Complying with New Customer Information Safeguards. All small businesses must comply with new regulations under the Fair and Accurate Credit Transactions Act, enacted in December 2003 to protect consumer information. To avoid lawsuits and other penalties, small businesses must meet several new requirements. How can you protect against FACT claims? Consider the following:
- The law limits the amount of information that you can print on a credit or debit card receipt. Only the last five digits of the credit or debit card can be shown on electronically printed receipts.
- The law also requires that businesses properly dispose of documents containing consumer information. Failure to comply with this law can cause a major headache for small-business owners and may expose them to lawsuits and other penalties.
Get more information on complying with the FACT Act. http://www.nfib.com/object/IO_25009.html