most popular is cash back credit card.

Do I qualify for an Irish visa credit card?

By: Peter Carville | 11/12/2009 | Credit
The moment you have decided that you do need a credit card to go about business the next stage is to see whether you qualify for one. Yes, there are occasions when people don’t qualify for an Irish credit card. There are several documentation related concerns that need to be fulfilled if you are looking for getting an Irish visa credit card.

How should I apply for an Irish credit card?

By: Peter Carville | 10/12/2009 | Credit
When it comes to credit cards, you need to discover the right way of applying for the best card. But, there might be some changes in the way you apply for a credit card in different regions. A new credit card in Ireland can be got in three ways. One can visit the closest branch and strike a deal, call the branch and discuss it by telephone or the most preferred is online.

Where should I apply for a credit card in the UK?

By: Peter Carville | 10/12/2009 | Credit
Credit cards are popular, and for many good reasons, too. But, to get your credit card in the UK, you need to use a suitable way. One of the good ways to apply for a credit card in this part of the world is by walking in to the nearest branch and talking to the representatives there. The next best option is to call up the credit card agency and get the information.

How To Get The Most Out Of Your Credit Cards

By: Peter Carville | 08/12/2009 | Credit
If you want to get the most you can get out of your credit cards, you have to take certain steps. Those steps will ensure that you will enjoy the most you can from your credit card and bank account.